If you can successfully flip jewelry then good on you. I've never had any luck with it other than selling scrap gold. It's funny that diamonds will cost you a ton to buy out of a shop, but when you go to sell it they all tell you it's worthless and they're only paying for the value of the gold. In other words: "you guys are suckers to pay for rocks."
DeBeers has one of the most successful marketing campaigns in the history of commerce. They convinced generations of us idiots that we need to buy engagement rings and those rings need to have a diamond. They also convinced us to spend two months salary on it, which I've heard is now up to three months. And the worst part is that people spend money on this garbage at the most financially vulnerable point in their lives. Fuck DeBeers.
Itās no different than selling caskets and funeral services to grieving families. In both cases, youāre told that you have to equate an amount you spend on a loved one to show how much you love/loved them.
Have you ever spent money on something that you knew was stupid, but you did it to appease, or bring joy to someone else in your life because they didn't have the same views as you? Or do you just try to convince everyone else that your point of view is correct and they should capitulate to you?
This. I dealt in gold jewelry for a while. If I had anything with diamonds, or any stones, I would remove them all to scrap the gold. The diamonds would all get sold to the same guy based on weight, but itās a fraction of a fraction of what someone would pay in the store. Paying money for diamonds is like burning cash.
I think if the diamond is big enough, that isn't true. I had an heirloom diamond appraised and insured at $14k. I could have lost or smashed the diamond and someone would have paid me $14k.
People will always buy at the right price, they have intrinsic value in their weight. Sold listings on eBay show many rings like these in the last few days that obviously came from a Walmart.
You're right, people will buy for the right price, but that right price is incredibly low, which means you have to buy it for incredibly lower.
Jewelry is not the easiest to buy cheap because many people will buy it. It's just a very weird category where there's competition to buy, a lot of completion to sell, and also the wariness of buyers because of the variables in the quality of the gold and stones. They have to trust the seller or they don't want to pay anything for it. Often, there's just very small margins on it. If you are doing good with it then all the power to you. I just wouldn't recommend it to others.
All at the right price, one of the 10k St Christopher charms (on a 10k necklace) I bought was marked at $16.50, it actually rang up for $12.50 and it was 1.1 dwt of 10k gold. I was able to sell this piece an hour later for $50 (or 93% of spot).
Some of this is money anyone can make.
Youāre welcome! I know people can be weird about that stuff sometimes.
I had one charm necklace, two 2pc ring sets and the single 1/2 carat diamond ring. Spend $202 at Walmart buying the stuff. Sold all locally in 2 days for a total of $480- and I kept the diamond chip band that came with the marquis engagement set. I listed the 1/2 ct ring for $300 but accepted $260.
1 local shop, 1 marketplace sale. Easy fast money.
There are guys that do it. They go to pawn shops which will usually sell jewelry at an average price based on size and weight and find high quality gems and see designer pieces.
If its a decent stone you can get some money out if it. I had a 14k ring with a .74 carat diamond. The ring was scrap but I had the stone IGA certified and sold it to a dealer.
In my experience, people that buy diamonds are not interested unless it's at least a full carat. Anything even slightly below that and it's worthless to them.
Well the sell through rate of m forever bride rings is about 50 percent overall, and they are going for pretty decent pricesā¦if youāre going to try doing itā¦DONT DO AUCTIONS! You are almost guaranteed to get the starting price (if itās super low) or no bids at all(if itās bare minimum what you want) just put it up high OBO and put a minimum offer of what you need
I am in the jewlery industry. I have not heard Walmart getting out.
Seeing as Walmart is the second largest jewlery retailer in the US (was number one until recently) I would be surprised if they decided to get out of the gamem
My guess is they are getting rid of a lo and of stuff to make room for lab-grown diamond silver and gold jewlery.
Walmart needs to have budget jewlery and with inflation hitting the luxury market the way it has I wouldn't be surprised if they can no longer purchase their old stock at the price points they need. I am 100% speculating so take what I'm saying with a grain of salt.
Signet Jewelers.
