Ever see this sign lit up in neon in the window of your local jeweler? This is how jewelers buy their diamonds the cheapest. They can buy diamonds "off the street" Much cheaper than they can from their wholesaler (us). They will always offer you much less than they can regularly buy the same diamond at wholesale. If they paid you their true wholesale price, why would they have to buy your diamond. They would just wait till they needed a particular diamond and buy the diamond they needed. It is only profitable for them if they can buy it from you very very cheap, because they will have to wait until they find the right buyer for it. Meanwhile their money will be tied up in your diamond.
If the same jeweler is given the diamond for free to sell on consignment, He will be willing to pay more for the same diamond when he sells it. This is because he did not have to have any money tied up in it. All he had to do was put it in his showcase.
Here's how it works:
You bring it in and we appraise it. We will give you two numbers a high one and a low one.
The low number is the most a jeweler would offer you to buy the stone on the spot. The high number is the most he would buy it for if you let him put it in his showcase to sell for as long as it takes.
Here's the trick to getting more for your item.
When we sell brand new diamonds and fine jewelry to a jewelry store owner we have three profit margins for him to choose from.
1) He can buy it outright and we make 3%.
2) He can take it on memo and we make 5%. This means that he will take the item and show his customer. If his customer does not buy it, he has five days to return it.
3) He can have it on consignment. We may give him 10 items to sell. He can have a month to sell them. He may only sell seven items and return three items. We make 10% on the items that he sold and he is not charged for the ones he did not sell.
We more than double our profit by selling the items to the jewelers on consignment.
The same works for you when selling your item.
Once we appraise your item and you are given the high number and the low number, you can choose any amount you want in between the two values.
If you choose the low amount, we can have it sold in one or two days. If you choose the high number, it may take a month or two.
If you would like to trade it in for a new diamond with us, we will give you the low number (which is already the most a jeweler would ever buy it for) to apply to your new purchase on the spot. You do not have to wait for us to sell your old diamond before you purchase your new diamond if you do not want to.
We can usually have your item sold within a month because we will evaluate your item and place it with a jeweler who we know does high volume with that particular item. Ex. if it is a marquise diamond, some jewelers sell them faster. If it is yellow gold, some jewelers sell yellow gold faster, etc.
The lower the amount you choose the faster it will sell.
If you are not hard up or in a hurry for the money, we suggest that you hold out for at least some compromise between the low and the high values.
We have consignment contracts with our jewelers for this purpose.
We usually only do it for our customers, but we are willing to help you out.
You will have to call 1-312-422-0400 and make an appointment to bring it in. You will then be given a receipt for the item and be notified when it is sold. You will then be mailed a check.
Yes, will buy your diamond outright if you prefer.
If you are in a hurry for the money, you can come in and request the instant purchase amount if you like.