WOW. Crazy Consignment

[Gypsy]

Okay so next time someone complains about Pearlmans or JBEG consignment percentages just let them know that Gypsy was told a place in Walnut Creek charges 30% THIRTY PERCENT for consignment.

SO glad I didn't bother to drive all the way up there. I just gave them a call and was so shocked I actually said, "that's ridiculous!"

 

[Gypsy]

OMG. OMG. OMG.

Other store in walnut creek will GENEROUSLY give me "60 %" they take 40 percent.

Okay so... I clearly need to open up a consignment store in walnut creek. I'd make BANK.

 

[Verdy]

How about they just ask you to give them your jewelry for free? Seems more appropriate! That's absolutely insane!

 

[Gypsy]

How about they just ask you to give them your jewelry for free? Seems more appropriate! That's absolutely insane!

No kidding.

I was like... Okay. My pieces are insured. I get that you have to insure them too... but you insure a bunch of stuff already so how much can that cost. You have to show people the piece and ring it up. Ummmmm.... not understanding this at all. It looks like a great deal of profit for very little investment of resources to me.

Crazy.

 

[manderz]

Wow, that's almost as bad as the quote I got for a dbty bracelet this week. They wanted $1000 to do a thin rose gold bezel bracelet with one stone that I provided. I had my necklace with 5 stones done just a few months ago for like $200 at the jeweler across the street. NOW I member why I don't go to that store

 

[kenny]

What is the typical percentage to consign jewelry?
I have no idea.

 

[Dancing Fire]

Okay so next time someone complains about Pearlmans or JBEG consignment percentages just let them know that Gypsy was told a place in Walnut Creek charges 30% THIRTY PERCENT for consignment.

SO glad I didn't bother to drive all the way up there. I just gave them a call and was so shocked I actually said, "that's ridiculous!"

give PSers the 30% discount instead... Soooo...$5000 - 30% = $3500 ?...

 

[Dancing Fire]

What is the typical percentage to consign jewelry?
I have no idea.

i'd guess like 15% ?

 

[MissStepcut]

Selling jewelry sucks. Especially pieces you spent a lot of money on, or had custom-made.

 

[MissStepcut]

Just curious, when you commission a piece, do they suggest a price, or do they just list it for whatever you suggest?

 

[kenny]

What is the typical percentage to consign jewelry?
I have no idea.

i'd guess like 15% ?

Is that based on your own extensive personal experience or on what you think it should be?
Again I have no idea, but they DO have all their operating expenses, reach more customers than your or I could, and provide security for the transaction that protects you.

 

[Gypsy]

Just curious, when you commission a piece, do they suggest a price, or do they just list it for whatever you suggest?

I don't understand your question hon. Do you mean "consign" instead of "commission"... if you do, they ask you want you paid, when and then they suggest a price they think is reasonable, or you can do that. Then you agree and fill out paper work with lots of little print you have to read carefully.

DF and Kenny... it made me REALLY REALLY sad for people who are consigning for money woes. I can't imagine being told that I have to pony up that much of my LISTED (not appraised value) of my piece.

SO if you think about it you have what you paid. THEN what you list... which is less than what you paid... THEN you only get 60% of THAT????

Holy crap. Heck no.

I personally would do 15% or even 20% if the place was high retail... because I could raise my listing price on the piece. SO instead of 10,000 I could list it for 11,000 for example, and it sold there... then I'd be okay because I would be PAYING for the establishment's retail front, the increase in selling price would reflect that and offset some of the consignment percentage. But with 30 or 40 percent there's no offset and no way you can make a reasonable amount on selling your piece unless you've had it for 50 years!

 

[Gypsy]

Oh and DF... NO, JUST in upgrades from BGD 3,500 is a stupid loss to sell at for me. NO WAY would I sell it for 3,500 when it retails for 7,000 and I have upgrades.

I'm not selling for money woes I'm selling cause I'm a PITA who wants an old cut NOW. I'll keep the band before I let it go at price.

I'm MUCH more likely to stick 5 sapphires in for the .32 pointers and upgrade those to an OEC sourced by BGD plus a little cash. That's my plan B. So... yeah, 3500 is not in the cards.

 

[LGK]

Most antiques consignment in our area at least is up around 30% these days. Which seems absurd- our antique mall does 12% commission. Not sure about fine jewelry, haven't asked around, but antiques is at least 30%, some stores are even more.

JBeG & Pearlmans have always seemed quite reasonable to me because of that!

 

[Gypsy]

LGK if you are ever bored I'd love to know what the fine jewelry consignment is in your area.

 

[Lady_Disdain]

Actually, 30% sounds about average to me. That is what most galleries and stores charge.

 

[Dancing Fire]

What is the typical percentage to consign jewelry?
I have no idea.

i'd guess like 15% ?

Is that based on your own extensive personal experience or on what you think it should be?

i don't have any consign experience with jewelry,but when i was dealing in rare coins i did consign coins to a dealer friend who then just sell it for pretty close to my asking price. i.e...if i was asking $5k for my coin he'll try to sell it for $5100 at a coin show.

 

[Gypsy]

They both offered to negotiate with me on the percentage but the 40% thing is just a lost cause. If I can talk the 30% place down to 20% then I'll consider it just because I know I could consign for 6000 there and still be REALLY low compared to their high retail prices on things. That would make it worthwhile to me.

But I'm still not driving there. LMAO. I'll send an email and use the phone. Gas is too expensive these days to drive around.

 

[Karl_K]

What is the typical percentage to consign jewelry?
I have no idea.

