During my career, I learned a lot about buying and selling. As a seller myself, I want the maximum amount of money. It's important to me because I need the money for other things, like investments, paying my bills/overhead, paying for my kid's college tuition (I'm not really going to pay for my kid's college, in case my kids are reading this article.). But the point is I sell things too; like everyone, I find other areas where my money can be used more efficiently. I understand it's unnerving to sit with a buyer and not know if I am getting the best offer. Should I take the offer? Should I negotiate with the buyer and risk losing what could be the best offer I'm going to get? This is my personal thought pattern when I am sitting across the trading table as the seller.
With that in mind, I changed my buying process to reflect how I feel when I am selling. I thought, what would be the ideal selling situation when I sell my goods for cash prices? I concluded that understanding the total value before I sold was the only way to feel relaxed and comfortable enough to make an on the spot decision. Moreover, if I didn't want to sell because I wasn't sure or thought I could do better for whatever reason. I would like to hear the buyer say, take your time, come back when you are ready, and I will honor my offer when you come back. This would be the ideal situation as a seller in the diamond trading market. Of course, nobody in the dealer-to-dealer trading market negotiates this way. However, I still feel uneasy, and sometimes I leave feeling that I didn't liquidate my goods for the maximum amount. I do not want my customer to feel how I feel when I trade my goods.
I decided to figure out the equilibrium percentage to achieve this goal without going out of business. So I added up my overhead and figured the margin of profit that benefited my customer. Then, I decided to take that a step further by showing my customers using third-party impartial references the full value of what they had to sell. And I base my purchase price on those figures. I also allow my customer to shop my offer around, knowing in complete confidence that IF my competition outbids me, they made a bad business decision because they overpaid as we all liquidate for the same price.
Moreover, because I am making an offer based on a perfect equilibrium price, I know my customer will come back 99% of the time. So I feel comfortable giving free estimates, encouraging my customer to shop around until they are confident that my offer is the highest the market can bear. The bottom line is I need my customers to sell me gold to continue manufacturing new goods. I need their unwanted gold more so than they need my money. Because I use it every day and I am willing to pay 80 to 95% of all the money to earn their business. I make it clear to my customer that I need them as much as they need me, and I make it profitable for them because I need them to continue doing business down the road.
I will help my customers in any way that I can, even if they just want to understand the value of their goods without selling them. Building a relationship can be rewarding for both parties down the road. I always give my cell phone number so my customers can text me questions without waiting on hold or my companies phone tree. Feel free to text me any questions you have about our selling process. My direct number is 8044293949.