The auction is a popular way of selling and buying stuff through bidding. Through this process, a certain goods or services are sold and bought by the people who attend the auction and bidding. The effectiveness of this process is that the audience and people that could participate could be global. This new and trendy process is called the online auction.
What is an online auction? It is an auction held over the internet with various formats such as English auctions, Vickrey auctions, first-price sealed bid, and much more. The scope of this type of auction does not limit on the people present on the actual event. Actually, there is really no physical audience in an online auction. Instead, the people around the world can be a potential buyer with the use of the internet.
Now, you would often ask yourself, “Should I sell my diamond ring in an online auction?”, “Will it be safe?”, “Will I get the exact amount of money or market value of my diamond ring? Frankly speaking, diamonds for online auction is a big no. Read below to know the reason why.
Selling your diamonds in an online auction sounds so interesting, and you may get a market value of more than what you expected. So, you will be willing to sell your diamond because they will give you an incredible offer. However, hidden charges will be on its way before you even receive your money. Not good, right?
Okay, so the jewelry auction site where you participated in will provide you an incredible offer. Thus, you will be willing to send your diamond because you never want to lose the big amount of money not knowing the hidden fees that will suddenly pop out. What are these hidden fees? One of the charges that will occur in the process is the seller fee from the market value quote which is usually 15% – 20% – such a big amount. If you think that is the end, you are wrong because jewelry auction sites will try to misquote your item in which the market value will decrease. With this, you will be able to receive almost half of what you are expecting. And you got no choice but to deal with it.
The online auction might work for some products and services but on diamonds, your money might just turn into rock. Therefore, before you proceed on selling your diamond, read this guide first. For additional information and other concerns, you may ask questions.