While most online jewelry shoppers are familiar with E-bay, the powerhouse auction site, not as many are familiar with Bidz.com even though it is the second most popular jewelry site on the internet behind Blue Nile.

Bidz is able to offer great deals, because they take advantage of the slowdown in the economy by buying high quality inventory from manufacturers, wholesalers and retailers who are trying to rid themselves of unsold inventory. The procedure used to be that unsold inventory would be returned to the original manufacturer and melted down for parts. Because of their smart purchases, they are able to start the bidding low on their items – most have $1 opening bids.
Bidz carries the best watches such as this one from Cartier.

They sell more than 10,000 items a day from brands such as Vera Wang, Bvlgari, Moschino, Cartier and Tourneau. Some examples of the amazing deals you can get in these online auctions is an ESQ Swiss watch that went for the winning bid of $54, well below its $245 retail price; and a 1.6 carat, 14K diamond engagement ring that sold for $1682, much less than its $20,000 retail.

The site isn’t just about jewelry and watches for men, women and babies. There are also luxury accessories, sunglasses, gifts and fine art. Take a quick look and you may find top designers like Gucci, Dolce & Gabbana, Chloe, Christian Dior, Yves Saint Laurent and more.

Like Ebay, Bidz is an online jewelry auctioneer but what makes Bidz different is its unique live auction process. The Bidz auctions don’t have a set end time that is days or weeks ahead. Rather, they are open for at least an hour, but become fast-paced and exciting live auctions with each bid placed in the last 15 seconds resetting the auction to go another 15 seconds until no further bids are made and the winning bidder has decide the final price. The live auction process can be somewhat addictive. Just watching the 15 second countdown on the auctions that are close to ending can be a thrill. To add to the excitement of the bargain chase, you can choose from a selection of sound effects that go off every time a bid is placed (or you can silence them) and the auction winner gets to hear their national anthem play at the end of the auction. Although the site is English based, it can be translated into Spanish, German or Arabic at the click of a mouse.

You have to register for the site before being allowed to bid, but you don’t have to provide any credit card information to register. Another key difference between Ebay and Bidz, is that on the Bidz site, the customer is not penalized if they change their mind after winning an auction and they aren’t committed to buying the item. There is an easy return policy where a buyer can return any item for a full refund if it is different than advertised. Otherwise, all items are returnable for a full refund minus a 15% re-stocking fee.