Get Smart Before Selling Your Jewelry

Thinking of selling seldom used, ugly or just unwanted jewelry, do your homework! There are commercials running on TV, telling you to put your jewelry in an envelope and we'll send you MONEY. Circa, a six-year-old concern with stores in Manhattan, Palm Beach, Chicago, San Francisco, Washington, and Hong Kong, that sells only pre-owned, or estate, jewelry. Sellers from around the world mail their jewelry to the firm or e-mail images. Know who you are dealing with before mailing your jewelry. Do some investigative work before contacting the jeweler. If possible, make a trip to the store first and examine the merchandise to ensure your jewelry will fit in with the current inventory. You may want to try to reflect the image of the store by how you dress as well.

You don't think about selling your jewelry until you need money, and it's tough to find a liquid market for a high-end item. While buying jewelry, whether at department or specialty stores, craft fairs or on eBay, is quick and easy, selling it is often slow, difficult and confusing. In general, people's expectations of what their jewelry is worth are higher than they are aware of in relation to its true value. The market price for a piece of jewelry and what a willing buyer is going to pay are the variables.

According to Sotheby's of New York, they agreed that most people don't understand the difference between the real price and the appraised value. Sotheby says one might get half to even one-quarter of what you've had the item appraised. Everyone has an inflated idea of the value of their possessions. Sotheby's sells jewelry that has a minimum value of $5,000, and adds a negotiated seller's premium, which is a percentage of the sale price. The faster the seller wants to sell, the lower the price for the jewelry. If you don't have patience to wait for the price you want, you may not get it. According to Jewelry Judge, because Jewelers buy their inventory on credit, they really don't like buying jewelry from the public - unless they're getting a VERY good price. Jewelry Judge states that the rule of thumb is to offer the public half of the wholesale price.

When thinking of selling your jewelry today, considers in today's financial market, an object's current market value, from fashion trends to attribution (a piece's previous owners). A piece owned by someone famous, or with a historical association, may have much greater value than an equal piece with no such history. According to Christie's of New York there is no rule as to the minimum value for the inclusion of a lot in an auction. They also include exquisite examples of vintage jewels. Also items with
particular origin which may not necessarily hold the highest estimates in the catalogue may be added.

eBay has a selling guide. If you don't have high end jewelry to qualify for Sotheby or Christie's, try other companies. According to Skinner Inc., an auction firm based in Boston, they have two different audiences, and may have things for $300 or $500 that are still sophisticated, maybe out of silver or ivory with a certain design quality. Listing your objects on Craigslist may bring a raft of clearly fraudulent buyers. Portero, a three-year-old New York-based online auction firm is devoted to luxury objects, including jewelry. While it sells major names like Harry Winston and Van Cleef & Arpels, it also sells merchandise for as little as $200 or $300.

Do your homework. Checkout the company as best you can. Contact the American Gem Society to recommend a member. The Gemological Institute of America's mission is to ensure the public trust in gems and jewelry by upholding the highest standards of integrity. There's always the Better Business Bureau. Friends and family are good resources.

References: http://www.americangemsociety.org/
http://www.christies.com/
http://www.circajewels.com/
http://www.gia.edu/3954/gia_home_page.cfm
http://www.jewelryjudge.net/SellingJewelry.htm
http://pages.ebay.com/buy/guides/jewelry-selling-guide/
http://shop.borsheims.com/Borsheims/CustomerServices-Buffett.aspx
http://www.portero.com/
http://www.skinnerinc.com/
http://www.sothebys.com/