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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: MsPeacock on September 03, 2015, 06:03:13 AM

Title: Where to sell used jewlery?
Post by: MsPeacock on September 03, 2015, 06:03:13 AM
I have some jewelry (gold, platinum, precious stones) - not a lot, just a few pairs of earrings, a few rings, a bracelet, etc. that I would like to sell. They are associated with my ex-H and I will never wear them again (and would just like to get it out of the house, and secondarily get the money out of jewelry and into my savings account). I'd like to sell them - have no idea of the best way to go about it. Pawn shop? Would a jeweler possibly by some of it (e.g. a pair of diamond stud earrings?). Try to sell it myself on Ebay? How do I determine a reasonable value - either to accept from a potential buyer or to list on a place where I would sell it myself?

Title: Re: Where to sell used jewlery?
Post by: MissStache on September 03, 2015, 06:46:20 AM
It may be worth taking the jewelry to a reputable appraiser.  They can give you a good estimate of the value of the pieces.  Once you have that, take the pieces to several good jewelry stores in your area and see if they are interested in buying them.  Keep in mind that they will definitely offer you LESS than the appraised value (they will need to make a profit when they sell it), but it will at least give you an idea if their offers are in the ballpark.  Google to see if there are any high-end consignment shops in your area as well-that may be an option as well.   
Title: Re: Where to sell used jewlery?
Post by: norabird on September 03, 2015, 01:50:01 PM
You should ask lifejoy!
Title: Re: Where to sell used jewlery?
Post by: MsPeacock on September 03, 2015, 04:52:26 PM
Do jewelry stores buy used jewelry? I have absolutely no experience in this - but I wasn't aware of them selling used jewelry - ...? I honestly just have no idea. Do you have to pay for appraisals of it?
Title: Re: Where to sell used jewlery?
Post by: Rosy on September 03, 2015, 05:35:21 PM
Yes, they do:) They call it "Estate Jewelry" when they sell it and many jewelry stores have a dedicated display case. Some people just like to trade in their old pieces for credit on a new piece. My mom used to do that all the time.
Ask friends or family if they have a family jeweler they frequent or know to be reliable. It would be good if you had at least some idea of the value of what you are selling - perhaps an old insurance rider or a bill of sale.

In our area there are fine consignment stores that will take jewelry too, but I am not a fan of that either.

Getting an appraisal costs money - but, if you take it to three places in effect you have your appraisal as to how much you will receive. I sold damaged and old pieces I no longer cared for, for an easy $400 while the price of gold was high to a jewelry store in the Mall.
They have to record it and report it and it took longer for the paperwork than settling on the price.

I had a vintage set that he really wanted and offered me a good price for, but in the end I kept it for sentimental reasons. You don't have to feel obligated to sell it all right then and there - you might be surprised how little you get for one thing and how nice of a price for another. The final decision which pieces to sell is still up to you - all you do is ask what they will give you for it.
I had two nice pieces (so I thought) that they had no interest in.

There are also a lot of jewelry stores that will take it strictly for the gold value, but you might miss out if you have a fine gemstone. There are places that specialize in fine jewelry, appraisals and estate auctions - worth including in your search. Most likely you will find that they will all test your jewelry and give you a price - and out of three jewelers, they will all be relatively close.

I have no experience with pawnshops, but I'd be afraid some big burly dude would walk to the back with it and replace my diamond with a quartz gemstone, just saying. Never give over your jewelry - ask to be present for testing.

Make the rounds - it is a business deal, smile, negotiate and don't take the first price offered.

Hope that helps.

Title: Re: Where to sell used jewlery?
Post by: Jags4186 on September 03, 2015, 06:31:20 PM
I just sold some gold jewelry earlier this week!  I had never done it before but here's what I can tell you.

I would not recommend getting an appraisal.  You'll waste your money if you're planning on selling.  Only get an appraisal if you plan on insuring the jewelry.

Depending on the jewelry you'll likely just get the metal weighed and given a price based on that.  Unless the jewelry has some sort of special designer, it's really worth no more than the weight of the metal.  I don't know where you live, but where I am you can't walk 20 feet without running into a "we buy gold" place or a jeweler. 

If feasible, go to 3 or 4 places all on the same day.  This is important as if you wait a week or two between getting appraisals, the metal prices could have changed and you won't be comparing apples to apples.

Be wary of places that offer "bonus" coupons--usually they just bring up the price to the point where other places that didn't offer coupons were.

My experience was as follows: I went to 3 places on the same day.  The first was an estate jewelry place gave me a price. I said I was going to check with 2 other places--he said no problem but just make sure its the same day so its "apples to apples".   I went to a jewelry store that had a 20% coupon.  When I went in the store there was a sign that said "ask how to get 30% increase".  When I got the prices the 30% bonus was only for trade-in value and it was the same amount as the first place.  The 3rd place I went to gave me a price $20 less than the first store.  I went back, he said glad to see you back, gave me cash, took my driver's license number (to make sure I wasn't selling stolen jewelry) and I left, cash in hand.
Title: Re: Where to sell used jewlery?
Post by: MsPeacock on September 04, 2015, 07:14:39 PM
Thank you all for the replies - I will check into estate jewelry places in my area. Sounds like the best course of action.