Hi - I was on your website, wondering the best way to sell my mom's diamond that sits in a drawer. I want to downsize but for now I'd like to sell the ring/diamond to pay for dental care. Thank you! ~ Mary B
Hello Mary,Thanks so much for the question and your patronage of Home of Wealth. While my decision was far more counter-cultural than yours appears to be, I did get some great advice on selling a diamond. My real life commentary as the decision unfolded can be heard here:
I spoke to a highly ethical jeweler (who knew they existed?) that looked up my ring value in his wholesale catalog ($4,500) and then offered me $4,000 on the spot for it. His name is Dave Cutler and he can be found HERE. Dave then went on to say he felt I could do far better on Ebay and get between $5,500 - $6,500. He said there are a lot of people out there scouring Ebay for diamonds and many interested parties would be from larger metro areas and willing to pay a higher price. Of course he told me to come back if I didn't find success and he would buy it!
I did some research on the best time and ways to list something on Ebay and discovered the following ideas:
- List items for short auction periods. I chose a three day auction.
- Take clear and extensive photos. Photos sell the products, period. Ask a friend to help you if you don't have a nice camera and they do. Use bright natural light and keep backgrounds very simple.
- Begin pricing at $.99 with no reserve. I wasn't brave enough to do this so I added a reserve price of $5,000 to my auction. I completely see the value of the tip, however. Ebay used to be more free and fun than it is today after the implementation of 25-day auctions, buy it now features, and Ebay storefronts. The auction concepts have largely been replaced by one-stop eCommerce shopping. Ebay buyers take a lot of interest in fun, open auctions and run up the bids!
- List items to strategically end on Sundays at 6PM Pacific. This strategy allows heavy bidding on all coasts at a convenient time during the week when most buyers are available to track your auction.