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Comments about Consignment and a recent experience.

Discussion in 'Hangout' started by Mayk, Jun 16, 2019.

  1. Mayk
    Ideal_Rock

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    by Mayk » Jun 16, 2019
    In the past I’ve seen numerous comments about the cost to consign with a retailer. I was recently fortunate enough to consign my emerald cut diamond ring with Grace. I sent it to her right after New Year’s Eve. She in turn sent it to her bench to be polished and checked prior to listing it. The day it arrived at Grace’s I cancelled my insurance because while it’s with her my ring is covered under her business insurance. She advertised it on her FB and IG accounts. She has over 160K followers, more than I was going to reach on Loupe Troop. I’m happy to say in four months my ring was sold. Here’s the part where I scratch my head when people start questioning the fees required for consignment, like she’s making a mint from listing our jewelry, a ring I didn’t purchase from her. She did all the marketing, she assumed all the risk, if the client wants to pay with a credit card, she pays the fees, she ships the jewelry to the new owner and for three days she holds their hand while they make their decision. Outside of using the label she sent me (which I paid for) I didn’t have to do a single thing except to send her my paperwork and answer a few questions. I still have a ring on consignment and I hope it will sell soon too. But when I see my bill for 17% of the retail for selling my ring I’m pretty confident I got a great deal. I didn’t risk dealing with someone I don’t know, I didn’t have to get a go between, and my ring sold quickly. Now, not every item will sell quickly, as I know this is not the first thing I’ve sold with Grace and some items take much longer. I’m still not paying for insurance while she has them, I’m not advertising and I’m not dealing with possible customers or scammers.

    I’m posting this not because I was asked, but because I don’t think people often stop to think about the value of this service and I’ve seen many posts talking about “well so and so is much cheaper”. Grace could have sold the customer who purchased my ring something from her inventory, or found something for him versus marketing and selling my ring. Also, what she does is a service, and she’s good at it. If anyone here is a doctor or lawyer do you drop your fees when you are still doing all the work regardless if you have bills to pay, a family to feed or a car payment.

    I’ve been asked things like did she give you a discount? How much did she charge you. Here is what I would tell you and anyone who asks. I don’t ask for discounts and I pay the fees. My husband is a partner in a firm where he employs people. Has he done things for friends for discounts, sure… but as a whole he has a billable rate and he bills at that rate because their business (he has a partner) has to pay the rent, utilities, insurance, payroll, benefits, etc. and the list goes on. His time and his partner’s time is money to the business. If he’s giving his time away for less and it takes away from the time he has to work on the priorities of the business he’s not being fair to his partner.

    I often find it entertaining as a group of jewelry lovers and part of this forum some people think they are entitled to a discount. I’ve used Victor Canera for two settings and I’m toying with a forever setting for my new EC. I’m not planning to ask for a discount, nor do I think he would provide me with one, why should he? Erika Winters is also a designer I’m considering. I own three of her bands and my OEC that is for sale is in one of her settings. I’m not planning to ask Erika for a discount. I’m 100% sure there are people on these forums that have spent way more with both these designers, I’m not entitled just because I own their pieces.

    One of things that happened while my ring has been listed with Grace are the people who will contact me and ask that I remove the listing so it can be sold to them at a discount. In one instance the person made this request directly to me via email, I declined. They did eventually work with Grace to receive the ring and decided against it. Imagine if I had cancelled my listing with Grace where I would be! Fortunately Grace shipped the ring for the potential buyer’s consideration and she managed the process of getting the ring returned to her in time for a trade show. I didn’t lose one moment of sleep or worry. She has it under control and she received all the messages and answered the questions for the potential buyer. That is why she receives her fees it’s her business and she’s good at it. I’m disappointed in the people who attempt to work around her, while also pretending to be a customer. Most of us give notice before we list our rings on preloved so there was an opportunity prior to the contract I signed with Grace. Timing is everything, but a business agreement is just that. It doesn’t matter if it is Grace, LAD or others here who offer this service, it is a business that is used to pay bills, feed families, and if you’re into jewelry watching and also waiting to see how these dealers use their profit for the next wonderful finds so you can buy more.

    Everyone loves a deal. But not everyone is desperate to sell and willing to sell at a deep discount or treat the people they value with little regard. I will wait. My diamond and my setting will sell. The right person just has to fall in love. Just like I did when I flew to Miami to see her.
     
    


    


  2. minousbijoux
    Super_Ideal_Rock

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    by minousbijoux » Jun 16, 2019
    Thank you so much for this, Mayk! I have some rings I need to consign and I've just been procrastinating. The mental obstacles I put in my way always have to do with trusting - that they know what they're doing and will take the sale seriously. What you wrote reminds me that of course Grace knows her stuff, is professional, and so focused on customer service that it would be painless to work with her! :appl:
     
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  3. soxfan
    Ideal_Rock

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    by soxfan » Jun 16, 2019
    I hear you. Some PS members are so entitled it makes my head spin.
     
