With the price of gold at record highs and the state of the economy at record lows, many people are realizing that their old jewelry could be put to better use by selling it. Most people don’t have any experience when it comes to selling jewelry, so how can you be sure to get the most you possibly can for your old valuables?
Here are some tips on how to get the most money for your old, unwanted jewelry:
- Get at least two, if not three offers to buy your jewelry before selling it. When you get two or three different offers, you are educating yourself on the process of selling jewelry. You will be very surprised at how the different offers will vary, sometimes by hundreds of dollars.
- When selling diamond engagement rings or other large diamonds, bring any appraisals, certificates or paperwork you may have from when you purchased it. A qualified jewelry buyer will evaluate the diamond and make his own determination of value, but having something to check his
opinion against is helpful for both you and the buyer. - When meeting with the buyer, ask them about their history in the industry, educational background, etc. With gold buyers popping up all over the place, there are lots of gold buyers out there who have little or no background in jewelry or gemology. I recently secret shopped a “Cash for Gold” store in a nearby community. I casually asked the buyer how long he had been an appraiser, and he told me that “he was working for a catering company
last month and happened to meet the owners of the company, and they gave him the jewelry buyer job!” An experienced appraiser or jewelry industry veteran will generally offer you higher prices for your jewelry. - Don’t pay for an appraisal! Any qualified jewelry buyer will give you a free, no obligation cash evaluation of your valuables. A current written appraisal is unnecessary to the process.
- Don’t expect to get retail value when selling your jewelry. Gold jewelry that you purchased 20 years ago will have value because of the gold content, but it is probably not something that will be re-sold as jewelry.
Keeping these five tips in mind will help you get the highest price for your old jewelry. If you do your homework and have realistic expectations of what your items are worth you sure to have a profitable outcome.
J. Ford Sunderland is a jewelry, coin, estate buyer and pawnbroker with
over 30 years of experience. For more information log on to: www.skjewelryandpawn.com.
