The holidays are coming quickly, and with them the added expense of
food, gifts, and travel. If you need some extra income, consider selling
some of your nice, but unwanted, jewelry at your local pawn shop.
Here’s some expert advice to get top dollar!
Understand the process.
You don’t have to know the exact value of the jewelry you are selling,
but it’s a good idea to have a general and realistic idea of what your
piece is worth, and how the transaction will take place. With gold
jewelry, for example, an appraiser will quote you a price based on the
weight of the gold content—indicated in karats—also taking into account
the current market price, and minus a handling fee. Solid gold is 24
karats. Most gold jewelry is less than that because it is mixed with
other metals. If it contains precious or semi-precious gems, that should
increase the value.
Get it appraised in person.
There are many online jewelry companies that advertise that they buy and
sell online. Some are legitimate, and others are not. How they
generally work is, you mail them jewelry you want to sell, they appraise
it and mail you back a check. To ensure that you are happy with the
appraisal and amount offered, it’s best to get your jewelry appraised in
person by a reputable appraiser at an established jeweler.
Seek out several appraisals.
It’s smart to shop around and get your jewelry or coins appraised at
more than one location. Once you have some jewelry stores or pawn shops
in mind, call ahead and make sure the appraiser is Gemological Institute
of America (GIA) educated. The GIA is the industry standard for gem and
precious metal appraisals. A GIA-educated appraiser will abide by the
strictest industry ethics and methods to ensure that a seller is given
the fair market price for the piece being sold.
Realize the market fluctuates.
The price of gold and silver changes daily based on various factors,
including market demand, manufacturing supply, and the financial
markets. It’s important to understand that the price you are quoted for a
piece applies to the day that the piece is appraised and is based on
the market value in the industry at that time.
On appraisal day
… Don’t be afraid to haggle, within reason, and make sure your jewelry
never leaves your eyesight. A legitimate appraiser will make a point to
explain the process, do the appraisal in front of you, and answer any
questions. Finally, trust your instinct. If you feel comfortable with
the appraiser and the price and are ready to sell, go for it. If not,
politely decline and say you’re going to think about it. Remember,
selling your gold, silver or estate jewelry is not just about getting
the most money—it’s also about the transaction and being happy with the
outcome.
Meanwhile, if you’re looking for jewelry for a holiday
gift, Adina has a lovely collection of estate, vintage and antique
jewelry at true wholesale prices to help you help you make the perfect
choice and save on your holiday budget. We have an extensive collection
of fine jewelry necklaces, earrings, rings, pendants and more. Make sure
you visit Adina by Empire Jeweler’s online store this season.