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Selling via online auction:
Online auctions have become an easy way to liquidate unwanted items, but are also an attractive opportunity for criminals. Being aware of this element is half the battle. Be especially wary of foreign buyers that have little or no references or feedback. Feedback can also be deceptive since it can be built upon non-legitimate (friends or cohort) sellers. Be aware that emails can be fraudulent and should never be taken seriously until confirmed through the auction's website. Never send merchandise out until funds have cleared. Be aware of selling fees including auction commissions and payment fees. If you do not place a reserve price on your item, be prepared for the possibility of very low selling price. If you do place a reserve price on your item, be prepared of the possibility of a non-sale and still being liable for listing fees. Make sure your item is well photographed and described in great detail with complete accuracy. Be prepared for returned merchandise if item is not described accurately.
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Selling via online classifieds:
Same as above but even more so. Predators of fraud frequent online classified because it is generally even more anonymous than auctions. Do not invite people to your home (a bank lobby is good place to meet strangers). If you are listing your home phone number, be aware they can probably get your address. Do not take personal checks or bank checks (they can be counterfeited). Take cash only at your bank and deposit it before leaving your branch. Sounds paranoid? Selling portable valuables such as jewelry can be dangerous and even life threatening (no joke)!
Consignment to a Jewelry Store:
Jewelry store owners will likely welcome your item on consignment. In most cases they will take your item without any payment and give you a receipt stating the amount paid if sold. This way there is no obligation on their part and it allows you the possibility of higher return comparing to a pawnshop or secondhand dealer. If you choose this method be careful to check your seller for references and make sure the terms are stated clearly including: period of consigned time; amount due based on percentage or net amount due to you, the seller; terms of payment once sale is procured. Also ask what their retail price will be and if it will be displayed everyday. Many times consigned merchandise will be priced higher than usual and shown less so the jeweler can sell stocked items first. Beware of stores that have so-so reputations and double-talk in respect to the terms.
Selling to a Professional Buyer:
The least amount of effort is selling to a professional buyer (like ourselves). This is generally reserved for the seller that does not want to get involved with the actual business of selling to a private individual. It is generally painless and cost effective with little or no risk if done correctly. Be sure the buyer you choose is reputable and knowledgeable of the product. We've found an increasing amount of bait and switch tactics used by some of our competitors offering artificially high offers. This gives the seller the illusion of a perceived amount in which the buyer reduces drastically once the item is in hand. There are legitimate reasons for this if the item is misrepresented. In the case of diamonds accompanied with GIA or AGS lab reports there is seldom an excuse. Follow up with references and membership organizations. We, at Lovelady Diamond, strive to maintain reliable information so you, the seller, can make an informed decision.