What to Expect When You Sell Your Jewelry
Which is more pleasant, getting a root canal, paying your taxes, or selling your jewelry? You don't have much of a say in the matter, but the information below should make selling your jewelry a little less stressful. Respond to the tough questions like "Will I get a good price for my jewelry?" Did I overpay?
To earn the most money for your jewelry, you need to be well-versed in both the aspects that establish its worth and the methods available for selling it. Does this imply that a gemologist's degree is required to sell jewelry? No. However, if you do your research and take notes, you might get a lot better price for your jewelry. How much an item of estate jewelry is worth depends on a number of factors.
When referring to something that was formerly owned, the term "estate" is often used. That's a key piece of information. In most cases, used jewelry loses value in comparison to brand-new pieces. For superstitious reasons, some people will never acquire a pre-owned engagement ring set. Some of my customers have wasted hundreds of dollars on a new ring when they could have saved a significant amount by purchasing a previously used one.
The jewelry business revolves around fashion. While some designs remain fashionable for decades, others only manage to stay in vogue for a short time. Jewelry from an estate that has fallen out of fashion cannot be sold for a high price. In fact, there are eras in which even the inherent value of jewelry is the only factor in its value. On the other end of the spectrum, the jewelry could be centuries old. High demand and low supply make antique jewelry a hot commodity that may need a niche market to move. Understanding whether your jewelry is simply out of style or an actual antique can increase or decrease its value by hundreds, if not thousands, of dollars.
The value you get for your jewelry depends heavily on its condition. Restoration expenditures for broken or damaged jewelry are often justifiable, but in most cases, the sole value is the item's inherent value. Fixing broken jewelry often requires going against common sense. I've seen badly damaged jewelry whose restoration was so worth it that it was practically a no-brainer. However, the jewelry was irreparable due to a seemingly minor issue. One area in which you should not attempt to "do it yourself" is jewelry repair. It's probably best to let the experts handle it, as doing it yourself could end up costing you a lot.
The value of jewelry decreases as it wears out. Bringing new vitality to a worn piece of jewelry is a complex restoration. The value of most pieces of viking jewelry is based on their original purchase price.
When jewelry is cleaned, it reveals its full beauty. Always give your jewelry a thorough cleaning before wearing it in public. If you are unsure of how to clean your jewelry properly, it is best to have a jeweler do it for you. You could even find free cleaning services at local jewelry shops. Be cautious, as the wrong cleaning method might severely harm or destroy your jewelry. Do not attempt to clean the jewelry or gem yourself if you are unsure of what you are doing.
Listed below are some useful suggestions for tidying up your home. Chlorine is not safe for cleaning gold or gemstones. Although ammonia-based jewelry cleaners are widely used, they might cause harm to certain stones. Avoid them if you can, or at least make sure that they won't damage your jewelry's precious stones. Most jewelry may be cleaned using a gentle soap, some warm water, a soft toothbrush, and a good rinsing. Gold and other jewels can be damaged by using a hard toothbrush with toothpaste or toothpowder. The best cleaning advice is to carefully examine each piece of jewelry before deciding which cleansers to use.
There has been a long tradition of reusing and recycling in the jewelry trade. Some of the gold in your jewelry may have been in use before the birth of Christ. Broken jewelry of any kind is purchased at its market value. Metal price (gold, platinum, silver) plus gem price equals the intrinsic value. Recovering the metal is a refining process that uses powerful chemicals and is subject to stringent environmental restrictions, both of which affect the price that is offered for metal that is brought in to be recycled.
Read on if you're interested in learning how to do the arithmetic and get the metal price; otherwise, move on to the next paragraph. Metal price (daily spot price) multiplied by purity (actual noble metal content) times weight yields the price (can be in ounces, pennyweights, or grams). Gold's carat rating, or its percentage of pure metal, is the measure of its purity (gold, platinum, silver). When referring to gold, 24 carat is the purest standard. 10 karat gold contains 10 parts per 24 (.410) other metals. The difference between 14 carats and 18 karat gold is.583 of a 24 karat unit, or 14/24, and.750 of a 24 karat unit, respectively. Typically, platinum will be 90% pure with the remaining 10% made up of alloy. Typically, silver jewelry will be.925 sterling, which is a very high purity level. Gold, silver, and platinum are often measured in troy ounces, pennyweights, or grams. The troy ounce is equivalent to 31.15 grams, or 20 dwt (pennyweights). Let's use $300 as the spot price of gold and a 14-karat, 10-gram ring as an illustration of how this works out. Our 10-gram gold ring costs $56.30 based on the following calculations: $300 multiplied by.583 to get the spot price; $174.90 multiplied by 31.15 to get the troy ounce to gram conversion; $5.63 per gram multiplied by the spot price of gold. If you want to know how much your jewelry is really worth in metal terms, you just need to subtract the cost of refining it and the dealer's profit.
