How to sell your unwanted gold, jewelry& diamonds without being cheated
When you take a look at your jewelry box you might realize that you have pieces that you have not worn for a while. If that is the case you might have money that you can be using for other purposes such as; paying off debts, donating to some organizations, trying new experiences or even getting a new stunning piece of jewelry. Gold prices are racing to new highs, this can push the precious metal prices to a record high in the coming months. In a twenty year chart, gold prices hit highs in July 28th 2020 when gold was at $1,901.30. Here are some tips that will allow this process to be easy and smooth.
5 tips you should know before you sell your jewelry:
Jewelry is easy to buy and collect over a lifetime. The hard part is departing from it or selling it. At one point you have to let go, especially something you have not worn in years. Think how attached you are to your items and how valuable they are.
1- Know how much they are worth: The sentimental value you give to your beloved piece has no comparison to the Fair Market Value (FMV) of your jewelry therefore, we suggest having them appraised. An appraisal certifies the retail replacement value which is normally required by insurance companies. Getting items appraised is a very important process everyone should do. An appraisal is a document that describes your item in a detailed way: what materials it is, stones, metals, sizes, colors, etc. It will also give the insurance company a replacement value according to the amount it was appraised for. This does not mean you will get full price when you try to sell it; it is for insurance purposes only. Jewelry items are sometimes like a car; as soon as you drive it off the lot, it depreciates. That is not the case with all pieces of jewelry; if it's unique or rare or something of a quality it will always hold its value.
2- Research online business: As technology improves so does the way people do business. There are websites where you can send your jewelry, get an offer and a check in the mail. However, be aware that BBB has received many complaints about online business such as; failing to return the jewelry, send payments to customers or nor receiving the amount promised. If you still choose to send your jewelry to an online business make sure to check their reputation and reviews on Google or Yelp. Also take pictures of your jewelry before sending it and finally ship the package insured and with some type of delivery method where you can be notified about the details and tracking information.
3- Visit local stores: Visiting a local shop might be still the best way to sell and get the most money for your pieces. Just like the online business you should check their reputation & reviews on Google or Yelp. You can visit coin shops, pawnshops, consignment and jewelry stores.
4- The Process: Appraisers at stores will perform a detailed description of your pieces. If you are selling diamonds, they will check their size, color, cut and clarity. If you are selling other gems, they will check their size, color and if they are genuine or synthetic. When selling gold, the appraiser will determine if the metal is platinum, 18k, 14k, 10k or sterling silver. As prices of gold are fluctuating daily, the price of gold can change from one day to another. It is important to know the price of gold the day you are selling it. Gold will be checked for stamps or if the piece is quite old and the stamp has disappeared, a gold test will be performed. This will determine the melt value or scrap value of the precious metal valued together with any other gems. The melt value is the amount of money that you will be offered.
5. The Offer: After a complete analysis of your jewelry, you will be given an offer. Some stores will offer you a consignment agreement which is always more value than the melt value. You will receive a payment upon the sale of your piece deducting the store fees. This is a great deal if you are not in a hurry to receive the money. In other circumstances, you will be offered a check or cash for your jewelry.
At South Miami Jewelers, we buy pieces every day, therefore we have a large selection of Estate Jewelry, from diamonds, gem stones to antique and unique watches. When visiting us, we’ll help you make the best decision on how to get the most from your items. Even if you do not know how much your jewelry is worth, we will be able to help you and safely assist you. Our business is a reputable store with 39 years of experience and 100% customer satisfaction. Check our Five Star Reviews in Google.
Come and visit us or make an appointment to get a free estimate of your jewelry value. We are experts in this field and can offer you top dollars for your pieces and the highest price in the market or offer you the consignment option.