It varies by area and price.
Usually on high priced items it is less.
25% is pretty typical around here in the Midwest and 30% isn't unheard of for lower cost items.
For something in the 5k+ range you can often negotiate into the 18%-20% range.
Locally I have not heard of anyone doing 15%.

 

[MissStepcut]

Do you think it would sell quickly at a B&M? I feel like average B&M shopper won't appreciate BGD signature diamonds, so it might languish a while. I don't know the place you're talking about though, so maybe they get more sophisticated shoppers than I realize.

 

[Gypsy]

What is the typical percentage to consign jewelry?
I have no idea.

It varies by area and price.
Usually on high priced items it is less.
25% is pretty typical around here in the Midwest and 30% isn't unheard of for lower cost items.
For something in the 5k+ range you can often negotiate into the 18%-20% range.
Locally I have not heard of anyone doing 15%.

Ahh 18% I like that. I think I'll go in with 15% and try to negotiate to 18% with 20 as my walk away. I LOVE negotiations. Especially love plotting and planning them.

 

[sphenequeen]

What are the liabilities of some of these places taking jewelry on consignment? I know of a few places that take things on consignment but do not present it to the public as such - they sell it as their own inventory and are therefore liable if something is to happen to the piece within a reasonable amount of time (small stone falls out, chain breaks, etc.). In the case where the business takes on these liabilities and has to stock the piece, keep it safe, and add it to their insurance, what is a fair percentage?

 

[Dreamer_D]

I think GOG is about 20% and JBeg is 10 or 15%...

I also feel for people who need to liquidate quickly for cash. When I recently bought my Birks ring from a pawn shop, I bought it for $1200, which means the pawn shop likely paid the seller, what, $800? The ring retails for $4000. My friend who was with me was like "Why would anyone sell it so cheap??" I suspect it was either stolen (though unlikely since it came with the lab report) or the person was desperate for cash Sad.

I got lucky to sell my RB for a small profit, but would never have sold for a loss, either, Gypsy. We thought about consigning because we could have made a little more even with the %% fee, but who knows how long it would take to sell.

 

[kennedy]

I know JbEG isn't accepting modern jewelry pieces on consignment until the beginning of next month, but I had a great experience consigning with them. They charged way less than anyone else with whom I consulted and they really worked hard to move my jewelry. It did take a while, though, but eventually everything sold (3 items in total). From what I've seen, 20% is pretty standard, so JbEG is definitely a great deal. My guess, though, is that you'll sell on your own and fast. Your ring is priced well and I really think someone will snatch it up very soon and you'll be off on your very own OEC hunt!

 

[pinkjewel]

I took some pieces I no longer wear to a nice Consignment Jewelry store in my area. First, you had to consign the piece for 3 YEARS!! If the piece didn't sell and you took the piece back prior to that- you had to PAY them to get your piece back. Second, they set the price on the jewelry which was usually 50% less than retail and then they only gave you 50% of that!!!!!! It was unbelievable!!! AND they had a whole store of jewelry based on these terms. Needless to say- I said "thank you very much" and high tailed it out of there!! It was funny as she offered to up her prices a little to get me to leave my jewelry as it was all David Yurman and Tiffany and she REALLY wanted me to leave it with her as both lines sell really well there- no wonder for those prices!

 

[luv2sparkle]

just another reason that we need a forum here where we can post stuff for sale.......

 

[Phoenix]

just another reason that we need a forum here where we can post stuff for sale.......

I agree! Anybody looking for a 1.5carater ideal-cut F or G, Si1 clarity? Or a 2.656ct BGD H Si2 (very very eyeclean)?

 

[jewelerman]

30 % is becoming the norm,where its used to be more around 20%. keep in mind that the sales persons commission is also figured into the percentage along with insurance and rent(yep,they are also charging you for the space your piece takes up in the case, cleaning and displaying the piece every day.). I used to work for a dept.store estate jewelry salon that charged 50%. some of the pieces were very difficult to sell because of out dated styling, so the commission was always higher to encourage those sales people willing to take time to match those pieces up with the right client.In today's market its harder to sell consigned pieces and so retailers take higher percentages to make it worth their while to sell jewelry that is in competition with the jewelry already in their store that they owe money on to vendors.

 

[cookies]

just another reason that we need a forum here where we can post stuff for sale.......

I agree! Anybody looking for a 1.5carater ideal-cut F or G, Si1 clarity? Or a 2.656ct BGD H Si2 (very very eyeclean)?

I strongly agree too! Perhaps I should wait to sell my rubellite 3-stone trellis ring?

I talked to a few vendors about consigning my ring. The average rate seems to be around 25%. I know JBEG is 15%, but they won't accept mine. I am guessing that's because they focus on the old cuts.

 

[aviastar]

What are the liabilities of some of these places taking jewelry on consignment? I know of a few places that take things on consignment but do not present it to the public as such - they sell it as their own inventory and are therefore liable if something is to happen to the piece within a reasonable amount of time (small stone falls out, chain breaks, etc.). In the case where the business takes on these liabilities and has to stock the piece, keep it safe, and add it to their insurance, what is a fair percentage?

It varies by state, but in my state they also have to be licensed by the state and county to consign jewelery (or even outright buy it and re-sell it), hold all items for 30 days before displaying, send reports of all consigned items to the sheriff's department for review against stolen item reports, own specific 'approved' scales, ect. It's a huge PITA.

Plus, depending on the store, it needs to be cleaned, photographed, listed on the website, insured; plus, as part of inventory, it does have to pull weight for rent, utilities, and other overhead costs. Your consigned piece has to be the equal profit of something they order/make, or else why hold case space and work to sell it?