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How to Sell Diamond Rings

Friday, October 18th, 2013

Most of us are unfamiliar with selling diamond rings. There are times when you may need to sell your diamond jewelry just for the sake of some extra cash as well; so, no matter what the reason, if you’re planning on selling diamonds, you should know how to find the best deals. Most people interested in selling diamond rings are not jewelers, however. In this case, there are a few steps to take, including getting an appraisal both of the ring, and of the wholesale value of the diamond, then exploring different markets for selling it.

People who are desperate for cash might find that selling diamond rings to a jeweler or even a pawn shop is the easiest — not to mention safest — option. A pawn shop will return just a fraction of the value, but for some people that is better than nothing. A jeweler will probably not offer much more, unless the diamond is of spectacularly high quality. Generally, the amount a jeweler will offer for a diamond ring is about one-third of the wholesale of the diamond.

Another option for selling diamond rings is to try to sell it online or in a local paper. This can be much more difficult, since many people are reluctant to spend money on a ring from a broken engagement or divorce, especially a ring they haven’t seen. However, this is a good way to get a bit more money for the diamond ring. The method of getting the most money for a diamond ring is to sell it to a friend or acquaintance willing to pay nearly what it would cost to buy it in a jewelry store.

Regardless of the method an individual chooses for selling diamond rings, it is absolutely necessary to get it independently appraised and valued first, preferably from a few different jewelers. This gives the seller a good idea of what the ring is worth, who can then haggle the sale price confidently. It is usually not a good idea to get an appraisal and then immediately sell the ring to that jeweler, as dishonest jewelers could give a very low appraisal in the hopes of making more money on a future sale. Be sure to get the appraisal in writing to show potential buyers, and if the diamond is certified and graded, be sure to hang on to that certification as well.

Start Your Jewelry Business Plan

Tuesday, June 9th, 2009

A good jewelry business plan is essential to the success of anyone think about setting up a jewelry booth, jewelry shop. If you’re good at making jewelry then starting your own home based jewelry buiness could be a gold mine for you. If you’re anything like me, once you make your mind up to “have a go” it’s easy to rush in amidst the excitement of it all. But this approach can bring you unstuck if you’re not careful. Start by taking a pen and paper and decide on the look and feel of your buisness. Think about all areas of the business from your work space through to how you are going to sell your designs.

Take Time To Plan Your Jewelry Making Business

Craft businesses can be easily operated from home – especially jewelry making businesses. Your supplies, components, and tools are small and will be easy to store and transport. Your work area and materials aren’t hazardous and probably won’t pose any major storage problems. Although if you have small children you will need to come up with some storage solutions for your smaller materilas. Most people can easily run their business from one room in their home – I know people who don’t even devote an entire room to their business.

The Transistion from Hobbiest to Professional

If you’ve been making jewelry as a hobby, starting to make jewelry for profit won’t take much more room. The transition from hobbyist to professional requires little or no adjustment in the way you manufacture your products. You may already have sufficient work space in the form of a shop or workroom. Because you will be increasing production volume, you will probably have to find or create adequate storage space, and you’ll want an office of some sort for attending to all the details of running a business. Otherwise, you probably already have most of the tools and other items you need.

Musting up the Confidence

What you may not have is confidence. Confidence is every bit as important as skill. You must have confidence in your craft, in yourself, and in your ability to run a business and sell your products. My goal is to help you develop that confidence by helping you understand how to successfully run your own business.

Don’t Undersell Yourself or Your Work

I know a lot of designers who are guilty of this one. Infact I have been guilty of downplaying my work and designs. It’s important to never think of your products as homemade, but rather as meticulously handcrafted to exacting standards. Handcrafted products are in great demand, because they provide customers with a quality you don’t often find: they’re handmade, they’re unique, and they can be individualized. Handcrafted jewelry often sells for a premium, because customers are willing to pay for something unique and special.

Should You Start Your Own Home Based Jewelry Business?

No one but you can determine whether or not you should start your own jewelry business, but certain indicators can lead you toward the right choice. Of course, if you have little or no skill, poor coordination, and no interest in getting better- find another business. If you don’t enjoy making jewelry, there’s no reason to start a business. If, on the other hand, you’re a competent artisan — even a good one — but have no patience for or interest in managing a business, then you’d better work for someone else and treat jewelry making as a hobby.

Even if the idea of being self-employed as a home-based craftsperson appeals to you, and you either have or are willing to get the necessary skills and knowledge, you still need to understand your strengths and weaknesses. This is part of the planning stage of your business. It’s a process that’s never too early to start and one you should continue throughout the life of your home based jewelry business.