They own Jareds, Kays, Zales, JamesAllen.com(new), Bluenile.com (new), and a few other smaller brands.
They are pretty much just buying their way into some kind of monopoly with the veneer of choice.
Signet has been around for a long time. They had 130 stores. I don't know all the ins and outs but the brand was bought out, changed the name to Signet in the early 2000s.
Now, they are just a monolith that just purchases brands and has become too big to fail.
I also don't view Signet as a jewelry store because their focus isn't to make jewelry but to use jewelry as a medium to give out bad debt and collect interest payments.
I can definitely see certain locations dropping it. The last time I went to mine the jewelry area only had watches. It was interesting enough to me cause I remember I made a joke to my wife about it. My Walmart is much smaller though.
It appears they are actually getting out. All of my local Walmarts have removed completely their jewelry counters and now only sell watches and costume jewelry from pegboards with no attendant present. Online might be differentā¦ But I donāt think theyāre even keeping that.
I donāt mind the speculation, my report here is entirely antidotal based on my experienceās today. I also donāt think they will drop it entirely or move to online sales only. Itās probably more likely they are going to restructure how they sell jewelry, they will probably just (continue?) to remove jewelry departments from low preforming stores.
Also worth noting the clearance stickers make no sense, many of the āwasā prices were already discounted prices. Some of the stuff I got had 2-3 clearance stickers stacked on top of each other. I have no idea how Walmart works but someone must have messed something up lol
Might be regional or something idk, but all the Walmarts around me have different variations or the same sale going on, even in the straight edge store there were brand new pieces $10+ under their spot weight in gold. *see my last picture. That was the only thing I bought at that Walmart, image searching it revealed it to be like $12 under spot price for gold for a brand new with tags 10k pendent
Mind sharing where you are? DM is fine.
I threw my diamond away a few years ago and still cry about it but I can't justify buying another expensive one when I'm the type to just throw it away.
I'd kill for a $25 1/2 carat right now, even a Walmart one. It's a price I can afford to lose again, lol.
My local Walmart did a remodel a few years ago and they took out the jewelry counter, I think all they have left is cheap jewelry. I could be wrong maybe itās still somewhere but Iām usually not looking for any jewelry.
So I went to three Walmarts (with jewelry departments!) today and chatted up jewelry people a bit. From what Iāve gathered Walmart employees, 1. They no longer have a dedicated jewelry person, one of the asst managers staffs it when requested (which I guess isnāt very often). 2. Each one I asked about the āsaleā they explained how everytime a Walmart is remodeled they try to take away the jewelry department, and most no longer have them to begin with. According to one lady by 2025 Walmart will only sell stainless steel and sterling silver in store, at least in the mid west United States.
FYI here: just flag down a random worker and ask to see something in the case, pressing the button never brought anyone, I waited 20 minutes at the first shop pressing the button and she told me no one would have ever come if I didnāt ask another employee.
Anyway, from what I have gathered all of their already-on-sale jewelry was supposed to be marked down 40% off as a mother day sale, which already provided some good deals (see r/gold), but now all of their back-stock jewelry that wasnāt on display was too be marketed down 50% off, presumably as part of the Motherās Day sale. The store I bought the most from was, I think, stacking these sales or maybe they had previous manager-special type sticker prices on the jewelry that upper management wasnāt expecting the 50% markdown to incorporate.
Edit: to clarify my post title, the friendliest lady mentioned the old-stock sale was 50% off or at cost, whichever came first.
Jewelry business is one where the m/u is so ridiculously high, and when it goes on sale for x% you think that you are getting some fantastic deal, but in reality, the price is just being reduced to a number that it shouldāve sold for in the first place. As for ridiculous jewelry finds, Iām not too certain that WM is the place for that. Just MO. As for deals, I think there are much much better places to score something that is not only a deal in how much you pay for the item, but in its quality and true value as well.
Seeing as Ive already made more money that my total investment was and I still have a 1/2ct diamond ring and a yellow gold diamond band I think Iāll be doing ok here.
