1. How does consignment work? What is the benefit of consignment?
The benefit of selling your luxury watch or jewelry on consignment is more money for you. Because we pay you after we have already found a buyer for your piece, you can receive even more money for your jewelry or watch than you might receive somewhere else. Additionally, we agree on a price before you send us your piece, so there is no wondering how much you will receive. We also don’t work off of percentages or charge you any fees, so the price we agree upon is the price you get. The following are details about how our process works for your benefit:
- We insure every piece we take on consignment with Lloyds of London for up to $3.5 million, affording you the best protection available.
- We will not sell any piece that is not in mint condition, so at our cost we will repair/restore your piece before it goes on sale.
- We have the fastest conversion rate in the industry! Our success rate is impressive, and more than 85 percent of our merchandise is sold within eight to 10 weeks.
- We aggressively market your item by professionally photographing it and placing it in our printed monthly color catalogs, which are mailed to half a million potential buyers a year. Your piece will also be marketed on our website, in our showroom, and online auction sites.
- All associated costs of selling your item comes out of our pocket. No photo fees, no insurance fees, no shipping fees, no repair fees, and no commission fees. It’s such a good program, other jewelry stores consign items to us.
2. How long does the process take?
Once we receive your luxury watch or old jewelry, we will typically contact you within 48 hours to discuss pricing. If you are selling an item outright to Gray & Sons, typically payment is sent out to you that same day. If you are consigning merchandise, then we send out consignment documents once you have agreed to our consignment pricing.
3. Can you give me an exact price before seeing an item?
No. There are many variables that affect the value of your piece. Gray & Sons must inspect each item first hand to formulate our offer. We are willing to offer general non-binding estimates on most items based on description and/or digital images.
4. Is it safe to send valuables in the mail?
Yes. We recommend that you ship your items through registered, insured mail through the US Postal Service via Registered Insured Mail. You are able to insure individual packages up to $25,000. This is the same insured method that the jewelry industry uses to transport shipments from one destination to another.
5. How do I send you my valuables?
The process of sending us your luxury watch or jewelry is simple. Request one of our Easy Ship boxes and most of the work is already done for you. All you need to do is wrap your valuable so that it doesn’t rattle around in the box, fill out the insurance amount, and bring the box to the post office. If you prefer to send your valuables through UPS, make sure your item is secure in the box and that it is fully insured. Note that FedEx does not insure jewelry and we do not recommend sending watches or jewelry by FedEx.
6. Can I visit your location?
Yes! We are located across from Bal Harbour Shops, just 10 minutes north of Miami Beach, Florida. Our address is 9595 Harding Avenue. You can visit our jewelry showroom from 10am to 5pm, Monday through Saturday. Our watch and jewelry buyers are usually at our showroom during these hours, but if you have something to sell, it is a good idea to call beforehand to make sure someone is available to help you.
7. Do you accept trades?
In many cases, we accept trades for watches and jewelry that we are selling in our showroom and at www.grayandsons.com. If you are interested in trading your piece for another, make sure to include the item you are interested in purchasing in the notes field of the online preliminary quote form.
8. When do I get paid?
If we are interested in purchasing your items outright, we will mail you a check that same day. If we are offering to take your item in on consignment, then your check will be mailed to you 10 business days after the item has sold (we sell all items on a 10-day return policy, so we mail out checks after the 10 day return privilege is over). In certain instances, bank wire transfers are also available.
9. How long has Gray & Sons been in business?
Gray & Sons has been in business since 1980 and has been involved in buying and selling fine watches and jewelry from day one. We have grown to become one of the nation’s largest purveyors of luxury watches and jewelry. We maintain a highly trained staff of watch specialists, gemologists, and master watch technicians, all of whom are supported by an excellent accounting and computer department.
10. Why do business with Gray & Sons?
Most brokers and wholesalers that buy from the public have to then increase the price to sell to retailers, who then mark up the prices to sell to the public. Because we sell directly to the public, we cut out the middleman and are able to offer better prices than other dealers and wholesalers. We also have a consignment program that is easy to understand, highly successful, and void of the hassles and fees that customers may experience with other companies. Auction houses, for example, tend to charge customers large fees or percentages, whereas with Gray & Sons’ consignment program, there are no fees, and you always know exactly how much money you will be getting once the item sells.
11. Should I sell to a local jeweler?
We believe that your best offer is available by doing business with Gray & Sons, as we have buyers worldwide. A local jewelry store is confined only to their local visitors, and that leaves these types of businesses in a situation where they have to resell the item to a company such as ours. Trying to sell to a local jeweler puts an an unnecessary party in the middle of the transaction, which usually ends up costing you more.
12. How long does it take consignment items to sell?
Typically, consignment items sell within eight to 10 weeks, but how quickly your item sells depends on a number of factors, including the time of year, the price of the item, the demand for your type of item, and the condition.
13. What if my consignment item does not sell?
If after 90 days your item has not sold, you may request to have the item returned to you. You may also leave the piece with us and we will continue to market it. If we feel that price is holding the piece back from being sold, we may ask you to lower the price, and in turn, we will offer the item at a clearance price to try and get you your money.
14. Is my consignment item safe & insured while in Gray & Sons possession?
Yes. All items are stored away safely in a vault and are insured against loss by Lloyds of London for the full consignment price – up to $3.5 million.
15. How do I know I will get the best market prices?
When we agree on a buy or consignment price for your valuables, we then have to mark up the price to sell to the public. We set this price based on the general market, the demand for your type of item, and what we believe we can sell the item for in a timely manner while still making a profit for our company. We work on a conservative profit margin to keep our competitive edge. If you need assurance of our high price offers, we recommend that you obtain other offers from local buyers prior to sending your items. When we say “offers,” we mean that the other parties should share what they will pay for your item(s) on an outright purchase basis, not what they believe you should get for your items.
16. Does Gray & Sons report my transaction to the IRS?
No. Gray & Sons does not report our purchases or consignments to the IRS.