Whether it’s a diamond necklace from an ex, or the gold watch that sits in your jewelry box, we all have jewelry that we no longer wear. Selling your old jewelry is an option, but it can be hard to know how and where to get started.
Here are three tips from the American Gem Society (AGS) that may help.
1. Know the worth
You may love your jewelry, but the emotional value you assign to your jewelry often has little to do with the current fair market price of your piece. Many factors determine the current value of a piece of jewelry, including fashion and style, condition, designer (or not), and wearability or repair needs. Remember, that chain or gold watch is always worth its weight in gold, but may not be worth any more than that.
The best way to determine your item’s value is by due diligence. Let several jewelers evaluate it and ask for a purchase offer. Have an AGS trained Certified Gemologist (CG), a Certified Gemologist Appraiser (CGA) or an Independent Certified Gemologist Appraiser (ICGA), recommend an accurate replacement value. Keep in mind that your used item will not bring the same price as a new comparable item.
It is important to know the new price in order to determine the selling price. You should expect low offers in comparison to the replacement value, because any jeweler who purchases it will try to resell it, and in effect becomes the middle-man who will sell it for a higher price to make a profit.
2. Be informed
Consider how quickly you want to sell your jewelry. If you want an immediate sale (i.e. cash in hand today), your options will be limited on where you can sell, and how much cash someone might be willing to pay immediately. Many jewelry stores offer a consignment option, where you leave your piece with them, and upon sale, they pay you. This is often the best way to maximize the money you receive.
If you are able to wait, researching some other possibilities could net you a better price for your jewelry, or provide other options, like re-setting gemstones from your jewelry into a new piece.
3. Be realistic
Have a range in mind of what you would accept for the piece and be willing to accept an offer in that range. Be aware you may get offers that are higher, or possibly lower, based upon all the factors previously mentioned.