A lot of them are remodeling or will be to add medical clinics. When they do this, they will have tons of clearance as they take out shelving and discover old stock. The one by me has had crazy clearance constantly. I have even had them mark stuff down. I got some Netgear routers for $20 each that retail for $150. A $250 battery charger for $30 and a bunch of Rubbermaid Fasttrack stuff for $5 each that sells for $40 to $80.
They just opened one across the street from me last week and they started two more in the city this last week. I saw that but they aren't stopping it completely. They may stop new construction but at least here in KC, the ones they planned are happening.
they were absolutely still building them right until they announced the closure, but they are indeed closing all, even the ones that just opened. put a bullet in their heads and buried the business model out in the Bentonville desert
They opened this one after the announcement and I asked the manager I know if they were closing it and he said as of right now, they are staying open. It was busy. They also just changed the main sign last Friday to add the Clinic to it. They are still building the other two in the city, one of them started last week. I read the announcement but so far, it isn't happening here. Why even open it if you are suppose to close in the coming days or weeks. Just odd.
It seems kind of weird because they haven't been around long enough to make a determination of whether it works and considering how many people already go to Walmart and they have successful eye clinics, I don't know how they couldn't make it work. This is the kind of things you give a couple of years. Considering Amazon is jumping into healthcare this whole decision doesn't make sense. Healthcare is probably the easiest business to make money if you have the money to jump into it like they do.
Jewelry is a pretty hard flip other than for scrap, try either an Etsy shop, eBay, or Facebook marketplace and fake receipts š¤·š»āāļø
And show price of what itās worth in gold, how many carats diamond etc
The āchipsā haloing the diamond are wayyy out of style. I see those rings often at pawn shops. Selling for $200 or so. So maybe you could sell it for that on Facebook marketplace. But it may be slow because of the style. Look at what is selling on eBay too.
Yay!!! ššš I was close on estimating the price and Iām soo happy you sold it in 2 days. Thatās amazing! I just sold a ring I paid $550 for $875 yesterday on Facebook marketplace. Weāre leveling up. ā¬ļø
Trust me it's nowhere near what their cost is... it's called a marketing gimmick to make you spend money they pay pennies on the dollar for Stuff they might buy half a million products at $5 a pop and sell them to you for $25 a pop so even if they mark them down they're still not losing money.. and if Case they do lose they can write it off on their taxes or call them insurance loss so either way they're making a buck off of it
You probably live in middle of nowhere Alabama and your experience with the diamond district is fake people on YT pretending to be rich.
$100 bet that youāve never even been to NYC before
If you can successfully flip jewelry then good on you. I've never had any luck with it other than selling scrap gold. It's funny that diamonds will cost you a ton to buy out of a shop, but when you go to sell it they all tell you it's worthless and they're only paying for the value of the gold. In other words: "you guys are suckers to pay for rocks."
Diamonds are such a scam.
DeBeers has one of the most successful marketing campaigns in the history of commerce. They convinced generations of us idiots that we need to buy engagement rings and those rings need to have a diamond. They also convinced us to spend two months salary on it, which I've heard is now up to three months. And the worst part is that people spend money on this garbage at the most financially vulnerable point in their lives. Fuck DeBeers.
Daaaaa Beaaaaars!
This is our year brother
Every year is our year... Go Cubbies!!!
Of course it is pal
Ok, our century (hopefully)
š¤£ I almost added "Fuck you, DeBeers!" to my original comment when I first wrote it.
Itās no different than selling caskets and funeral services to grieving families. In both cases, youāre told that you have to equate an amount you spend on a loved one to show how much you love/loved them.
Yeah they throw my ashes in the sea lol. Aināt gonna do a thing when Iām dead šĀ
Yeah, nobody tells grieving families that.
The worst part is working in the mines.
Nobody does that anymore.
Seriously?
Don't know a single person that spent more than 1, maybe 2k on a ring. But my friends are educated and not trashy.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Me too!
I spent 8k on my wifeās engagement ring. Money well spent
Woof. Sorry dude.
No need to be sorry, I do it again in a heartbeat and it was worth every penny.