Almost all jewelry features a gem. There is a 99% chance that the stone is what gives the jewelry in an estate its value. The gem might not increase the value at all. The actual diamond and its condition are the two most important considerations. It's true that certain stones are more valuable than others. An artificial ruby is not nearly as valuable as a natural one. In comparison to diamonds, amethysts are not nearly as valuable. The rarity and quality of your gem are factors in determining its value. The value of a gem greatly depends on its condition. When chips or abrasions get severe enough, they are worth paying to have repolished. However, flaws such as cracks and scratches will usually ruin the gem's appearance and reduce its worth. Advice: jewelry is better off handled with care than recklessly.
In general, the design, preservation, and historical significance of an item of estate jewelry are the most important things to consider. Keep in mind that the quality and demand of the jewelry at the time of sale will determine the final price you receive. Cleaning jewelry is essential for showcasing its design and appraising its stones.
The question is how to maximize the profit from the jewelry
The skill of selling estate jewelry is finding a middle ground. The amount paid is proportional to the time and effort required to process the transaction. You are dreaming if you expect a high return on investment quickly and without any effort. The larger the profit from selling vintage jewelry, the more time and effort are required.
The best way to make money selling jewelry is to find a new customer, but this is also the most challenging, time-consuming, and problematic option. The quickest and easiest approach to sell is to walk into a dealer's shop, however, you will be selling at wholesale or below. It's up to the individual to choose what constitutes a satisfactory middle ground.
There are benefits and drawbacks to each strategy for unloading an inherited jewelry collection. You should factor in the time commitment involved in selling the jewelry alongside the price you earn for it. How much do you think your efforts are worth? I've known folks to spend two days circling the city for an extra twenty bucks. You shouldn't ignore the convenience of the exchange. It's not always the case that customers will make an instantaneous decision to buy and pay in full with cash. People often need multiple exposures to a store before deciding to make a purchase. Shipping Jewelry across the country requires a certain amount of trust, and a payment plan may be the only way a potential customer can purchase your item. It can be difficult to strike a good balance between the amount paid and the chosen payment method.
This is by no means an exhaustive list of options for selling antique jewelry. It's up to your imagination to figure out the most effective technique to sell your jewelry, although conventional channels could do the trick as well. Find the best way to sell your estate jewelry by exploring your alternatives and weighing the pros and cons of each.
Selling estate jewelry at an auction is the most dignified option. Selling jewelry at a major auction gives off an impression of refinement. Auction houses with a national reputation like Christie's and Sotheby's have high overhead and stringent requirements that make them too expensive to start up. Auctions like these are ideal for selling expensive jewels. Mid-range estate jewelry can be sold at a variety of regional and local auction houses. The uncertainty of an auction's final price can make it a high-risk endeavor, but it also has the potential to yield a highly lucrative return. Finding the correct auction house for your jewelry, selling at the right moment, and a little bit of luck will get you far when selling your estate jewelry.
There are many benefits and some dangers associated with participating in an online auction. Auctions held on the internet, such as the popular site eBay, attract buyers from all over the world. If an item sells, the selling price won't be too high. Product sales are not assured. The decision of which online auction platform to choose should not be taken lightly. It's easy to get lost in the maze of sales and offerings at the big auctions. Another difficulty is deciding on the most appropriate classification. Fewer people will see your auction if you go through a less well-known online auction house. Your best bet is to look into past sales of jewelry of the same type to help you make a decision. Get in touch with other sellers via email to find out if they got the price they were hoping for and how the selling process went for them.
The buying and selling itself is the most complicated component of an online auction. Who will be the first to trust who? Payment is often made by the buyer before the item is shipped. A time frame for the buyer to return the product and receive a full refund must also be provided by the seller. The deal could have hiccups or go off without a hitch. I hope that everything works out for you, but the failure rate of transactions that I've been able to keep tabs on is somewhere between 20% and 35%.
