When you purchase something like a car or jewelry, you should know the details of what you are looking for: the style, make, model, background information, everything. One of the most important things you need to know is how to haggle. Negotiating on price is one of the key components in the process of buying or selling anything. Unless you go to a retail store, chances are you can always whittle down the price a bit. In some cases, you can even knock down the price in retail stores! Coupons do exist after all. When dealing with jewelers in Michigan, you need to know at least three things about negotiating.
Shop Around
It’s essential to discern the right place to buy or sell your jewelry. When you buy a specific appliance, you know exactly which retail store you can get the best deal at. The same thing goes for jewelry. Tiffany's, for instance, might be a very popular place to buy diamonds, but it isn't always the smartest. You can get the same quality diamond that Tiffany's has on their shelf in another location for much cheaper. You always want to research before selling or buying a diamond in one spot. Don't commit to any decisions in the first store you visit. Always shop around.
Make Haste While The Sun Shines
Go in early. For some reason, jewelers believe that some of the best sales happen at the beginning of the day. Car salesmen believe the same thing. When a business first opens in the morning, people are at their peak. A few hours after you wake up, you are proven to have more energy and motivation right then than you will throughout the rest of the day. Workers are more eager to make a deal when the jewelry shop first opens. Whether you’re buying or selling a diamond, they may cut you better deals early in the morning than they will later in the day due to their eagerness to make a sale.
Take Time
Don't be pressured into making any decisions you aren't comfortable with. If you don't know exactly what type of jewelry you want, that's okay. Take your time to look around and decide on your own without any outside help. Of course, if you have any questions, don't hesitate to ask. You simply have to keep in mind the fact that jewelers want to make a sale. They won't always give you the best deal because they get a commission. If you sell jewelry, be sure not to settle for the first price they throw at you. Don't be pressured into thinking that is your only option.
Negotiate for Fine Jewelry with Azzi Jewelers
Azzi Jewelers is Lansing’s premier place for jewelry. Whether you’re selling a favorite accessory or looking for today’s top designer brands, all of your wildest dreams will come true at our pristine Michigan showroom. We even offer custom jewelry design, wherein you work with one of our expert goldsmiths and gemologists to create a one-of-a-kind masterpiece based on your own ideas. Call us at (517) 332-7900 or email Info@AzziJewelers.com to learn more.
FAQs
Understand your chosen venue and where it is on the jewelry supply chain. Be aware of the latest trends and don't be afraid to speak up and ask for a discount. Know your limits, bring cash, and be prepared to walk away. If you are shopping online, use a search engine to find discount codes before checking out.
How to negotiate with jewelers? ›
Understand your chosen venue and where it is on the jewelry supply chain. Be aware of the latest trends and don't be afraid to speak up and ask for a discount. Know your limits, bring cash, and be prepared to walk away. If you are shopping online, use a search engine to find discount codes before checking out.
How to get the best price on jewelry? ›
- Tip 1: Everything in a jewelry store is negotiable. ...
- Tip 2: Always research and don't buy on the spot.
- Tip 3: Know when to buy - March is the best month! ...
- Tip 4: For Diamonds, Look for Just Under The Quarter Mark.
- Tip 5: Sell or Trade old Jewelry to Bring Down Your Cost.
"Negotiation isn't a competitive sport." Here are other tips for smart bargaining:
- Assume everything is fair game. ...
- Don't be intimidated by a title. ...
- Be willing to bargain for big bucks. ...
- Give sellers a reason to negotiate. ...
- Ask open-ended questions. ...
- See whether the seller is anxious. ...
- Decide on a fair price.
How to Haggle for Almost Anything
- Talk less, listen more. ...
- Show confidence. ...
- Know when to walk away. ...
- Timing is key. ...
- Consider how the deal looks from the other side. ...
- Is there a flaw with your purchase? ...
- Launch a charm offensive. ...
- Don't give up.
“Mazal and Bracha” is the traditional phrase the diamond industry uses when closing a deal. The expression is accompanied by a handshake and is articulated (in Hebrew) by diamond merchants worldwide.
What is a typical markup on jewelry? ›
There are two primary reasons resale and retail jewelry have such different prices: retail price markups and second-hand market values. When luxury retail stores sell fine jewelry, they must mark up the prices to make a profit, as all businesses do. The markup for new luxury jewelry is, on average, around 250% to 300%.
What jewelry holds the best value? ›
High-quality materials, such as gold, platinum, and precious gemstones, not only retain their value but may also appreciate over time, making for a solid long-term investment.
How do I know if my jewelry is worth the price? ›
We recommend taking the piece to a jeweler to be tested. They will have professional tests that will determine whether your jewelry is real as well as the purity of the metal itself. A certified appraiser will be able to provide the value of the piece as well.
What are the three key rules to negotiate? ›
What Are The Three Key Rules to Negotiate?
- First Key Rule: Preparation.
- Tips for Effective Preparation.
- Second Key Rule: Communication.
- Tips for Effective Communication.
- Third Key Rule: Flexibility.
- Tips for Being Flexible.
Top eight phrases to use when negotiating a lower price
- All I have in my budget is X.
- What would your cash price be?
- How far can you come down in price to meet me?
- What? or Wow.
- Is that the best you can do?
- Ill give you X if we can close the deal now.
- Ill agree to this price if you.
- Your competitor offers.
Below is a list of five styles to consider while preparing for your next negotiation.
- Compete (I Win- You Lose) ...
- Accommodate (I Lose – You Win) ...
- Avoid (I Lose – You Lose) ...
- Compromise (I Lose / Win Some – You Lose / Win Some) ...
- Collaborate (I Win – You Win)
1) Never speak first.
This is perhaps the most well known of negotiating tactics, if you can, have the other guy go first. Those who would advise a more aggressive and manipulative strategy will say that it's a good power play.
How do you negotiate smartly? ›
Absorb these integrative negotiation skills to improve your outcomes.
- Analyze and cultivate your BATNA. ...
- Negotiate the process. ...
- Build rapport. ...
- Listen actively. ...
- Ask good questions. ...
- Search for smart tradeoffs. ...
- Be aware of the anchoring bias. ...
- Present multiple equivalent offers simultaneously (MESOs).
Be careful, while (almost) everything is negotiable, and you're allowed a lot more “give” in expensive items, overzealous haggling will turn off the seller and lowballing should be steered clear of. A good rule of thumb is any offer below 25 percent of the ticket price is a slap in the face.
Is it cheaper to buy from a local jeweler? ›
Local jewelry shops are more economical
That's because big chains charge you a premium for their brand name, and not the fair cost of precious metals and gemstones combined with quality craftsmanship.
Is it better to buy from a jeweler or the company? ›
Independent Jewelry Stores/Designers Are More Economical
When you buy from an independent jeweler, you save money on pieces of the same or greater quality than those available in chain stores.
How do you haggle professionally? ›
How to Negotiate
- Stay confident. ...
- Be aware of your body language. ...
- Know the value of what you are negotiating for. ...
- Prepare beforehand. ...
- Listen. ...
- Be objective. ...
- Ask open-ended questions. ...
- Know when to stay quiet.
This makes it much easier to identify your jewellery if it's even lost or stolen. Many jewellers charge a percentage of your jewellery's value to provide a valuation, but we charge a simple fixed fee so you'll know how much the service costs before you agree to it.
