Did you know trades often allow you to get a higher return on your jewelry? Do you understand the real value of a jewelry appraisal? Here’s a look at some aspects you may not have considered if you’re getting ready to sell jewelry sitting around unused.
Appraisals — The Same as Resale Value?
Many people selling their jewelry expect to get at or near the price reflected in an appraisal. An appraisal is typically done for insurance purposes and offers an inflated value for your jewelry to ensure you get adequate coverage. This is not the same as the resale value of your chain or ring. An insurance appraisal is generally based on the cost to replace the jewelry at retail, which includes overhead. There is no definitive answer as to what percentage of your appraisal value you should expect when you sell jewelry, as this amount can vary with the rarity of the jewelry, when it was purchased, market trends and the current price of gold or silver. To get the real resale value, request the store tell you what they would pay for the jewelry if you sold it to them. Don’t be surprised if this number is under 50% of the appraised value.
Trading Your Jewelry for a Better Return
If you’re trying to sell the jewelry because it’s outdated, broken or not your style, have you considered a trade-in? Trades typically offer a much higher return for your jewelry, as long as you get a good value on the jewelry you’re trading. Want to sell gold in Miami? At South Florida Jewelry Buyers, you can trade for anything in our entire wholesale inventory, all of which is priced at the same discount rates that jewelry stores pay for inventory.
Is Your Jewelry Worth More than Scrap Value?
Your jewelry may be worth more than the sum of its parts. Beautiful jewelry can be sold for much higher prices than an outdated or broken bracelet, which is usually sold as scrap. This is one reason it’s a good idea to get a quote from a jeweler, who can tell you if your jewelry is desirable as-is. It’s also worth noting that, while silver has a much lower value than gold, designer silver pieces made by Tiffany, for example, may be worth much more than the value of their silver content.
More tips for selling jewelry —
- Remember, platinum, silver and gold are not magnetic. If you’re unsure about a few of your pieces, try running a magnet over them at home to see if they’re real. You can also try an at-home gold test.
- Unlike gold, which may be 10 karat, 24 karat or anything in between, platinum is always pure.
- If you’re selling jewelry with precious gems or pearls, remember gem dealers usually buy inventory in the thousands at very reduced rates. When you try to sell these loose gems in small numbers, they may not be interested or offer you a very low amount.
- If your jewelry has a ring guard, remember that it does add weight but it is not usually made from a precious metal like gold or silver. Gold buyers will take this into account and deduct the weight of the ring guard from the total weight to determine the jewelry’s value.
- If your jewelry is only sold for scrap, its condition and style will have no effect on the value.
- One way to possibly increase the resale value of your jewelry and make it more appealing to buyers is a new polish. Jewelry, especially rings, tends to get scratched and worn after years of use but a proper polish can make it look new again.