  4. elizat
    Brilliant_Rock

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    by elizat » Jun 16, 2019
    I have bought from Grace before. I have not had issues with the transactions. They were smooth, things were shipped timely and when I traded in a piece, it was simple.

    However, and this is just me, I get the distinct feeling that she is not interested in consignment unless it is at least a $15k plus item or very rare. That could just be how I interpret it though.
     
    


    


  5. Mayk
    Ideal_Rock

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    by Mayk » Jun 16, 2019
    @elizat

    I agree. I think it has to do with the time it will take and the amount she would make. I know I had a really beautiful strand of Mikimoto pearls I needed to sell. She told me she really didn’t do well with pearls. I sold them on eBay. I’m pretty sure the fees were high. It has been awhile. I would have rather sold them through her. eBay worries me with high ticket items. I do think she is selective.
     
  6. Karl_K
    Ideal_Rock
    Trade

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    by Karl_K » Jun 16, 2019
    The lower the margins the more expensive the item has to be to break even.
    There are fixed expenses + time spent involved in every transaction that do not vary that much on a 5k item vs a 15k item.
    If the margin is not there on a 5k item the only reason to take it is to build good will which you can only do so much of and stay in business.
    It also has to be something she has market for, taking something in she does not have a market to move hurts her and her client.
    In other words being selective is good.
     
  7. LinSF
    Shiny_Rock

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    by LinSF » Jun 17, 2019
    @Mayk Thanks for this post, I could have used it when I was deciding how to sell my ring. Grace and other consignors take the risk of the sale so that I don't have to. It might take a while to sell, but that's better than doing all the legwork yourself and potentially getting scammed. It's hard to be patient, I've had items listed for a little bit and I'm chomping at the bit to get them completed! In the long run, this is hassle free, and doesn't give me stress.
     
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  8. Bron357
    Ideal_Rock

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    by Bron357 » Jun 17, 2019
    Selling jewellery yourself can be free if you sell on Gumtree or sales sites like Loupe Troop and you accept cash, bank transfer or Paypal friends and family. But it’s potentially risky and time consuming.
    Just using PayPal normally costs the receiver 3%.
    Selling on eBay costs 10% (plus 3% for PayPal) AND you have to assume all the risk (bad buyers) and effort (deal with buyers, pack and post item).
    Etsy also charges per listing, plus a commission plus PayPal fees.
    Selling at auction costs you the seller around 20% AND the buyer usually pays 15% plus too. The only benefit being fast turnaround.
    So using a reliable consigner for 17% is money well spent if you can wait however long it takes. A reliable and reputable vendor will get you a good result for little effort or risk on your part.
    And of course buyers want to get the item as cheaply as possible (who doesn’t) but they need to respect if an item is listed with a vendor like Grace, that the only venue that the item can be purchased through. Grace earns her commission by doing the work, taking the risk AND the seller has the advantage of using her name and reputable to attract a buyer.
     
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  9. arkieb1
    Ideal_Rock

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    by arkieb1 » Jun 17, 2019
    I like Grace and have used her consignment service to sell a few things, but there are a number of smaller ticket items she simply won't take and many less expensive items that would not be cost effective to send to her, so in that regard her service isn't a one size fits everyone or everything.....

    On expensive things I swear she is worth the money not to have to deal with idiots, crackpots and scammers, and hagglers....
     
    Last edited: Jun 17, 2019
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  10. Mayk
    Ideal_Rock

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    by Mayk » Jun 20, 2019
    On expensive things I swear she is worth the money not to have to deal with idiots, crackpots and scammers, and hagglers....[/QUOTE]

    This... yes!
     
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  11. LLJsmom
    Ideal_Rock

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    by LLJsmom » Jun 20, 2019
    I wholeheartedly agree with you Mayk. I don’t complain or try to work around these fees. It would
    Never occur to me. People provide a service. I don’t think people should expect me to work for free and I don’t expect others to work for free. I’ve told Victor that I wanted to pay him for stuff that he didn’t want to charge me for. Their time and skills are valuable and should be treated as such. Congratulations on selling your OEC.
     
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  12. Mayk
    Ideal_Rock

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    by Mayk » Jun 21, 2019
    Thank you @LLJsmom. Actually my EC sold my OEC is still looking for a new home. ❤️
     
  13. Daisys and Diamonds
    Brilliant_Rock

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    by Daisys and Diamonds » Jun 21, 2019
    i find your attitude really refreshing =)2
     
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