Diamonds and gemstones are classified as “fine jewelry,” but which of the two sells the best? There is a significant difference between diamonds and gemstones, with diamond’s value being on average three times higher than that of a gemstone. As such, it is widely considered that diamonds are more valuable in terms of fine jewelry. However, on this point, there has been some debate over whether this distinction should be made at all. When accounting for durability and rarity alike, both diamond and gemstones can be said to have their own merits. Diamonds are more durable while gems have a slightly higher fire potential.
WHAT FACTORS ARE CONSIDERED WHILE SELLING JEWELRY?
According to the Gemological Institute of America, four factors are considered when determining the value of fine jewelry:
a. Preciousness
b. Rarity
c. Durability
d. “Particular Beauty”
AMONG ALL TYPES OF JEWELRY WHICH TYPE OF JEWELRY IS SOLD THE MOST?
According to Professional Diamond Buyer, the following types of jewelry are the most popular:
- Rings: Women’s rings outsell men’s rings 2 to 1. Perhaps this can be attributed to the fact that men have traditionally been obsessed with buying diamonds and generally do not wear jewelry; however, this is changing.
- Necklaces: Necklaces continue to provide fantastic value for money.
- Earrings: Earrings remain quite popular.
- Bracelets: Bracelets and bangles continue to sell well.
- Pendants: Pendants are less popular; however, they still account for more than half of all jewelry sales.
What it takes to sell fine jewelry?
The first thing that a jewelry merchant needs is an opening. This can be done by going to the right place where a client base is established. Some of these places are:
- Custom and high-end jewelers- These are individuals who buy custom jewelry and are willing to spend over $5,000 for one piece or more. In fact, according to Jodie Fisher, the executive vice president of Littman Jewelry, “These customers also have very high expectations for customer service.”
- Wholesalers and diamond buyers- The majority of retailers acquire their inventory from wholesalers or diamond buyers only after the sell their product. These people are the reason why jewelers can buy diamonds and gemstones wholesale.
- Retail jewelry shops – The majority of retail jewelry shops require a large investment in order to open their store, which is why they sell products like rings, necklaces, earrings and other types of fine jewelry. If one were to become a supplier, they could sell their product to retailers as opposed to wholesale customers.
How to find the best places to sell fine jewelry?
The best place to sell jewelry is in places where there is a great deal of competition. The internet is one of the most competitive places on earth, which makes it an excellent place for jewelers to sell their product. In addition, having a website that has a good reputation can be beneficial as well. If someone would like to create an online store to sell fine jewelry, they will have to make sure that they are reputable and trustworthy in order to attract customers. Another tip when trying to establish an online shop is having only high quality products at low prices; this gives people the perception that your business is one which can be trusted, and it will help you build a reputation on the internet.
