Jewelry auction sites seem too good to be true, you can see fabulous pieces on offer for incredibly low prices that you can enjoy for yourself or even sell on for a tidy profit.
Why is their jewelry so much cheaper than the high street? Well firstly selling anything online has much lower overheads than selling through a physical retail outlet. Passing these savings on to the customer ensures more sales at a decent profit.
Secondly the auction model is based on setting start prices substantially lower than they can be found elsewhere - even online. If an item you want is being sold at the same price or lower on a regular website, why get involved in a bidding war and end up paying more than you have to?
So with start prices being very low you as a bidder stand a very real chance of winning a item no one else bids on for a real bargain price. Or on the flip side as a seller you can put on an item that fetches far more than you could hope to get for it through conventional methods - even on the high street.
The start price has to be low enough to entice people to bid on the item - and ideally keep bidding until it's way over the actual value of the item.
Are all the scam stories true about sub standard products being sent out, stones being swapped out and certificates not matching the actual piece? With some jewelry auction sites that may have been the case at some stage but the chances are they won't be around for long so it's best to look for the more established sites that have stood the test of time.
Like any established and reputable auction site be sure that there are processes in place for disputes and refunds.
So are there still any real bargains to be had out there? That depends entirely on how well you know what you're bidding for or not. Like any auction on or offline if you know your stuff then you'll be able to spot a bargain. Of course you can't physically see and inspect what you're bidding for - but you can't really do that at offline jewelry auctions either. At the last major one I attended in Geneva the jewelry was being guarded by men with guns.
So are you ready to start bidding at jewelry auction sites for fun, profit or both? There are several sites out there and the most popular ones have plenty of reviews. Probably the largest and most established one to cut your teeth on is bidz.com - you will find many - including our own - bidz reviews online. If you have a good eye for jewelry and know a bargain when you see it, you could end up a winner.
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