Selling Your Jewelry
Have you considered cleaning out your jewelry box and selling the things you no longer wear?
We can buy your old gold, platinum, and silver jewelry. We also buy fine watches, diamonds and gemstones. We can even purchase your old sterling flatware, tea sets and tableware! We’ll take the time to analyze your pieces to make sure we are giving you the best price we can. And if we can offer ways for you to get more money for your pieces, we’ll explain your options. With our knowledge and expertise, we’ll help you make the best decision!
Here’s some background information on selling jewelry
- Selling jewelry is similar to selling other preowned products, like cars, furniture, or clothing.
- Typically, preowned jewelry sells for 40-60% less than new (depending on the condition, the market prices of the raw materials like metals and gemstones, and consumer demand).
Does this surprise you? People won’t spend as much on used items as new ones, regardless of what it is or the condition. Many people have the misconception that jewelry always increases in value, and that preowned jewelry should be worth more than when it was new. We’re not sure where that idea came from, because if it did always increase in value, why wouldn’t everyone buy jewelry instead of stocks or real estate??
It’s important to understand that the price guideline of 40-60% off a new price is what you would pay if you are buying preowned jewelry. It’s not what you get if you are trying to sell it! Now, you can always try to sell it yourself, like on EBay or Craig’s List. Selling it yourself directly to a consumer will get you the most money, because you are doing all the work and taking all the risk of time, effort, safety, etc.
If you don’t want to sell it yourself (most people don’t), we can help. We offer several solutions, depending on the jewelry and your situation.
If you need to sell immediately and your jewelry fits our inventory needs, we can buy it from you (all purchases are made by check). By selling it this way, you get your money right away and we take the risk on how we are going to get our money out of it. Anyone buying jewelry to resell and giving you immediate payment has to consider how long it will take them to sell it. They will look at the components and gauge their worth if the piece doesn’t sell and has to be taken apart. The labor to make the piece isn’t factored in (like when it’s sold brand new), in case they can’t sell it as a finished piece. We have a large preowned jewelry collection (Miriam’s Attic at Continental Jewelers), so we sell finished pieces and, many times, offer more than others. Because you are getting your money immediately and passing all the work and risk on to someone else, you typically get the least amount of money. It’s quick and easy.
We offer a consignment program for certain jewelry that fits our parameters; you get paid once we sell the item for you. It’s our job to research, document, market, and find a buyer for the item. At this time, we don’t charge an upfront fee and we don’t reduce the amount you get depending on how long it takes to sell. We can’t guarantee how long it will take to sell, so you can’t be sure when you can get your money. Consignment is a good option if you aren’t in a hurry because there is no risk or financial outlay for you to sell it, and you receive more than a quick cash sale because you as the seller are taking the risk of how long it takes to sell.
Depending on the item, we can broker it for you. We have connections and knowledge of the marketplace and may be able to find a buyer for your jewelry who is not usually a typical consumer. Since we aren’t buying it outright, it can take more time than an outright purchase, but since we actively work on your behalf, it typically takes less time than waiting to sell it on consignment. You may not get as much money as selling on consignment, but you will probably get more than a quick sale. This process is usually limited to larger, more expensive jewelry, like engagement rings or colored gemstones, or certain jewelry from well known designers.
If you are in the market for a new piece of jewelry, you can trade your old jewelry for something new. It’s a great way to get something new and get rid of something old!
These are the most common ways to sell jewelry. The type of jewelry you have to sell, as well as the time frame you have to sell it, will determine what your options are. We always tell clients it’s not the commissions or fees they pay to sell their jewelry that’s important. Focus on the net amounts, compare, and then make the best decision to benefit you!