Jewelry auction web sites appear 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 significant profit.
Why is their jewelry so much more cut-rate than the high street? Well first off selling anything online has much lower operating expenses than selling through a physical retail outlet. Passing these savings on to the customer ensures more sales at an adequate profit.
Second the auction sale model is based on putting beginning prices considerably lower than they can be found elsewhere - even online. If an item you want is selling at the identical price or even lower on a regular web site why get involved in a bidding war and end up paying more than you have to?
Therefore with beginning prices being very low you as a bidder have a very genuine chance of acquiring an 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 brings in far more than you could hope to get for it through orthodox methods - even on the high street.
The beginning price has to be low enough to entice people to bid on the item - and ideally maintain bidding until it's way over the real value of the item.
Are all the swindle stories real about sub standard products being sent out, gems being swapped out and certificates not corresponding to the actual piece? With some jewelry auction websites that may have been the case at some point but the chances are they won't be around for long so it's better to look for the more legitimate sites that have stood the test of time.
Like any established and respectable auction web 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 completely 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 confident at spotting a steal. Of course you can't physically pick up and scrutinise 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 prepared to start bidding at jewelry auction sites for fun, profit or both?. There are numerous internet 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 plenty - including our own - bidz reviews online. If you have a practiced eye for jewelry and know a deal when you see it, you could end up a winner.
Peter Webber is the owner of Custom Unique Engagement Rings a website that specialises in helping people acquire high quality engagement rings and other jewelry at bargain prices online
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