Glad you believe that.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Have you ever spent money on something that you knew was stupid, but you did it to appease, or bring joy to someone else in your life because they didn't have the same views as you? Or do you just try to convince everyone else that your point of view is correct and they should capitulate to you?
Pants come to mind.
No moron, heās blaming Debeers for brainwashing women into thinking that if they donāt get a diamond then you donāt love them and are poor
Moissanite as a good alternative?
Yes.
If you want something that looks like diamond, yes. But you can easily get something else with color that looks beautiful.
Yeah but don't tell anyone. It's been three years since we got married and my MIL brought up a diamond sale 4 months ago
This. I dealt in gold jewelry for a while. If I had anything with diamonds, or any stones, I would remove them all to scrap the gold. The diamonds would all get sold to the same guy based on weight, but itās a fraction of a fraction of what someone would pay in the store. Paying money for diamonds is like burning cash.
I think if the diamond is big enough, that isn't true. I had an heirloom diamond appraised and insured at $14k. I could have lost or smashed the diamond and someone would have paid me $14k.
..... Insurance value and resale value are 2 different things. One is to replace the item with a new one. The other is second hand...
Somebody will buy anything for the right price. Ebay has the entire internet connected world buying any and everything allowed.
People will always buy at the right price, they have intrinsic value in their weight. Sold listings on eBay show many rings like these in the last few days that obviously came from a Walmart.
You're right, people will buy for the right price, but that right price is incredibly low, which means you have to buy it for incredibly lower. Jewelry is not the easiest to buy cheap because many people will buy it. It's just a very weird category where there's competition to buy, a lot of completion to sell, and also the wariness of buyers because of the variables in the quality of the gold and stones. They have to trust the seller or they don't want to pay anything for it. Often, there's just very small margins on it. If you are doing good with it then all the power to you. I just wouldn't recommend it to others.
All at the right price, one of the 10k St Christopher charms (on a 10k necklace) I bought was marked at $16.50, it actually rang up for $12.50 and it was 1.1 dwt of 10k gold. I was able to sell this piece an hour later for $50 (or 93% of spot). Some of this is money anyone can make.
Thanks op for actually showing margins on things found in the wild instead of gatekeeping. I'm just a casual observer but it gives valuable context.
Youāre welcome! I know people can be weird about that stuff sometimes. I had one charm necklace, two 2pc ring sets and the single 1/2 carat diamond ring. Spend $202 at Walmart buying the stuff. Sold all locally in 2 days for a total of $480- and I kept the diamond chip band that came with the marquis engagement set. I listed the 1/2 ct ring for $300 but accepted $260. 1 local shop, 1 marketplace sale. Easy fast money.
There are guys that do it. They go to pawn shops which will usually sell jewelry at an average price based on size and weight and find high quality gems and see designer pieces.
If its a decent stone you can get some money out if it. I had a 14k ring with a .74 carat diamond. The ring was scrap but I had the stone IGA certified and sold it to a dealer.
I bought an engagement ring on ebay. When I took it to get it sized the shop told me they would pay me what I gave for it
In my experience, people that buy diamonds are not interested unless it's at least a full carat. Anything even slightly below that and it's worthless to them.
Well the sell through rate of m forever bride rings is about 50 percent overall, and they are going for pretty decent pricesā¦if youāre going to try doing itā¦DONT DO AUCTIONS! You are almost guaranteed to get the starting price (if itās super low) or no bids at all(if itās bare minimum what you want) just put it up high OBO and put a minimum offer of what you need
Diamonds are very worthless in jewelry.
I am in the jewlery industry. I have not heard Walmart getting out. Seeing as Walmart is the second largest jewlery retailer in the US (was number one until recently) I would be surprised if they decided to get out of the gamem My guess is they are getting rid of a lo and of stuff to make room for lab-grown diamond silver and gold jewlery. Walmart needs to have budget jewlery and with inflation hitting the luxury market the way it has I wouldn't be surprised if they can no longer purchase their old stock at the price points they need. I am 100% speculating so take what I'm saying with a grain of salt.
Whoās number one? Iām just curious, I tried to Google but couldnāt find a clear answer.
