Making money on bidz.com

[armyboy112]

Now forgive me if this has already been said, but i would like to think since i havnt seen it (im to lazy to look and i thought of it) that i might share some auction tips that could make money. NOT sure if its a 100% a effective seeing as how im kind of in the making of it all buttt.

Say you go to a site like bidz.com, your looking on the site for whatever interests you(jewelry wise). You come across an Engagement ring, its worth $1,460.00 (14k white gold very nice brand new btw) and the bid starts at 1.00$ (8 hours later, because most of them that are this low have just started..) your bidding and your waiting for the time to go by. now theres 30 seconds left and you need to bid. so you bid and the bid is up 200$ and you bid 210 and win the auction.

Now to get to the jist of it all. My point of this is to make a large profit off of the engagement ring you could just go to a jewelry store with the diamond with the appraisal( you get this on the site to if u order it) in hand and ask them how much they would give you for it. Knowing that you paid 210 for it you would like to make atleast a 65% profit off it. so basically what i would do is say "well it was my girlfriends ring but she never wore it and i would like to get the best deal possible for it.. Whats your offer?" then the jeweler would look at it and give you an estimate and then go from there..

would this be a good idea or bad one? i think it would be extremely profitable if you played your cards right...theres TONS of jewelry company's around where i live so im sure i could do it at least 12 times and possibly over within a period of time..

 

[armyboy112]

no one thinks this is a good idea?? wow im suprised.. while u guys WAIT for your money you could actually be making some on the side and getting paid up front... im surprised no one likes this idea...ohwell..

 

[EdwardD]

I personally, wouldn't go for it... what if they offer you $60 for the ring??

I mean you gotta know your stuff about jewelry, and even then you may get rip off on eBay, cant you?

too risky but... again all extremely profitable investments are this or even more risky, if you enjoy risk go for it, I wouldn't recommend it to newbs tho.

 

[popoko]

thanks for the idea..does it work for ebay.com?

 

[armyboy112]

popoko: if i had to guess i dont think it would matter where you tried it at.. i wouldnt try it at ebay (buying the product) only because they sell it how it is meaning the price of the actually ring, verses bidz.com where they start everything off at a dollar.

but to edward: theres tons of jewerlry places around. if one turns you down then go somewhere else. its not like a pawn shop..a pawn shop is only gonna give you around 10 to 15% of the actual value.

its a learning experience if it doesnt work then theres always something else. people who take risks are always the ones who make it big. trust me.

 

[areyouserious]

my experience says bidz jewelry is crap. I have bought 3 pieces of jewelry from them...
2) neckleces (diamond and gold)
1) 2.2 karat princess cut "engagement" ring

Bidz value for all 3... $22,000 paid just under $5,000.
Great deal, yes? NO, real retail value of the stuff... $4,700.
for the ring and one of the necklaces, the saving grace was that my wife actually liked one of the necklaces.

bidz is junk, just my opinion.

seriously

 

[YoungGuns]

I guess you could make a lot of money if you know your jewelry really well. For the rest of the world, it is really risky. You could do this on about any product you know pretty well on ebay. For example, I paid $230 for a crossbow package that would bring at least $400 typically on ebay and retailed for like 700 bucks. The same seller had another listing exactly the same and it sold for almost double the price. I could have easily resold it and doubled my money. However, it took me a month or more of hardcore searching (wow, I'm really cheap).

As for bidding at the last second like you do, that's one of the biggest secrets to getting good deals at auction sites. Back when I bough a lot of stuff on ebay, I had it down to a science where it would be submitted with less than five seconds left. Worked like a charm.

 

[polymorphs]

the mark up on jewellrey is horrendous and the second hand market is dodgy at best. Appraisals vary wildly on costs etc.
If you buy a ring, walk it out of the shop, and walk back in and ask what they would give you for it, you would be lucky if they offered you 10-20% of the appraised value - even when it is their appraisal.
Remember appraisal are for insurance only, not a real value.
Also they are incredibly subjective and highly market dependent - and very little to do with actual value. By that I mean the exact same ring, bought in differing parts of the world, will have a wildly different value based on the local market.

So in short, credit for the idea - it could work with luck, but you would have to be lucky.

 

[armyboy112]

ya ive heard its not that great from somewhere else too. like i said.. its for risk takers. if it doesnt work. then thats my problem.. but im pretty sure if they get ALOT of people daily on there spending sometimes over 2,000 i doubt that its all crap...theres gotta be some that is good.

 

[tonlilaz]

from my experience, bidz sells crappy, overpriced jewlry

 

[dsizzle]

from my experience, bidz sells crappy, overpriced jewlry

I agree. When I first start on ebay I was buying from bidz and reselling. That was a losing proposition ! Their stuff is crappy, and their shipping/handling fees are ridiculous.

 

[mrwho]

Actually a ebay seller use to do this, She use to buy women jacob watches on bidz for $400-$800 and then resell them on ebay for $1300 or more. You definitely have to know what to look for in jewelery to do something like this though