Professional jewelry brokers provide their expertise for a fee. Consider a jewelry broker to be an employed expert fighting on your behalf in a very complicated market. Establish that they will only serve you. Most people who sell jewelry have extensive education and training in the field of gems and jewelry. The commission rates of jewelry brokers often range from 10% to 50%. A broker can help get an item into the hands of a prestigious auction house or connect the seller with a local dealer who is eager to pay top dollar quickly. When it comes to jewels, some brokers double as dealers who are willing to make a swift purchase. You can discover the services of jewelry and diamond locating brokers in most major cities.
Another alternative for a walk-in, the sell-it-yourself transaction is pawn shops or second-hand merchants. The jewelry is usually appraised for cash. The monetary worth of inherited jewelry typically represents only a fraction of its true worth. The percentage is the most important factor in deciphering the current purchasing climate. Dealers' prices might vary widely, with some offering as little as 33% of the item's true market value. To get the greatest deal, you'll need to physically shop around by taking the jewelry to other stores. Then you should sell to the store that gives you the most money.
Selling on consignment might result in a better final sale price, but it also takes longer to find a buyer. There's no telling how long it'll take, or if it'll sell at all. Consignment is offered by a wide variety of shops, from thrift stores to high-end jewelers. Which store will try to sell your estate jewelry depends on what kind of jewelry you have. Possessing a high-end item in mint condition in a prestigious location may bring a handsome profit.
Typically, jewelry sold on consignment is subject to a contract outlining the agreed-upon selling price and the agreed-upon portion retained by the business. Some agreements specify a deadline and assign responsibility for its loss or destruction. Understanding what will and will not occur is dependent on your familiarity with the contract's specifics. Some shops pay right away, while others have established payment periods or wait until you call. Learn what to do if the store you frequent shuts or relocates. In fact, many people can no longer locate any of their jewelry. Find out the store's and your own potential risks. Find out the store's plan for marketing and selling your jewelry. We don't know if they plan to market it or if it will simply be shown. Maintain regular communication with the sales staff to keep your jewelry in their minds.
A person's best chance of making a sale to a retail consumer is in a newspaper. Consumers who shop through classified ads are the most likely to engage in comparative research. They are familiar with the retail value of similar pieces and will offer you a lower price for your gently used jewelry. Understand that the prices sought in the document are rarely realized and do not reflect the underlying market value. Sometimes the jewelry is sold at a considerably lower price or is never sold at all. However, with proper precautions and timing, the classified ad is typically one of the highest values attained for typical estate jewelry.
You can get the most money for your estate jewelry from a retail customer. To advertise to consumers, the newspaper is just one option. Subsequently, public bulletin boards are a low-cost method of mass communication. Try looking at any bulletin boards you may come across in your neighborhood or place of employment. You might also have success posting on the appropriate online forum. It's possible to find a buyer via networking with people you already know. The ability to think creatively is a key factor in influencing audiences. Think about who could be interested in purchasing my specific estate jewelry and contact them.
Selling jewelry to the general public requires stringent safety measures. One should never, ever, ever, ever meet a potential buyer at their home. It is imperative that you prioritize your own security and protection from robbery. Don't sell your jewelry to strangers if you can't arrange to meet them in a public place. Convene with the purchaser in a busy public setting, such as a café or a shopping center. If they are serious about purchasing jewelry, they can quickly and easily obtain the necessary funds from their bank. Furthermore, the bank needs protection in case things go wrong.
Next, consider the possibility of fraud. Payments should be made using cash because any sort of check might be counterfeited. Be wary of having your jewelry swapped with someone else; con artists are always on the lookout for easy marks.
Notifying a trusted third party of your meeting's schedule and location is another preventative measure you might take. Explain that you'll be calling after the meeting to simply check in with someone. A cell phone can be very useful. Include your pager number in the advertisement if you have one. You are given a callback number, but they are unable to locate your residence. Also, bringing a friend along is highly recommended. Occasionally, there is a silent observer lurking in the background when I meet someone new. Con artists often work in tandem, so having another set of eyes on the scenario can assist you to avoid being duped if you're being targeted.
In closing, I'd want to say that the vast majority of people in the world are good, therefore things will probably turn out okay. If you're feeling unsure about something, just go with it. Don't let your guard down; remain vigilant. When selling your estate jewelry, it's not worth the risk to try to maximize your profit.
Estate jewelry sales are not something you do every day. Have fun on your journey and pick up some useful talents along the way. The process of selling jewelry will teach you valuable skills, one of which is the ability to assess the worth of a piece of jewelry. You'll eventually develop into an astute shopper for fine jewelry. Have fun on the way there and back.