Anywhere in the world, regardless if you’re a man or a woman, jewelry plays a significant role in one’s life. It shows prestige, class, life status, etc. It’s also a part of human culture and impacts every individual whose wearing it completing their style and overall looks.
Aside from that, jewelry is essential when it comes to celebrating grand and memorable events such as a wedding. Rings symbolize the union between couples and clearly shows that they have commitments they need to fulfill.
In some cases, not all marriages become successful and some undergo challenges. With this in mind, couples decide to separate, and wedding rings and other jewelry that symbolizes their union goes to consignment stores for reselling. So what exactly do consignment stores mean and how does it work? Here are some facts to help you out.
What does Consignment mean?
Consignment stores offer a convenient way of selling your jewelry. It’s amenable to sell second-hand jewels which acquired from weddings, engagements, or precious metals that you no longer need.
Also, if you have vintage jewelry or someone you know who wants to market or sell the treasures they made, consignment stores would be an excellent choice. As stated, you may buy or sell your jewelry here.
Lastly, the term consignment is defined when you entrust a particular store that works on jewels and other precious metals for selling. You make a deal with these stores, and they’ll sell your precious metals on your behalf.
How does Consignment work?
The consignment process works by making a deal with the store which allows them to keep a percentage of money for sharing purposes that comes from a sale. An agreed share of profit comes both to the owner and the seller depending on the consignment contract.
Moreover, some consignment stores display your items for a specific period, and if it doesn’t sell for the given timeframe, then jewels will be returned to you. Make sure that you read the contract carefully before signing because every consignment stores have their own prefered rules to follow.
Things to take note of
Before you sign any consignment agreement, you have to clarify things between you and the store. Here’s a list of things you have to ask your jewelers.
- Will the store advertise or display your item as part of exposure?
- Does the store need to change location anytime soon? Would there be chances of losing your jewelry upon transfer?
- What would be the percentage of the store’s selling? What would be the risk if they can’t sell your jewelry?
- Always make sure to check the status of your jewelry from time to time.
Every consignment percentage varies from one store to another. Typical consignment percentage ranges are around 60/40. The 60% of sale share goes to the owner of the jewelry, and the 40% goes to the store. Some stores also work on 80/20 and or 50/50 consignment.
Full Benefits of Jewelry Consignment
The following must come as full benefits once you sell your jewels to consignment stores. Once you have successfully signed a contract with reputable jewelers, you’ll get a full exposure to jewelry sale which draws a lot more interests to every possible client.
- You have the option to request for a better display or even ask for more time.
- The profits percentage would raise because of the professional jewelers that are going to handle your item.
- Most importantly, you’ll be able to save time once you opt for jewelry consignment because jewelers will do the selling on your behalf.
Successful and lucky jewelry selling relies on picking an excellent shop who can keep detailed records of your jewels and consignment contracts. They also need to lay out the possible risks and advantages so you’ll not get blinded when it comes to profit sharing.
In conclusion, having a thorough knowledge when it comes to consigning your jewelry entail a lot of jobs to do. Websites like https://www.leohamel.com and other sources can give you detailed information about tips and additional benefits before consigning your jewelry which must be practical and common in consignment market trends.