Everyone wants to be a savvy buyer, and times like today there’s no excuse not to be one. It’s a well known fact especially to those in the diamond industry that a well thought out ring is a symbol of love and commitment from one another.
The mainstream jewelry industry uses this knowledge in order to raise prices and entice the consumer to make a sentimental purchase paying top dollar. When it comes to markups on jewelry it really depends on the individual jeweller. Prices can be marked up as high as 300% and as low as 20% although when it comes to what you’ll usually find is anywhere between as 100-200% markup for jewelry. You deserve to know you don’t have to tolerate that increase in the retail price, knowing how to negotiate can save you an arm and a leg (and your wallet will thank you).
What you should know when bargaining…
- Know when to walk away. Look to get at least 40% of a discount from their retail price and if you’re not getting that, then get a better deal elsewhere.
- Don’t be rude. We know how stressful this can be but don’t lose your cool…be polite. Not only will it help you get a better deal but it’ll also make the experience a little easier.
- Money talks. When negotiating, nothing looks better than paying in cash. Credit cards come with extra fees for these jewellers lowering the profit they’d make. They’ll be more than willing to help you out when they know you’re paying in cash.
Where to get the best deal when trying to negotiate…
Go To An Independent Jeweller. Wanna customize a piece of jewelry? Wanna save some cash? The best thing you can do is visit an independent jeweller. These independent jewellers not only are they usually more affordable, but with the right amount of negotiating you can get an even better deal.
Try Wholesale. This option isn’t for the faint of heart due to the amount of haggling you may do or the tricks they may pull to take advantage of an uneducated, naive buyer. These people are used to dealing with professional jewellers so do your research before you go. If you’re hoping to pay with a card this option may not be for you, it typically is cash only.
Don’t Forget To Look Online. Searching online through reputable sites you’ll find more options than you would shopping at the stores. You have the ability to sort through thousands and thousands of pieces of jewelry all in the comfort of your home searching the web. Various gems, numerous types of settings, you name it you can find exactly what you’re looking for and hopefully at the price range you desire.
Choosing jewelry that fits your needs, personality, lifestyle and most important your budget, will leave you with pieces that will last decades to come. Whether you prefer traditional diamonds or nontraditional jewelry, knowing how to properly bargain can truly help you save money making it easier on your wallet. Don’t just settle; find the piece you want at the price you deserve.