One of the biggest mistakes people make when shopping for antiques and new jewelry is that they don't negotiate. I have three tips below to help you get a better price even with a luxury item like jewelry. Statistics show that women do not negotiate as often as men do and jewelers know it. And guys, just because it's jewelry don't think that you can't get a better deal. Walk into that jewelry store and think like you are buying a new car and get ready to haggle.
In some jewelry stores, the retailer's markup can be as high as 70 percent. That means that more often than not, there is lots of room to negotiate on the asking price. Yes, some jewelers don't like me to mention these points, but if they are doing a good business, they'll be happy you visited their shop and made a purchase which still netted them a profit and allowed you to buy the piece you liked.
Here are three things I always do when buying jewelry to get a good deal. Pay attention guys, your girls can never have enough jewelry.
Need some help picking that stone? Watch me show you how to identify a valuable gemstone just by its color.
1. Walk away
Be prepared to walk away (seriously, I mean leave) if you don't get at least 40 percent off the retail price. You can find another piece and you'll be glad you did when you save a lot.
2. Be Polite
Negotiate politely. Shop during a jeweler's slow times of the year (not at Christmas or Valentine's Day). This means guys you have to plan ahead and start jewelry shopping in July. You know that you don't get the best deal on a 4WD truck during snow season. Same idea here. Looking for that perfect ring? Watch me show you tricks ring designers use to try to fool you.
3. Have Cash
Pay with cash. Credit cards don't have the same negotiating power as greenbacks do. Remember a jeweler has to pay processing fees when you use a credit card. These fees reduce their profit.
Do you think you are a good negotiator? I can help appraise your purchase to see how much money you saved. Bring your item to one of my events and share your story.
Don't forget to share these tips with that special someone who owes you a piece of jewelry or your sister who is always shopping for a good deal. Read more antiques negotiating tips in another post.