How to Sell Gemstones (Locally and Internationally)
In our gemstone business knowledge series, we’re discussing here how a gem merchant could sell gemstones to customers in local market and to reach customers internationally. The industry has a rich history in international trading of precious stones and jewelry.
Know Your Stones
Know everything about the gemstones you’re selling. From where it was mined, how it came to your hand, cut type, treatments, current market demand and price are the facts you need to know. It would become more than handy if you know all these details, If you couldn’t answer to any of these questions if were asked by one of the possible buyers a blank answer would give them a feel that you’re a novice in the trade. A good knowledge will enable you to showcase the gemstones in the proper way and get a good price for the stones.
How to Price Gemstones?
Setting prices for gemstone for different markets is a big task. There is a huge discrepancy between the retail price and the price you sell to the other gem traders. Again the prices may vary depending on the geographical market. A Ceylon Blue Sapphire may cost few hundred dollars in Sri Lanka if you buying from the Beruwala or Ratnapura gem traders market. The same sapphire exported to Hong Kong or Hatton Garden in London would sell for over thousand dollars.
For fine quality precious gems such as ruby, sapphire and diamonds; the price per carat can increase exponentially as the gem size increases. A two carat stone may cost around $1,000 while a four carat stone may cost over $10,000. Good quality sapphires and rubies in larger sizes tend to have a much higher price per carat and generally in low supply in the market due to rarity.
Traditional Way or Online:
Gemstones are traditionally bought and sold in person. It still mostly happening that way, some still prefer to have a touch and feel the stone and examine it by themselves before paying for it. The gem business is somewhat a unique industry with many niche industries operate around it. The technology slowly taking over some of the physical presence, the travel restrictions around the world due to the covid-19 pandemic has pushed the gem and jewelry to rely on technology as like many other industries. More and more sellers turning over to online ecommerce sites, marketplaces and social media platforms to sell gemstones and jewelries.
The covid-19 outbreak has restricted all our moments to a greater extents. So in this article we look about online selling.
There are a lot of people who buy gemstones for their jewelry, for engagement ring, birthday gift, wedding anniversary gift and some buy birthstones for good luck.
You can sell online through your website with shopping cart and payment functions. In other words an ecommerce site for selling. There are specialized ecommerce solution providers for gemstone selling.
Also there are online marketplaces too, where you need to register as an individual seller or as a business entity. Etsy, eBay are the preferred market places right now for gemstones and Amazon to some extent. Selling in these marketplaces comparing to your company’s website. These marketplaces are not only help you to sell your gemstones in the local country but also internationally.
Winning the Online Trust:
The online is surely winning over the trust factor, which was one of the grayest thing customers doubt always. The popularity of the online marketplaces has answered the trust factor considerably. The money back return policies and past customer reviews offer confidence for new customers to buy gems and jewelry online.
Gem Test Reports:
It is always recommended to list a gem test report along with the gemstone pictures and video. It add authenticity to the gemstone on sale. Customers expect to see a gem test report from a well reputed gem testing lab such as GRS, GIA, Gubelin, or Lotus if the cost of the stone is in high value. .
High Quality Photos and Video
Visually present your gemstone through eye catching video and photos. Presentation is crucial for your sale. The value of the gemstone should be highlighted through the visual images you share with the potential customers.
Highlight the important elements of your gemstones. The origin, cut type, importance of the color, where would this particular gemstone fit in to; for ex great for an engagement ring, for a necklace etc.
Sell Only the Best Quality:
Cheap Goods doesn’t last long and hurt business. You have to be sure that you are giving the best quality of gemstone to the buyers. Either your customer buying it for resale or for a special piece of jewelry. Don’t disappoint them with inferior quality. It not only hurt your business, it does hurt everyone in the industry in the long term.
If you’re selling the gemstones online make sure to tell everything you know about the gemstone. Send them copy of the gem test report, mention any scratches, color patches or anything. Let the buyer to make an informed purchase decision.