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How to Sell Your Jewelry

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Many people have old, broken jewelry, diamonds they no longer wear, jewelry that has been handed down to you but you will never wear. So, what do you do with it?

The best thing to do is find a reputable company that you trust and bring it to them to get an offer. At DW Gem Services, LLC you can be assured of fair and honest evaluations.  I have over 35 years of experience in buying some of the finest jewelry, silver and coins you have ever seen.

How does it work?

The first thing to do is contact me to set up an appointment. You can either come to my office or if needed, I can come to you.

As a buyer of antique and estate jewelry, sterling silver flatware and hollow-ware(bowls, platters), and coins(Pre-1965 silver and gold), I have seen just about everything.  I will break down the items you have to whether they are capable of being sold in its present condition? Does it need repair? Is it fashionable? Does it need to be broken apart? Is it just worth the metal value?

These are all factors that go into me purchasing items.

Is the piece salable in its present condition?

Is it a highly desirable piece, in very good condition, and will be able to sell quickly?  Items that may fall into this category are high quality diamonds over 1.00 ct, Rolex watches, and signed pieces from Tiffany & Cartier. These kinds of pieces are what I would pay the strongest for.  I have many people who are constantly calling me for these items and I will pay more than most anyone.

Does it need repair or refurbishing before I can sell it?

Items like antique pieces that are worn, a Rolex watch that is not running, or a diamond that is chipped. These items are not salable in their present condition and will need to be repaired. In order to determine what I will pay, I will take into account the cost of the repair, the length of time it takes, and the value after it’s repaired. Engagement rings and wedding band fall into this category as well. Like most people in this business, I will not re-sell pre-owned engagement rings or wedding bands. All I can do is unset the diamonds and melt the metal.

Is it fashionable or desirable in today’s market?

Items that were popular in the 1980’s and 90’s are not very fashionable today. Pearls are very soft. Marquise shape diamonds, tanzanites, tennis bracelets and bead necklaces are not popular and difficult to sell. . There will be some items that fall into this category that I will not be able to make an offer on due to the fact they aren’t salable. Others that fall into this category may only be worth the metal value even if it has small diamonds. Sometimes, the cost of un-setting diamonds is higher than what I can buy them for.

Does it just have value for the metal?

Many of the contemporary items that have been purchased over the past 30 years (retailed for $1,500 and under) will fall into this category. I have seen a lot of pieces purchased on QVC or other internet and television venues. These items are mass produced overseas and have little or no re-sale value.

How much will I get for my items?

This is a question everyone wants to know. The best answer is it depends on what category your items fall into.  Will you get close to retail or even have of retail?  No….Understanding how the jewelry industry works in terms of mark ups will help you understand.  If you purchased an item for $1,000 5 years ago, the jeweler only paid $500 or less. You are now bringing in a used piece of jewelry to sell that may not be fashionable or may not be in great condition.  I can buy this item brand new for $500 if I wanted it or needed it. What do I want to pay for it? It depends on what I think I can sell it for.  Typically, estate jewelry (anything pre-owned) will sell for anywhere between 30% and 70% off the normal retail price. Take the $1,000 retail item; I may sell it as an estate piece for $500. I would probably offer $200 to $300. If I can’t sell it for $500 in the first 6 months I own it, I will start lowering my price until I can sell it.

If you are not wearing or using your jewelry, you should sell it and get something you will wear. If you are adamant about getting close to what you paid or even half, you will never sell it.  Even if you open your own store or find a private person who trusts you enough to believe that it’s worth what you are asking, you may not get the price you think it’s worth.

I met with a client once who had a beautiful Tiffany & Co. diamond engagement ring. I offered her $15,000 for it. She was excited at the offer and accepted it. While I was doing the paperwork, she pulled out an older business card of mine and showed it to me. I had written $13,000 on the card 10 years earlier. She told me that she wanted the $15,000 back then and decided to hold it until she could get that amount. She kept it in a safety deposit box for those 10 years. She was happy that she got her price. She does not realize that she actually lost money by not selling it 10 years earlier.

Jewelry is one of the few items that you can buy and wear for 20 years and then sell it and get something for it. You can’t do that with electronics. Cars depreciate a lot faster. Clothing is basically given away after 5 years. For some reason, people feel their jewelry should keep going up in value.  Jewelry is not an investment. Your money will always increase faster than your jewelry.

Please feel free to contact me anytime you would like to get an offer. There are no obligations and no charge for this.