(LAS VEGAS, Nev.) — NEWS: The diamond necklace from an ex, the gold watch that sits in your jewelry box, the ruby necklace that you loved-a decade ago. We all have jewelry that we no longer wear. Selling your old jewelry is an option, but it can be hard to know how and where to get started. Here are a few tips from the American Gem Society (AGS) on getting the most from your rings, earrings, bracelets, and necklaces.
1. Know the worth
You may love your jewelry, but the emotional value you assign to your jewelry often has little to do with the current fair market price of your piece. Many factors go into determining the current value of a piece of jewelry, including fashion and style, current condition, designer (or not), and wearability or repair needs. Remember, that chain or gold watch is always worth its weight in gold, but may not be worth any more than that.
The best way to determine your item’s value is by due diligence. Let several jewelers evaluate it and ask for a purchase offer. Have an AGS trained Certified Gemologist® (CG), a Certified Gemologist® Appraiser (CGA) or an Independent Certified Gemologist® Appraiser (ICGA), recommend an accurate replacement value. Keep in mind that your used item will not bring the same price as a new comparable item.
It is important to know the new price in order to determine the selling price. You should expect low offers in comparison to the replacement value, because any jeweler who purchases it will try to resell it, and in effect becomes the middle-man who will sell it for a higher price to make a profit.
2. Be informed
Consider how quickly you want to sell your jewelry. If you want an immediate sale (i.e. cash in hand today), your options will be limited on where you can sell, and how much cash someone might be willing to pay immediately. Many jewelry stores offer a consignment option, where you leave your piece with them, and upon sale, they pay you. This is often the best way to maximize the money you receive.
If you are able to wait, researching some other possibilities could net you a better price for your jewelry, or provide other options, like re-setting gemstones from your jewelry into a new piece.
Visit an AGS jeweler who buys jewelry (not all do; make sure to call ahead) and learn your options to sell your piece or work out another solution.
3. Be realistic
Have a range in mind of what you would accept for the piece and be willing to accept an offer in that range. Be aware you may get offers that are higher, or possibly lower, based upon all the factors previously mentioned.
If you are looking for a jeweler in your area who might be interested in purchasing your jewelry, or if you are interested in re-setting your gemstones into a new piece, visit http://www.ags.org/findajeweler.
About the American Gem Society
The American Gem Society, founded in 1934 by Robert M. Shipley, is a nonprofit trade association dedicated to promoting a high standard of ethics, continuous education, and consumer protection within the jewelry industry. The American Gem Society awards credentials for its members, who are held to the highest ethical and professional standards in the industry and must pass annual recertification examinations to maintain their titles. Less than one in twenty jewelers in the country have chosen to meet the exacting standards necessary for membership.
Related link: https://www.americangemsociety.org/
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