London is the house of jewellery, especially if you consider Hatton Garden, which is its oldest jewellery hub. It attracts tourists from all over the world every year. London holds many jewellery auctions too and if you’ve never been to one or bid at one, then not to worry. Here are a few very useful tips to help you buy successfully at a jewellery auction.
Make sure to validate the seller
Before you place a bid on any item, make sure to authenticate the seller first. As long as it comes from a reliable seller, it is safe to place a bid on. You can check the seller’s website for this purpose. Make sure to get a hold of reviews. Customer reviews usually give a fairly good idea about the credibility of the seller. Check their number of sales and even the company turnover. A large number of reviews might not give you a very clear idea, but you can a general consensus about the authenticity of the seller. All this is to ensure that you don’t fall prey to any sort of fraud or end up with items such as synthetic diamond rings instead of natural ones as promised. We hear too much of those happening, especially in case of online auctions. So, it is best to be alert and do your background check thoroughly.
Plan your budget first. Do not bid the highest at the first go. Have an idea of how much you want to spend. Then analyse if the jewellery item is worth the amount you are planning to bid. You will also need to adjust your bids if you are planning to buy multiple jewellery items. Remember that a bid once places, cannot be backed out of. So, you need to be extra careful. There is technique called snipe bidding that experienced bidder often use. Instead of bidding at the first go, you can wait until the very last moment. This might result in you having to bid the highest, but you are also more likely to win the bid then. It is also a much classier action than having a verbal bidding competition throughout only to realize that the bid is way out of your budget now and you have to back out embarrassingly.
Consult a specialist
If you are a novice, it helps to take a specialist along with you. In case of online biddings, it is all the more important that you have an experienced person, since things can get a little complicated and technical. For in person bidding too, it helps if you are guided by someone who has done and won bids before and ended up with good pieces.
Check the return policy
Not all actions have similar return policies. You need to check beforehand what the return policy of the seller is. Sometimes, the piece isn’t a right fit, especially in case of rings or bracelets. There have also been instances where the item did not match its image shown and you may feel cheated. You might also feel at a point that it was an unnecessary purchase. Sellers often have a short window of time where you can return the item, however there are certain terms and conditions for the same which you need to know in advance, so make sure you read up about those and are well-informed before spending in the auction.
Buy only what you really love and need
And our final tip is: buy what you love, but do not go overboard. Jewellery auctions can be very tempting as you see beautiful pieces all lined up for you to choose, and they can also make you feel powerful as a financially strong person. However, it makes sense to choose the items carefully and bid wisely to end up with the right jewellery pieces such as sapphire engagement rings Hatton garden.
London hosts many auctions every year. Some of them are by big brands, while others are by individual sellers. Hatton Garden itself is the host of many such events, so if you are interested, you can definitely check those out.