How to sell jewelry, precious stones?

[phwadsworth]

  I inherited some jewelry recently, a gold&diamond ring, and some loose precious stones.  I have no need for these things and I know that the person I inherited them from doesn't expect me to "use" them for anything but money.  But, how do I sell these things and get good value?  The little bit of web searching I've done so far just scares me.  Seems the market is rife with sharks, and the upside/downside is even worse than the used car market with dealerships.  This matches my experience too, I sold a piece of gold&diamond jewelry to a jewelry store a few years ago in order to make my wife's wedding band.  I don't remember the exact numbers, but I remember feeling like I was paid very little and paid them a ton.

  Anyway, does anyone have actual experience on how to sell this stuff and get a decent deal?  I want to get this cash into the 'stache.

[DocCyane]

We went to a shop that buys gold, jewelry, etc. with a good reputation in a major city to sell our stuff.

If they throw it on the scale and give you a percentage of "spot," they are likely being fair. That percentage should be about 70-80%. And they should distinguish 10k from 14k from 18k. If the jewelry piece is not marked, they should test it to determine the percentage of gold.

Loose stones aren't usually worth much, if anything. They want the precious metal, not the stones. Be glad if they take them off your hands.

When you go, the buyer should look at each and every piece individually through a jeweler's loop. If he just weighs the lot without looking or testing, you're probably getting ripped off.

And ask him to give you an offer. If something doesn't smell right, don't take the offer. You can always go to more than one store. You can always pick up your goods and walk away.

The first jerk we went to underbid terribly and tried to sell us on getting paid in "crisp, new hundred dollar bills." If they think you're poor, they'll assume you're happy to take anything.

[Mrs. Pomodoro]

Following to see what tips people have. My mom's side of the family like to give me random jewelry items, most of them jade on some metal settings. I will never wear most of them (so old fashioned!) and it would be nice to find a fair way to offload them.

[MishMash]

What kind of loose stones?

[DocCyane]

Following to see what tips people have. My mom's side of the family like to give me random jewelry items, most of them jade on some metal settings. I will never wear most of them (so old fashioned!) and it would be nice to find a fair way to offload them.

It's tough to unload jade as well unless it's particularly fine quality or an antique piece well above the "tourist" level. Another option might be to sell on eBay, especially if it's not set in 14k gold or better.

[Mrs. Pomodoro]

It's tough to unload jade as well unless it's particularly fine quality or an antique piece well above the "tourist" level. Another option might be to sell on eBay, especially if it's not set in 14k gold or better.

Thanks for the ideas! I don't want to ask the gift givers how much they spent but I guess I can safely sell/donate the touristy pieces?

[Rollin]

Jumping on here, as I have a significant amount of vintage jewelry left to me.  Lots of gold and precious stones.  Any suggestion beyond the weighing?  It seems as though these would be a market different than just the value of the weight of the gold.  Some really beautiful pieces (lots of pieces!).

[rubybeth]

I have a passion for jewelry. What do you have? The two sites that I like to check (cough*daily*cough) are Diamond Bistro and Loupe Troop:

www.diamondbistro.com
www.loupetroop.com

People primarily sell items for themselves, and you use PayPal so you are protected to some extent (similar to eBay). Good photos are key to making a sale.

As for what you can make? Well, it depends... some people may just want the stones out of a piece, and you could sell the setting (gold, platinum) locally. Don't expect retail prices, and be willing to bargain.

If you want to PM me, feel free.

[Cassie]

If you sell it yourself you will probably get a third of what you paid. YOu can also put them on consignment in a store but stay away from jewelry stores. Even if they do it they push their own stuff. I had good luck at a high end consignment store. Also a few times a year a company comes to town-they travel all over with 2 gem experts that will make you a cash offer on the spot.  They will buy loose stones. The bigger the stone the more likely they are to buy it. If they don't have a need for what you are selling they will tell you so. They don't want all jewelry. I have found vintage/antique stuff really hard to sell.

[phwadsworth]

What kind of loose stones?

13 small diamonds, and a large sapphire.

I have a passion for jewelry. What do you have? The two sites that I like to check (cough*daily*cough) are Diamond Bistro and Loupe Troop:

www.diamondbistro.com
www.loupetroop.com

People primarily sell items for themselves, and you use PayPal so you are protected to some extent (similar to eBay). Good photos are key to making a sale.

As for what you can make? Well, it depends... some people may just want the stones out of a piece, and you could sell the setting (gold, platinum) locally. Don't expect retail prices, and be willing to bargain.

If you want to PM me, feel free.

