We have many people come into the store looking to sell their jewelry, only to be disappointed in the amount of money that is offered. Here is what you need to know if you want to maximize the return on your investment, or if you just want quick cash!
First, you should think about the reason you are selling your fine jewelry. Are you looking for quick and easy cash - or are you looking for the most money you can get for your piece? Now, I can’t speak for other jewelers (and I have been told I do things a little differently than most) but I fully believe in TRANSPARENCY, so I’ll explain how it works for me…
Here is the truth of why you don’t won’t get much of your initial investment back out of your jewelry.
If you buy a piece from a retail jewelry store for $100 - the jeweler has to buy it from a manufacturer (whether complete or in components) and that piece has a cost. That cost will be less than the retail price - obviously as the store needs to make a profit to cover overhead and expenses. Let’ say that the cost of the piece is $60.00. So, if you come in with your $100 piece looking to sell it - the jeweler isn’t going to buy that piece from you for $100 - especially since they can order a brand new one for $60. Given this info, you are going to be offered some amount between 0 and $60.
Unfortunately, this isn’t all that there is for the jeweler to consider. The fact that the piece is “used” complicates things - there is no way to know if it has had a good life or an abused life…. Has it been in chlorine every summer? Has it been in bleach cleaning products regularly? Has it spent it’s life in the jewelry box being taken out for special occasions? As an experienced jeweler, I can tell by inspecting the piece what it’s history is. Has it been sized?
All of these things tell me what percentage of the cost I am going to be able to offer. Honestly, there are very few pieces that come in off the street that we turn around and sell in the store. Those pieces do received larger offers than others, but it is the EXCEPTION, not the rule.
Typically what happens is - we weigh the piece and price it based on weight and whether or not it has diamonds that are over 1/4ct. Gold can be monetized by a jeweler very easily, but diamonds are harder for us to find an equitable arrangement for return with a supplier. Small diamonds are worth pennies once they have been set and removed. Colored stones are not something we can sell when they are not new. There are a few exceptions for Sapphires, Emeralds and Rubies, but for the most part once they have been worn and have chips or abrasions - the amount of money it takes to re-cut them makes them not worthwhile to buy off the street.
Truth be told, the best way to maximize your return on investment is to sell it on Facebook Market Place. First step would be to come into my store (or any jewelry store or pawnshop) to find out what you have AND what will be offered. This is the LOWEST amount you should take for your piece. Next step, is to look online for a similar piece and see what they are selling for at retail. After that, price it at about 1/3rd to 1/2 of the retail price on Facebook/Ebay/Craigslist. If you don’t sell it quickly or you don’t want the hassle, then go in the store and sell it for what was offered.
I’m happy to answer any questions on this topic, just stop in the store. I’ll make you a cup of coffee and we will chat!