Every piece of jewelry is, at the end of the day, a type of commodity that can be bought or sold. We frequently attach emotional value to jewelry in terms of how it was received or given, but fundamentally the ornamental item is just that, a physical possession with a market value. That said where to sell jewelry can significantly influence how much of a payment one receives for the items sold.
The first step in selling is your own psychological preparation. Regardless of how unique or how special a jewelry item is; a seller is usually not going to get anything close to the value that was paid for the item when bought brand new. Resold jewelry often sells for far less, so sellers need to tone down their expectations and be ready to travel a bit to compare prices offered. Just because an item is extremely old and was hand-crafted for a relative 200 years before won’t make it worth a winning lottery ticket. In fact, most jewelry items lose value over time, unlike real estate.
The second realization you should expect early on is that while a jewelry piece may have been appraised or covered by insurance at a set value, it won’t sell for anything close to that figure. Again, jewelry buyers know there is not a heavy demand for used jewelry and are frequently buying items for their base material value, not the crafting of the final piece. Anyone who is buying wants to have sufficient room for a good markup when they resell the item as well; so it’s the private owner’s loss in most cases.
Get a Good Valuation and Cleaning
It’s a smart idea to know how much an item should sell for before figuring out where to sell jewelry. This can be done by either comparing to similar items for sale or to get an appraisal. Remember, an appraisal is a service, so you will have to pay fee to receive an evaluation. You should then have the item professionally cleaned. A sparkling used ring or necklace will regularly sell more than one covered in dust. If you don’t want to pay the fee, then at least clean the item with warm water and dish soap applied via a soft tooth brush, and then air dry; don’t use chemicals.
Where to Sell Jewelry to a Re-Seller
Re-sellers are in the resale business. They only buy items with a far lower price than what they will sell it for to make a profit. They are ready buyers, but most typically price items at lowball figures. A consignment seller can be a better alternative if an owner is willing to split the sale. Most commissions range from 25 to 40 percent of sales value.
Selling for Scrap
Quite often selling to a scrap metal or materials dealer can produce a better price than to a jewelry re-seller. Gold, precious metals, and diamonds all float on spot markets, irrespective of how they are used. So the items can be broken down or melted to be used again. This is often the most lucrative and easiest way to sell a lot of jewelry all at once. Most owners get 90 to 95 percent of the going market value for bullion items and up to 80 percent of precious metal jewelry.
Interested in selling your jewelry? Stop by in person at 2570 Yonge Street.