Thanks for these links!  Interesting how they didn't show up in my previous searches, the sharks have their SEO so tight I couldn't find much else.  Looking at what's on there it seems like I could possibly move my diamonds there, this gives me hope.  I will take you up on your offer of advice, thank you.  Once I'm done with a local option, I'll PM you some pics.
For right now, I did a walk through a few local jewelry stores yesterday.  Most were less than helpful, or low-balled me horribly.  I found one that is willing to work with me, mostly because the owner is interested in my large diamond for a personal piece and she has a sapphire that may match mine so I could make a pair for a personal piece for my wife.  The rest of the stuff we discussed trading for store credit to make said sapphire piece.  Obviously, she's much more willing to give good prices in store credit, since it doesn't tie up her business cash in loose stones she can't sell right away, hopefully get closer to 1/2 value instead of 1/3-1/4, we'll see.

thanks all

[Rollin]

I have a passion for jewelry. What do you have? The two sites that I like to check (cough*daily*cough) are Diamond Bistro and Loupe Troop:

www.diamondbistro.com
www.loupetroop.com

People primarily sell items for themselves, and you use PayPal so you are protected to some extent (similar to eBay). Good photos are key to making a sale.

As for what you can make? Well, it depends... some people may just want the stones out of a piece, and you could sell the setting (gold, platinum) locally. Don't expect retail prices, and be willing to bargain.

If you want to PM me, feel free.

I'll need to go to the safe deposit box and bring it home.

[rubybeth]

phwadsworth and Rollin, I have a couple other suggestions I can PM you about. Will do that now.

[Rollin]

phwadsworth and Rollin, I have a couple other suggestions I can PM you about. Will do that now.

Thank you.

[Socmonkey]

The best way to sell gold for scrap is www.aragold.com

They pay the best prices per gram. They will also tell you what they will pay for the stones, and you can accept that price or they will mail them back to you all cleaned up.

[partgypsy]

It's also worth checking whether there are reputable pawn shops, especially ones who have larger storefronts that specialize in jewelry. They may give you % of spot, or slightly more if the jewelry is branded, etc.  But overall, unless you have the hope or know alot about the provedence, value of the gemstones, keep your expectations low. If you feel you have stones which are possibly worth a significant amount (large precious stones) it may be worth getting a report on them. (GIA, AGL)

[Cycling Stache]

I found one that is willing to work with me, mostly because the owner is interested in my large diamond for a personal piece and she has a sapphire that may match mine so I could make a pair for a personal piece for my wife.  The rest of the stuff we discussed trading for store credit to make said sapphire piece.  Obviously, she's much more willing to give good prices in store credit, since it doesn't tie up her business cash in loose stones she can't sell right away, hopefully get closer to 1/2 value instead of 1/3-1/4, we'll see.

thanks all

I just want to note the switch here.  You received a gift and posted asking how to make money from it.  Now, you're considering using it to make a different (larger) purchase.  Were you going to make that purchase anyway?  The "gift" is now costing you money! 

[forummm]

I found one that is willing to work with me, mostly because the owner is interested in my large diamond for a personal piece and she has a sapphire that may match mine so I could make a pair for a personal piece for my wife.  The rest of the stuff we discussed trading for store credit to make said sapphire piece.  Obviously, she's much more willing to give good prices in store credit, since it doesn't tie up her business cash in loose stones she can't sell right away, hopefully get closer to 1/2 value instead of 1/3-1/4, we'll see.

thanks all

I just want to note the switch here.  You received a gift and posted asking how to make money from it.  Now, you're considering using it to make a different (larger) purchase.  Were you going to make that purchase anyway?  The "gift" is now costing you money! 

I notice the phrases "1/2 value" and "1/3 value". The jewelry business perpetrates the myth that these things have value. They are just some rocks that are actually very plentiful on earth. The annual supply is restricted through international cartels so that the price they can get suckersconsumers to pay for them stays artificially high. The reason you are getting "low" offers is that the stones are not valuable. The jewelers will gladly sell them to you at a high price. But no intelligent buyer will pay you anything near that price.

[Cassie]

)Pawn shops are the very worst place to sell jewelry too.  They will give you 10% of what it was purchased for.

[phwadsworth]

phwadsworth and Rollin, I have a couple other suggestions I can PM you about. Will do that now.

Appreciate all the help, thanks!!

Were you going to make that purchase anyway? 

  Yes, this is why the gift was made, because my relative knew we were intending to make the purchase and wants to help with the cost.

The jewelry business perpetrates the myth that these things have value. They are just some rocks that are actually very plentiful on earth.

  I agree with the silliness of the idea of "precious" rocks over "normal" rocks, but a "fair market value" is just what a buyer and seller agree upon, just like real estate.  A swampy bug ridden island in southern New York isn't inherently more "valuable" than anywhere else, except that millions of silly humans have agreed that they will pay a fortune to live on Manhattan.  Part of the reason we're selling the diamonds is because wife and I see no value in the them over other much cheaper bits (like artificial pearls), but the market values them higher.  Same reason my wedding band is titanium, not white gold, knocked a decimal place off the cost ("value" to the seller), but it's the same value to me....either way, the jeweler and I came to an agreement on what it's worth.