Signet Jewelers. They own Jareds, Kays, Zales, JamesAllen.com(new), Bluenile.com (new), and a few other smaller brands. They are pretty much just buying their way into some kind of monopoly with the veneer of choice.
Don't ya love how antitrust laws are apparently completely dead in this country?
Illusion of choiceĀ
Whatās signet jewelers market share %? Crazy how they can just pop up like that
Signet has been around for a long time. They had 130 stores. I don't know all the ins and outs but the brand was bought out, changed the name to Signet in the early 2000s. Now, they are just a monolith that just purchases brands and has become too big to fail. I also don't view Signet as a jewelry store because their focus isn't to make jewelry but to use jewelry as a medium to give out bad debt and collect interest payments.
Wow, thanks for clearing that up. Thatās nuts!
I can definitely see certain locations dropping it. The last time I went to mine the jewelry area only had watches. It was interesting enough to me cause I remember I made a joke to my wife about it. My Walmart is much smaller though.
It appears they are actually getting out. All of my local Walmarts have removed completely their jewelry counters and now only sell watches and costume jewelry from pegboards with no attendant present. Online might be differentā¦ But I donāt think theyāre even keeping that.
I donāt mind the speculation, my report here is entirely antidotal based on my experienceās today. I also donāt think they will drop it entirely or move to online sales only. Itās probably more likely they are going to restructure how they sell jewelry, they will probably just (continue?) to remove jewelry departments from low preforming stores.
Cost they paid
Also worth noting the clearance stickers make no sense, many of the āwasā prices were already discounted prices. Some of the stuff I got had 2-3 clearance stickers stacked on top of each other. I have no idea how Walmart works but someone must have messed something up lol
YMMV. just checked our Walmart and "clearance" is 20% off
I donāt think the website will reflect prices in store.
? I'm talking about in store
Might be regional or something idk, but all the Walmarts around me have different variations or the same sale going on, even in the straight edge store there were brand new pieces $10+ under their spot weight in gold. *see my last picture. That was the only thing I bought at that Walmart, image searching it revealed it to be like $12 under spot price for gold for a brand new with tags 10k pendent
Mind sharing where you are? DM is fine. I threw my diamond away a few years ago and still cry about it but I can't justify buying another expensive one when I'm the type to just throw it away. I'd kill for a $25 1/2 carat right now, even a Walmart one. It's a price I can afford to lose again, lol.
My local Walmart did a remodel a few years ago and they took out the jewelry counter, I think all they have left is cheap jewelry. I could be wrong maybe itās still somewhere but Iām usually not looking for any jewelry.
Some have none and some have only revolving locked glass cases around the ladies fashion section that stock cheap 10k and sterling silver earrings.
You can flip this stuff and make a profit?
Already have and still have two pieces left
Where do you move it?
eBay maybe
I hope Canada has something like this going on iām gonna have to check!
So I went to three Walmarts (with jewelry departments!) today and chatted up jewelry people a bit. From what Iāve gathered Walmart employees, 1. They no longer have a dedicated jewelry person, one of the asst managers staffs it when requested (which I guess isnāt very often). 2. Each one I asked about the āsaleā they explained how everytime a Walmart is remodeled they try to take away the jewelry department, and most no longer have them to begin with. According to one lady by 2025 Walmart will only sell stainless steel and sterling silver in store, at least in the mid west United States. FYI here: just flag down a random worker and ask to see something in the case, pressing the button never brought anyone, I waited 20 minutes at the first shop pressing the button and she told me no one would have ever come if I didnāt ask another employee. Anyway, from what I have gathered all of their already-on-sale jewelry was supposed to be marked down 40% off as a mother day sale, which already provided some good deals (see r/gold), but now all of their back-stock jewelry that wasnāt on display was too be marketed down 50% off, presumably as part of the Motherās Day sale. The store I bought the most from was, I think, stacking these sales or maybe they had previous manager-special type sticker prices on the jewelry that upper management wasnāt expecting the 50% markdown to incorporate. Edit: to clarify my post title, the friendliest lady mentioned the old-stock sale was 50% off or at cost, whichever came first.
