Posted on Friday, July 3rd, 2015 at 1:10 pm by Debbie Fox
Selling jewelry generally gives you two options. You can get an easy, immediate payment with a lower price, or sell your jewelry with more effort, an undetermined amount of time and a higher price.
Be certain you want to sell your jewelry! You’ll receive significantly less than the current retail. Consider remounting your diamonds and gems into a new piece. If you aren’t in a financial position to redesign your jewelry now, consider saving your jewelry for the future.
How much can sell your jewelry for?
This depends partly on how you sell your jewelry, as described below. But how much you get for your jewelry depends more upon the quality, condition and style. It may be worth a visit to a reputable jeweler for an appraisal, especially if your jewelry is of a higher value. If you want an appraisal, look for a Certified Gemologist from the American Gem Society or a Graduate Gemologist from the Gemological Institute of America. Usually you will only need a verbal appraisal, which costs less than a written appraisal. At Fox Fine Jewelry, you'll meet with George Fox, who is both a Certified Gemologist and a Graduate Gemologist.
Salability factors include:
- The style of the jewelry—is it a current, popular style? Is it a very old piece, from about the 1930’s or before? Expect a higher price. Is it the popular style that’s now dated? A piece from the 1970’s? Expect a lower price—most offers will be for the intrinsic value of the parts.
- The condition of the jewelry—Are there worn prongs, scratched gemstones or chipped diamonds? Rings and bracelets receive more wear than pendants and earrings. You may need to visit a jeweler for a good cleaning and inspection.
- Diamonds and Gemstones—You’ll receive the most value for large, good quality diamonds, followed by sapphires, rubies and emeralds. There is not much value in other gemstones unless they are larger, rare and good quality. It is helpful if you have a diamond report, but usually it is not worth the expense of having a formal, written appraisal. At Fox Fine Jewelry we provide verbal appraisals ($45 for each 15 minutes). A verbal appraisal can be a wise investment for high value pieces.
- Rare and Collectible Jewelry—These are the very few pieces, usually old and branded, that command a premium price. If you are fortunate to have a rare piece, then visit a jeweler that sells similar style pieces or contact one of the auction houses like Sotheby’s.
So, how much can you sell your jewelry for? Jewelry in good condition that is also a current style or a vintage piece, it far easier to sell as a finished piece. The majority of jewelry doesn’t fall into this category and is usually sold for the intrinsic value of the gold or platinum, diamonds and gemstones. Read on for where to sell your jewelry.
Most money, most effort, longest time
Friends, family and acquaintances
If you know who wants to buy your jewelry this is the best option by far. It is also the most unlikely but it is worth a try. Wear your jewelry, tell everyone you want to sell it, post it on social media. You’ll get a higher price and make someone you know happy! The only pitfall may be a strained relationship, so be sure everyone is comfortable with the transaction.
Advertising for a Private Party Sale
You can list your jewelry on Craig’s List or Ebay. Although it can be difficult to find a buyer, the cost is little or nothing, so if you don’t need the money immediately, why not try? For security purposes you may want to meet in a public place. It can facilitate a sale of a high value item if you meet at a jewelry store and have a verbal appraisal.
I Do Now I Don’t
Another option is IDoNowIDont. Sellers list diamond engagement rings and diamond jewelry. When a buyer wants to buy your jewelry so send your jewelry to IDoNowIDont where it’s verified by a gemologist while the money is held in escrow. A 15% commission is charged. Reading the reviews you’ll find that there are plenty of ecstatic buyers, but not as many happy sellers. The main seller issues are how long it took to sell, that it didn’t sell and the low price they received.
This is an option for high value items in good condition where the time of payment isn’t an issue. Your jewelry may sell quickly or it may not sell at all. You will greatly improve your chances of selling your jewelry if you choose a store that sells similar pieces and does a brisk business. Fox Fine Jewelry consigns important pieces.
Less Money, Less Effort, Immediate Payment
Your choices are a jewelry store, a pawn shop or a “We Buy Gold” dealer. In most cases all three will offer you “scrap value,” that is, the value of the metal, diamonds and gems. Of the three, you’ll usually get the most money from a jeweler but read on for more information.
If your jewelry is mostly metal and the diamonds and gems are small, broken or scratched, then you will probably get the metal value only. You’ll probably get similar offers from all buyers.
If your jewelry is a current style, in good condition or has diamonds or gemstones, do not take it to a “We Buy Gold” business! They will remove the diamonds and gems and purchase the gold only. Take it first to a jewelry store that sells similar jewelry.
If your jewelry has large diamonds or gemstones take it to a jeweler like Fox Fine Jewelry that specializes in custom jewelry! They have opportunities to resell the gems. Other jewelers will sell the gemstones on the wholesale market and thus must pay significantly less than wholesale.
Pawn shops are usually best for pawning and not selling. But there is a small exception: if you have a worn ring in an older style there is a possibility that a pawn shop would pay more than a jeweler. This is because the pawn shop would try to sell the ring whereas a jeweler would melt the piece.
Good luck with your sale! If you have any questions or would like to sell your jewelry, please come in with your pieces. We purchase all types of jewelry but offer especially offer the best value for larger diamonds, sapphires, rubies and emeralds. Bring in any paperwork you have and we’ll be happy to help you!