August 9th, 2023
Key Steps to Selling Your Old Jewelry
Some of your most precious memories are attached to your jewelry. May it be your exclusively designed engagement ring or a necklace given by your parents on your wedding day, they are mostly treasured because of their sentimental value.
However, some jewelry may also carry memories you no longer want to be associated with, such as a gift from an ex or the engagement and wedding rings after the divorce. Or maybe you have simply outgrown some of your jewelry, and they no longer suit your taste or you inherited the jewelry or watches you don’t like. What would you do with these fine jewelry pieces?
Instead of leaving them sitting at the bottom of your jewelry box, there are many ways to benefit from them. You may sell your old jewelry and turn them into instant cash, especially when your budget is tight and you need extra money in your pocket. However, selling your fine jewelry can be challenging, particularly if you are unfamiliar with the jewelry industry. But here are the important steps you may follow in selling old jewelry.
1. Know the Value of Your Old Jewelry
The right start is to determine the current market value of your jewelry. If you bought them several years ago, their price might have significantly increased over time. However, knowing their current market price could be more challenging if they were gifted to you and you don't know their original price.
You must also consider many factors that can affect your jewelry's current fair market value. One of them is the authenticity of your jewelry. If it is only an imitation, it may not have high value and is not worth selling at all. Your jewelry's brand, fashion, and style also affect its value. Your rare Tiffany or Cartier engagement ring certainly has a higher market price than the one from an unknown artisan, even if they are made of the same materials.
Jewelry brand matters. Jewelry made by Cartier,Tiffany, Van Cleef and Arpels, Pomelatto, Graff, Piaget, Bulgari, David Yurma, just to name a few top brand names, is highly desirable and always in demand.
Another important factor that can affect the value of your jewelry is its condition. It may have a lower value if it has damages or signs of wear and tear. Therefore, it is imperative to have your jewelry cleaned, polished, and repaired before putting them on sale.
On the other hand even if your jewelry is broken, and beyond the point of repair you can still sell it as scrap gold and get the most for it.
Having certificates including GIA certificates may significantly increase the proceeds from the sale. If the jewelry comes with precious stones it is critically important to assess the type and genuinity of the gem and the metal the piece is made of. Jewelry with GIA certified diamonds, sapphires, rubies, emeralds is highly desirable. Pieces made of platinum, or 18k gold will have advantage over bracelets or rings made in 14k gold.
If your jewelry is considered vintage, antique or has some proven heritage it may also increase its value. Having a history and a great story behind the jewel may matter to many buyers.
Ultimately the best way to know your jewelry’s worth is to consult an expert appraiser. Find an appraiser who can provide the service. Also, some jewelry companies offer appraisals or quotations free of charge. Considering that they trade jewelry on the daily basis, they have expertise and they know market value.
2. Set the Timeline
It is also vital to understand your timeline to make the sale. You may not have many options if you badly need cash and must sell your jewelry on the same day. You may opt to sell your jewelry to local pawn shops, but you will not get the best value for your jewelry from them.
However, if you have a reasonable timeline, you may consider more jewelry marketplaces that can give higher offers for your fine jewelry, such as through consignments, auctions, and finding online jewelry buyers.
3. Choose the Best Way to Sell Your Old Jewelry
Many people may believe that selling their old jewelry to pawn shops is the fastest and most effective way of turning them into cash. But this is not the truth. In fact, pawn shops will only offer 50% of your jewelry value.
Another way of selling your fine jewelry is through consignment. Jewelry consignment allows a jewelry store to sell your fine jewelry in exchange for a commission, usually as high as 40% of the jewelry value. This is still high but better than pawn shops. However, the process also takes longer, so you must consider your timeline before consigning your fine jewelry.
You may also consider jewelry auction companies, especially if you sell rare or vintage pieces. But the downside of this is the high commission rate. Although you will still get higher value in selling your jewelry through auction than pawning them. However, again the process also takes time before you can get your cash.
The most popular way to sell fine jewelry nowadays is online. This is also an effective way to sell your fine jewelry, but only if you find a reliable jewelry company that can give fair offers like Sell Us Your Jewelry.com, the buying division of Gray and Sons Jewelers. Otherwise, selling your jewelry online can also be challenging.
4. Find A Reputable Jewelry Company
Selling your fine jewelry can be tricky. Therefore, it is important to look for a trusted jewelry company. Sell Us Your Jewelry is a reputable jewelry company that has built its name in the industry since it was established in 1980 by Gray & Sons Jewelers.
Many people choose Sell Us Your Jewelry because they truly understand the value of fine jewelry. You can ensure that you will receive the best value for your fine jewelry. They have professional appraisers who will assess them and give you a preliminary quotation free of charge. The process is straightforward and can be done online. You may follow the simple steps below in selling your fine jewelry.
- Fill out the form on their website. You must provide the description of your item, photos, and certifications if any. You will receive confirmation after submitting the form.
- You will receive a preliminary quotation from their in-house professional appraisal team.
- If you agree with the quotation, you will request an Easy Ship Box that will be mailed to you. You will insure and mail the piece back to us.
- A representative will call you for the final quotation within 24 hours of receipt of your package. The quotation is based on the assessment performed by their in-house appraisers.
Selling your old jewelry, which you are ready to let go of, is a great way to earn extra cash. There are many ways to sell old jewelry, but not all are beneficial and worth it. Therefore, it is important to find a reputable jewelry company that can guarantee the best offer for your fine jewelry.
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