Selling a one off expensive item is never an easy thing to do. I know if I tried to sell my car privately I would be stressed about the work required and be completely out of my depth - it's not surprising I have traded in all the cars I've sold just for the convenience. Selling a Pre-Loved Engagement Ring is similarly challenging in that it is an expensive item that requires a lot of knowledge to sell.
This article is specifically about pricing. For other tips on how to sell an Engagement Ring click on my blog article here. Not pricing a ring accurately is one of the biggest mistake I see individuals make when trying to sell an Engagement Ring. The good news is, you can do some research and find out how to accurately price your ring.
1. Look at Like Items Recently Sold
The most useful thing you can do is to look at the sold history of a similar item on a buy and sell site such as eBay.
A common mistake people make is pricing the item based on currently listed items. This is not going to give an accurate representation as to what the item actually sells for. You need to look at previously sold items. Remember, an item that is still for sale has not sold. The honest truth is they may never sell it at all.
By looking at actual sold items, you will be able to get an accurate figure of what the market values your item at.
2. Look at Prices Individual Sellers have Achieved
Once you have some information from sold listings, you do have to be realistic about the amount that you as an individual one off seller may be able to achieve. I know with the car yard analogy they would be able to sell my secondhand car for much more than I could ever hope to achieve. They have a ready supply of buyers, spend millions on advertising and have a solid history. Similarly with jewellery. If the seller is an established seller, with a following of buyers, who offer services such as payment plans, have a strong history of selling, then expecting to achieve a similar amount is not realistic.
The most accurate assessment is to find a similar seller, who has sold a similar item. Then you will have market knowledge of what people would be happy to purchase your item for, from you. You can then price your item accordingly with this knowledge in mind.
3. Price Realistically
It is very important to price realistically because I see so many people lose money in the following scenario:
Let's say the ring was bought originally for $10,000. The individual hopes to get back what they have paid and they advertise the item for $9,000. Unfortunately, this price is not realistic. As mentioned in my previous blog article here, luxury jewellery depreciates as soon as you walk out of the jewellery store. The value of this item has significantly dropped and is no longer close to the purchase price.
By advertising at this price, most buyers will think that the seller is inexperienced. They are put off by the high price and they will not even make an enquiry on the item. These individuals get disheartened after few months of no interest (apart from maybe scammers. They often end up selling the item to a pawn shop, receiving a fraction of the price such as $1000.
If the person had advertised the ring for a more realistic price of say $4000, they would have had more genuine enquiries, real offers and multiple people asking about the ring.
It is quite common for people who price the at say $2500 to receive multiple offers and also get interest above their asking price.
4. Don't Get Offended With Offers and Negotiate Instead
Instead of getting upset and offended, negotiate. This will give you many more options and also potentially increase the offer you received to one you are happy with. You will be surprised at how often this can happen.
Get market knowledge on previous sales, price realistically and don't be afraid to negotiate.
If you are selling a Tiffany & Co., Cartier or Bvlgari Engagement Ring we can give you an on the spot offer.
If you would like a quote on your item, please contact us here.
Catherine Trenton Jewellery
"We are an established boutique organisation specialising in Vintage and Near New Diamond Designer Jewellery from Tiffany & Co. and other luxury brands. As experts in this niche trade we work hard to provide a safe and simple environment for buying and selling pre-loved fine diamond jewellery online.
Whether you are buying or selling a piece of fine diamond designer jewellery, we aim to provide you with the best outcome possible.
Please visit our store here."
Hi Stephanie, if you have a piece, like a second hand Tiffany item, or other well known brand, a good place to start is to find the current retail price in the store today. Then check what these pieces are selling for in the sold sections on a site like eBay – this will give you the current market price ie what people are willing to pay.
If you are dealing with a completely unknown piece, and it is difficult to ascertain provenance you have a couple options. The best piece of advice I can give you is to see how much a ‘like’ piece sells. As mentioned in my article a third party site as simple as eBay you can search sold listings for similar pieces. For example, if you have a ruby gold ring, you can check prior sales of ruby gold rings on eBay. It may not be the exact same ring, but it would give you a starting point of what the market is willing to pay for it.
It is possible of course to go to a jeweller or appraiser and pay for an independent appraisal, however this will cost you about $160. Often this negates the selling of the piece as will be out of pocket this additional money. Therefore it is, possible to get an idea by doing a simple search. With an appraisal as well, you must keep in mind, you will not receive what the appraisal states. This appraisal is for insurance purposes only and not the resale price. I hope this makes sense. Please feel free to message me and I will be happy to help more.
CTJ
Thanks for the tips, I really had no clue where to start. Do you happen to know how I can evaluate it? I am talking about some older pieces I inherited so unfortunately I don’t know their initial price.