At some point, you may need extra cash, so the first place to look is your jewelry box. It is a decent place to start and you may find something extremely valuable. Another reason why you should look at the jewelry box first is that you probably have some necklace or a ring that is vintage. Your grandmother may have handed down this piece of vintage trinket and now, you just can’t seem to find it your style. Now before you venture into vintage jewelry-selling or any jewelry for that matter, it’s best to do your research.
The main fact you need to understand is just because a jewelry has sentimental value, for example, it has been in your family for a century, doesn’t mean it is extremely valuable. After all, a diamond or a ruby may be fake and the quality of the precious metal may be low.
The actual value of jewelry depends on several factors, including the rarity, materials, where it was made, condition and how old it is. Ideally, old and well-made jewelry is the most expensive and the most popular among dealers. We will talk here about additional factors you should know that can help you get the most from your jewelry.
This may be the most important tip. Not all pieces of jewelry you have at home are extremely valuable, just because they look great. Some can be low-quality units or are mass produced, which lowers their value. In essence, this means that you will get a lower estimate than you believed and that the insurance company guaranteed to you. In those cases, insurance includes the manufacturing, sales and etc. values, so the amount is much higher than the actual price of a piece of jewelry.
Do proper research
The next step is to do a research. There are numerous examples where people believed their jewelry was extremely expensive, but when they tried to sell it, they realized it was the opposite. A completely opposite situation is possible as well. That’s why researching the type of jewelry, the manufacturer and the age are important things to do.
Here, you have two possibilities. You can use the internet to see similar items or you can get a free estimate, in specialized shops. We actually recommend the combination of both options. By doing this, you will get the most accurate value of that jewelry. In addition, the average value should be taken into account.
Clean it at home
Almost all people will carry their jewelry to a shop so they can clean it and make it shiny again. But what if you can do that back at home? The method is very simple and it takes 2 minutes. You will have to use aluminum foil, place it at the bottom of a bowl and add warm water, mixed with laundry detergent (powder, one tablespoon). Leave the jewelry there and wait for 1 minute. Pull it out and wash it. This method is ion exchange, in fact, and it has been used for decades, even by professionals. Now do this carefully as you may damage your jewelry and help it to get a lower valuation.
Alternative way to sell jewelry
Selling jewelry isn’t as simple as it sounds and there are a lot of variables. Let’s take for instance, Gold. First one comes to the quality of gold itself. It may be difficult to get the best price. The best thing to do is to check for some buyers that have positive references.
Melting jewelry is possible, and it can help you get a higher price, especially if the jewelry is damaged. In those cases, you may get up to 95% of resell value for coins and gold bars, and up to 75% for gold jewelry. Important fact to know is that you cannot get 100% of value in this case, simply because you must pay for melting, processing costs and buyers commission.
Diamonds are far more complicated! Their value is mostly determined by the power of the well-trained eye, so there are no rules. It may be quite challenging if you are inexperienced.
Using auctions or dealers
The final chapter here should help you choose a buyer type. You can choose between auctions, where a broker will take between 10 and a 50 % commission, or you can choose your local dealer. In the first case, you will have to wait for the auction to end, there are a lot of papers to fill out and you may find a broker that demands a high commission.
Taking it to a local dealer has a few advantages. Dealers often offer prices between 30 and 90% of the actual value, which may be a great thing. You will get money as soon as possible, and they will be interested in any type of jewelry.
The bottom line
In order to get the most from your jewelry, make sure you ponder on these points, before you actually sell your jewelry. The second thing to know is that you cannot get 100% of resale value, so be realistic. These references will also help you reduce the risk of being scammed and make you better informed when you go to a dealer/broker. The bottom line is that you will get the most from your jewelry and protect yourself from losing money.