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Selling Jewelry? Here Are 5 Things You Should Know First
Jewelry often has a sentimental value attached to it. However, in some cases, it’s nothing more than a valuable piece of metal or stone. If you find yourself in a situation where you’d rather exchange the value of your jewelry for something else, it may be time to sell.
5 Considerations for Selling Jewelry
Jewelry is a precious commodity and is bought and sold for any number of reasons. Sometimes people sell jewelry simply because they’d rather update their collection with a more modern piece. Other times, people find themselves selling a gold band or diamond ring after the end of a marriage.
Then there are situations in which someone inherits a bunch of jewelry and would rather have the cash value. Whatever the case may be, it’s important that you understand how the process works and how to maximize value. Here are a few suggestions:
1. Know What You Have
It’s imperative that you know what you have before going into a jewelry store or sales situation. Otherwise, you could get taken advantage of by an unscrupulous individual. At the very least, you won’t have the necessary facts to back up the value of your piece.
If you’re selling diamond jewelry, familiarize yourself with the four C’s: cut, clarity, carat, and color. If your diamond is certified, look for the paperwork. This should explain all of the details of your specific piece. If the diamond isn’t certified – or you no longer have the paperwork – you can always have it evaluated by a professional.
The next thing to consider is the material of the jewelry. For metal jewelry, there’s a big difference between gold, silver, and platinum. With gold and silver having such a positive reputation in the marketplace, many don’t realize that platinum is valuable, too.
“Platinum is a rare, highly valued and desired precious metal. It has a very wide range of uses, from jewelry to electrical equipment to catalytic converters in cars. One estimate of platinum’s rarity is that all the platinum in the world would only fill an Olympic-sized pool!,” Southwest Jewelry Buyers explains.
The more you know about the materials, condition, and market value of similar pieces, the more likely it is that you’ll end up getting a fair deal when you sell.
2. Be Realistic
When selling jewelry, always attempt to be as realistic as possible. There’s often a huge discrepancy between what you feel a piece is worth and what it’s actually worth on the market. This is especially true when you’re selling to a jewelry buyer who is then going to turn around and sell it to someone else. Much like selling a used car back to a dealership, you’re going to get slightly less than what it’s worth.
The key with selling jewelry is to have a price range in mind. Start with what you want for the piece and then think about the bottom line number that you’d expect. Anything falling in between these two numbers should be an offer you’re willing to accept.
3. Explore Your Selling Options
You have options for selling jewelry – particularly if it’s a precious metal, gem, or diamond. You can sell directly to a jewelry store, to a diamond broker, to an auction house, or to a private buyer. Don’t discount any of these options until you’ve explored the pros and cons of each.
4. Protect Yourself
In order to sell an item to a jewelry store, you’ll typically have to leave it with them for a couple of days so that they can inspect the piece and make an offer. This is fine, but make sure you take steps to protect yourself. Document and photograph the item(s), write out a contract with signatures from all parties, and check the company’s reimbursement policy to see how they handle damages and/or losses.
5. Avoid Letting Emotions Cloud Your Judgment
If you aren’t careful, your emotions can get in the way of making a smart selling decision. This is especially true when a diamond engagement ring for wedding band is involved.
“Recognize that while it was a part of your life at one time, and most likely represented someone or something important to you, you need to move on,” says Christine Clifford, who runs a company that supports divorced women. “Diamonds are only material things. Your peace of mind is more important.”
If your emotions are still raw, it may be a sign that you aren’t ready to sell. However, most people eventually reach a point where it’s healthy to sell and move on with life. Wait until you reach this point or emotions will cloud your judgment.
Take Your Time
Don’t put so much pressure on yourself that you feel like you have to sell your jewelry right away. It’s best to begin exploring your options a few days or weeks before you actually want to sell. This will give you plenty of time to shop around, explore the market, and think through the decision. At the end of the day, you’ll be more satisfied with your choice to sell when you’ve carefully thought through all of the details.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.
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