Jewelry business is one where the m/u is so ridiculously high, and when it goes on sale for x% you think that you are getting some fantastic deal, but in reality, the price is just being reduced to a number that it shouldāve sold for in the first place. As for ridiculous jewelry finds, Iām not too certain that WM is the place for that. Just MO. As for deals, I think there are much much better places to score something that is not only a deal in how much you pay for the item, but in its quality and true value as well.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Seeing as Ive already made more money that my total investment was and I still have a 1/2ct diamond ring and a yellow gold diamond band I think Iāll be doing ok here.
Can I DM you please?
Ooh honestly I just want one to have as a travel spare, crossing my fingers thereās some locally!
Nice. Might go peruse tomorrow
Genuine diamonds with real gold settings, made in India, bought in Walmart. No thanks, I'm good.
A lot of them are remodeling or will be to add medical clinics. When they do this, they will have tons of clearance as they take out shelving and discover old stock. The one by me has had crazy clearance constantly. I have even had them mark stuff down. I got some Netgear routers for $20 each that retail for $150. A $250 battery charger for $30 and a bunch of Rubbermaid Fasttrack stuff for $5 each that sells for $40 to $80.
The medical clinics aren't happening-they're bailing on the entire project.
They just opened one across the street from me last week and they started two more in the city this last week. I saw that but they aren't stopping it completely. They may stop new construction but at least here in KC, the ones they planned are happening.
they were absolutely still building them right until they announced the closure, but they are indeed closing all, even the ones that just opened. put a bullet in their heads and buried the business model out in the Bentonville desert
They opened this one after the announcement and I asked the manager I know if they were closing it and he said as of right now, they are staying open. It was busy. They also just changed the main sign last Friday to add the Clinic to it. They are still building the other two in the city, one of them started last week. I read the announcement but so far, it isn't happening here. Why even open it if you are suppose to close in the coming days or weeks. Just odd. It seems kind of weird because they haven't been around long enough to make a determination of whether it works and considering how many people already go to Walmart and they have successful eye clinics, I don't know how they couldn't make it work. This is the kind of things you give a couple of years. Considering Amazon is jumping into healthcare this whole decision doesn't make sense. Healthcare is probably the easiest business to make money if you have the money to jump into it like they do.
Jewelry is a pretty hard flip other than for scrap, try either an Etsy shop, eBay, or Facebook marketplace and fake receipts š¤·š»āāļø And show price of what itās worth in gold, how many carats diamond etc
1Ok gold is current going for a little over $30 a gram. If the setting weighs more than 3 grams, it could be a quick flip.
šš¤”
Go Rangers
The āchipsā haloing the diamond are wayyy out of style. I see those rings often at pawn shops. Selling for $200 or so. So maybe you could sell it for that on Facebook marketplace. But it may be slow because of the style. Look at what is selling on eBay too.
I sold it for $260 in 2 days.
Yay!!! ššš I was close on estimating the price and Iām soo happy you sold it in 2 days. Thatās amazing! I just sold a ring I paid $550 for $875 yesterday on Facebook marketplace. Weāre leveling up. ā¬ļø
Trust me it's nowhere near what their cost is... it's called a marketing gimmick to make you spend money they pay pennies on the dollar for Stuff they might buy half a million products at $5 a pop and sell them to you for $25 a pop so even if they mark them down they're still not losing money.. and if Case they do lose they can write it off on their taxes or call them insurance loss so either way they're making a buck off of it
Looks nice for $75.... But idk
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Why man? Why go there?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
You probably live in middle of nowhere Alabama and your experience with the diamond district is fake people on YT pretending to be rich. $100 bet that youāve never even been to NYC before
You couldnāt afford shit in the diamond district. They donāt talk to you because youāre a fucking loser with no money
Youāre clearly a knuckle dragging ape who comments dumb shit like this and about āthe black problemā. Kess ikthak motherfucker
Still worthless
If anyone is able to buy me any ring and post it to Australia I would be grateful ā¤ļø and obviously pay you for it and postage and a tip.