When it comes to selling diamond rings online, there are few and far between who have your best interest in mind and far too many businesses out to make a quick buck off your ignorance of the market.
From personal experiences buying and selling online through platforms like Amazon, eBay, and Craigslist, it has become apparent how these three platforms are changing the experience of selling for the casual seller.
Don’t get me wrong – Amazon, eBay, and Craigslist were at times arguably three of the best places on the internet to do business, and certainly still beat any local pop-up shop. To this day, Amazon provides a sleek and easy to navigate platform with the most competitive prices in ecommerce thanks to millions of buyers and sellers eager to sell their items. While on the other hand, eBay promises buyers satisfaction through their Money Back Guarantee Program, auction based bidding, and easy communication between buyers and sellers, while Craigslist remains the only route to immediate cash for your items.
There are many reasons why many sellers run to Amazon and eBay to sell their expensive items like diamond rings and electronics while others don’t. One reason sellers do, is because of the general consensus that both of these platforms are two of the most trusted in the industry by buyers and sellers worldwide. This is true. However, it is because of this this exact assumption that Amazon and eBay are able to take advantage of their casual sellers by charging nearly 10% for the final item sale. Now 10% may not seem like a lot at first, but think about it like this, if your piece of jewelry can sell for $1,000, does it really make sense to fork over $100 of that just to cover fees? Didn’t think so.
Here is a screenshot from the eBay fee calculator of what the eBay fee looks like for selling a $1,000 item in the “Jewelry & Watches > Fine Jewelry” category with $15 shipping included to cover proper packaging and signature confirmation.
NOTE: This eBay seller fee does not include the additional PayPal transaction fee:
One reason sellers tend to avoid platforms like Amazon and eBay is because of the time duration it takes to receive compensation for the sale of items. While eBay frees up the PayPal funds three days after items have successfully delivered to the buyer (usually a 7-10 day process), Amazon requires a 14 day hold on funds before initiating a bank transfer in order to verify that the transaction went accordingly and that both parties are satisfied. In many cases, waiting half a month for compensation on such expensive items is both stressful and a major inconvenience to many casual sellers who need funds as soon as possible to pay bills and shop for the holidays.
Over the past few years, both Amazon and eBay have drastically shifted to favor their corporate power sellers, Top Rated Sellers, and buyers, significantly more than their casual sellers – especially when it comes to selling expensive products like diamond rings, jewelry, and electronic devices. By increasing insertion fees, listing fees, PayPal fees, shipping fees, and listing restrictions, both platforms are leaving casual sellers with little to no room for any profit after their transactions.
In addition to little room for any real profit, there is also never a guarantee that your item will sell for its highest potential value or desired price. In such highly competitive niches like diamond rings, corporate sellers are spending extra money on premium listing services like bolded text, catchy subtitles, and extra pictures taken with professional photography to make their listings stand out and appear more desirable than the average listing. This competition for higher search priority leaves casual sellers with little to no experience with increasing search priority at the bottom of the search results, lost among the hundreds to thousands of similar product listings. Unfortunately, Amazon and eBay have always favored their Top Rated Sellers and those willing to spend more to list their items and will likely shift to favor these sellers even more in the near future.
Fortunately, casual sellers are becoming more eager to find alternative online platforms with quicker payout options, less seller fees, higher profit margins, and more seller-focused communities for their diamond rings. Trusted brands are doing their part by acknowledging the desire for change, and responding to casual sellers needs.
Several trusted brands have already moved towards offering payouts in as little as 24 hours after receiving sellers items, eliminating fees, offering higher appraisal values than prices offered through Amazon, eBay, and Craigslist, and easing the stress of the sale by focusing more on the sellers experience through superb customer service.
Dealing with brands who specialize in diamond ring appraisal benefits sellers as these brands have an incentive to offer potential customers the highest prices possible. Unlike Amazon and eBay which can survive off of fees attached to every single sale, brands specializing in one niche market (like diamond rings) have only one item keeping them in business. With this, comes expert valuation teams with decades of experience and industry knowledge ready to win over your business. This gives potential sellers the confidence they need in moving forward with the sale which is nonexistent on the Amazon and eBay platforms.