Although the jewelry trade plays a huge role in the luxury industry, selling your jewelry is not as glamorous as you may think. A fair amount of research, a knack for bargaining, a little patience, and a bit of luck are critical components of a successful transaction.
Regardless of whether your jewelry has sentimental value or not, attaining a reasonable price for your pieces is the ultimate goal. It cannot be very reassuring when you are not offered the sum you were hoping for. While selling your jewelry can be frustrating at times, it does not have to get complicated if you arm yourself with the right information.
Image via Unsplash by kylefrederick10
What Are the Basic Things You Should Keep in Mind When Selling Your Jewelry?
The first thing you will learn is that your previously owned jewelry will be referred to as estate jewelry by pros. The latter is a general term used by people in the industry to describe something already owned. Generally, pre-owned jewelry is not worth as much as new jewelry as people usually prefer to invest in new pieces.
Specific estate jewelry, such as pre-owned engagement rings, are even less popular. Couples looking for engagement rings prefer to invest in a new ring due to superstitious reasons, even though they could save a significant sum of money by investing in a pre-owned piece.
The pre-owned stigma does have its exceptions. If you are selling antiques or rare pieces, then that is a different story.
Will Demand Affect the Price of your Collection?
Yes, demand plays a huge role when it comes to getting a fair sum for your estate jewelry. Trends drive this industry. Gold may be having a moment today but might be less popular next year. Naturally, some pieces are always going to be in demand. These are the classics that are loved by every generation.
Pearls and diamonds are examples of such classics, but that doesn’t mean you should give up on selling your pieces if these two are not part of your collection. Even if your jewelry only has intrinsic value, they can still provide a fair sum. On the other hand, if you have an antique or a rare piece, it can be of great value and result in a significant sum.
The most important thing here is to know what you hold in your hand. Learn how rare your pieces are and how popular they are at the moment. Only with this knowledge can you bargain at your best.
How Significant Is the Condition When Selling Jewelry?
The condition of your jewelry will affect the global sum. If your pieces have extensive damage, the repairs may not be worth the price of buying. When the restoration of a piece is minor, that is a different story. Keep in mind that jewelry restoration cannot be a DIY project. Unless you’re an expert, do not try to restore the piece yourself.
Does Cleanliness Affect the Price?
Yes, much like with everything else, when you are selling your estate pieces, you want them to look their best. Accordingly, cleaning your jewelry the right way is a crucial step that can get you even more money.
It is possible to clean jewelry yourself. Mild soap and warm water, together with a toothbrush, is the safest way to clean jewelry. Steer clear of ammonia-based products which can damage certain gems. If you are unsure about your cleaning skills, leave it to the professionals. Find a seasoned jeweler who will clean your pieces without causing any damage.
Can You Calculate the Sum Before a Jeweler Does?
Yes, you can calculate the price of your metal, if you don’t mind doing some math. The sum is calculated as follows:
[The daily spot metal price] x [the purity of the metal] x [the weight]
The purity means the karat of gold or other metal of the piece.
How Vital Are Gems?
Gems are critical components of your jewelry pieces. A gem can get you an exciting sum, or it could have no value, so knowing how precious the gems in your collection are is essential. Knowing the rarity of your gemstone and its grade is the easiest way to determine its value.
Natural gems are generally more valuable than synthetic ones. Diamonds are more valued than amethysts. The condition of the gemstone will also play a role in the end. Chips and severe scratches may significantly lower the value if polishing the gem is not worth the cost.
What Other Factors Can Determine a Successful Sale?
Besides the above points, having a little patience and knowing when to compromise is a great bet to a successful sell. The art of selling jewelry to a jeweler requires time. A quick and easy transaction will not get you the best sum.
The best way to tackle this process is by approaching several established jewelers to learn what they have to say about your pieces and the price they are willing to offer. In having different professionals looking at your estate jewelry, you minimize the risk of getting scammed, which often happens when you trust the first person who offers a sum of money, without listening to other opinions.
This method requires more time and energy. You may need to visit the same jeweler more than once before you make your decision. However, in doing so, you give yourself a higher chance of finding the best price for your pieces.
Getting Started and Getting Your Money
Once you do your homework, the process of selling your jewelry will not be as complicated as you initially feared. When you do start shopping around, it is best to turn to established jewelers who have a long-standing reputation. Remember to meet the jeweler at the shop or in a public place but never at your own home.
Do you have old jewelry at home that you’re not sure what to do with? Bring your pieces to Hustedt Jewelers for a free appraisal today.