Are you wondering how to get the best deal for your second-hand jewelry? There are a host of factors that determine the current market value of your product, and knowing a good price can be hard to gauge. With markets fluctuating daily, how are you supposed to know the value of your items?
Below, we lay out all your options. Read on to find our must-know guide on how to sell old jewelry, and why we think a pawn shop is the best deal.
Where Can I Sell Old Jewelry?
When selling jewelry you have three main choices. These are a jewelry store, a pawn store, and through a private sale.
Jewelers are commonplace, with many dealing in second-hand items. However, a number of factors will determine if your jewelry will be desirable, and bought, by a jeweler. This comes down to the condition of the item, the metals used, and the quality of the stones.
A jeweler is operating a business, and as such, they will be looking to make a profit. This means that you may not offer you the highest price, as they need to turn over a profit. If they do not think they can do this, then they will not buy.
A pawn store operates by buying your jewelry, gold, and precious metals. The difference with a jewelry store is that they handle precious metals and stones other than jewelry items. You can visit them in person, or many have reputable online facilities like Crowngoldexchange.com.
The process with them begins by going into the pawnshop, and one of their team evaluates your item. They will then make you an offer for the item based on the condition, metals, stones, and possibly the collectability. You will then get the cash paid to you immediately.
The final choice is private sale. Although private sales are most likely to get you the most money, they are fraught with danger. Many people are susceptible to thievery and being conned, so you must keep your security in mind.
What Will Determine the Price?
The first determining price is the intrinsic value of the metals and stones used. Gold, silver, and platinum all have rates that vary daily, so you may wish to check at a time when one of these is trading quite highly.
Stones can often make or break your price, and it is not just diamonds that can command high prices. The quality of the stone can increase its value a lot, as can the karats and purity levels.
Another factor to consider is the estate of your jewelry. This refers to its history and pedigree. This can work both for and against you.
Second-hand jewelry is generally not as expensive unless it is considered antique. If it is from a famous estate, such as from a famous person or collection, the price will increase. However, if the estate is considered unlucky (some people will not buy engagement rings second hand for reasons of superstition) then the desirability, and price, will drop.
Fashion also determines the price and saleability. Jewelry comes in and out of favor, with some items being highly wanted and others being so unliked that they command a price only for their base metals and stones. You may wish to hold onto a piece if it has fallen out of fashion.
Finally, the condition of the item plays a huge part. jewelry restoration is possible but does not often increase or hold value. If stones are missing, and the ring is dented or distorted, then it may be irredeemable.
How Do I Prepare for a Sale?
The best way to prepare for a sale is with the cleaning of your jewelry. Some items can be cleaned easily at home using a few internet guides and some specialist cleaning equipment. However, some will require a professional jewelry cleaning service and this is always recommended.
The trick to cleaning yourself is to know the right cleaning fluids and applications for your metal and stones. If brushes are too hard, they may damage gold and certain gems. Gold and gems should never be exposed to chlorine, and even commonly used ammonia can damage some gems.
With so many pitfalls, you can see why it recommended to use a professional cleaning service. They will be insured, so leaving your jewelry with them will see it is in safe hands.
Common Mistakes
The first consideration when selling second-hand jewelry in private sales is that of your safety. You should never invite unknown buyers to your house. When you meet, it should be in a public place and you should have someone with you at all times.
Restaurants, shopping centers and cafes are excellent places to meet, as they are filled with members of the public. An excellent suggestion is in a bank so that you have maximum security on site and the buyer can deposit the item if they wish. If the person refuses to meet like this, it should start to ring alarm bells.
Take a mobile phone with you, and notify people about the time and place of the exchange. Many teams of fraudsters work in teams, and can even strike after the exchange has taken place. It may help to have people with you who can blend into the background.
Even if you have a smooth transaction and exchange, think about the payment method used. You do not want to give your bank details for transferral, so that leaves cash as the most fraud-proof option. However, even this can be laundered or counterfeit so checks should be made thoroughly.
Making the Sale
Jewelry shops can offer low prices, while the private sales market can be dangerous. When you decide to sell old jewelry, then a pawn shop is the best all-around deal.
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