The Holiday Season is quickly approaching and it’s a great time in the marketplace to purge your old jewelry. Gold is currently trading at between $1,700-$1,800 per ounce, diamonds aren’t being mined as quickly as yesteryear making them in great consumer demand. If there was ever a time to make some extra money off of the jewelry that you have sitting around collecting dust–the time is now.
Know what you’re sitting on. It’s important to have jewelry appraised through the life of your ownership. Every 3 to 4 years, or as the market fluctuates you should take your precious metals, gemstones and the like to a certified, trusted and professional appraiser for valuation. If your jewelry has an up-to-date appraisal, you’ll have a good idea of what it’s worth and an idea of what to expect for it upon selling it. Know the weight of the gold, platinum or silver that you’re trying to sell and the density (14k, 18k, 24k, etc). If a potential purchaser knows that you’re clueless, they often try to take advantage of the seller.
Know the current market prices for the precious metal in question. Research the current going rate of gold, platinum, silver or whatever type of precious metal you’re looking to purge the day you go to sell it. Ask the jeweler what they’re currently paying out per ounce and whether they’re quoting you a price to scrap your precious metal or re-sell. If they’re buying old jewelry for scrap, like if the jewelry is broken, common, or not of name brand, expect to receive a bit less for it–but not hundreds of dollars less per ounce.
Know your jeweler. Living in South Florida, there are constantly conventions, acts, events, conventions and the like coming into town. I’m sure that it’s like that all over the country these days. “We Buy Gold” expos are definitely trending, stopping by various hotels and convention centers in South Florida almost monthly. How can you trust someone to give you a fair price if you met them 5 minutes ago and they’ll be packed up and gone tomorrow?
Research local jewelers and compare prices. Many jewelers in a local marketplace are competitive, and many guarantee that they’ll pay the best price.
Clean up your collection. Selling jewelry online is also a great option if you live in a remote part of the country or you have some spare time on your hands. You can often receive asking price for jewelry from trusted jewelry stores that deal with online acquisition or even from bidding sites like Ebay. You’ll need certification for diamonds and credentials for your precious metals. Make sure to polish up your jewelry before taking photos, too, to ensure the buyers upmost interest.
Selling your old jewelry can be an extremely lucrative endeavor…and what better time than right before the holidays!