What is the best way to sell high value jewelry I inherited?
If you’ve inherited some high value jewelry, congratulations! What will you decide to do with it? Maybe you’ll keep it and wear it, but on the other hand, inherited jewelry may not be something that fits your lifestyle or aligns with your tastes. There are many jewelry websites that allow you tell sell your pieces, but how do these online jewelry stores stack up against local jewelers? How can you be sure you’re getting a jewelry appraisal that accurately reflects the worth of your pieces? Here are some tips for selling high value inherited jewelry.
- Local jewelry stores may not offer the best prices. Local jewelers who purchase jewelry often sell it to a dealer, who will sell it to a wholesaler, so it makes sense that they’d lowball the initial seller on the price. You’ll get a better price from a jewelry store that takes consignment, but you’ll have to wait for the jewelry to sell before you get paid.
- Jewelry has different types of value. There are different jewelry appraisal standards, with the four primary ones being replacement value, estate value retail, estate value wholesale, and intrinsic value. For insurance purposes, an appraisal looks at replacement value. You won’t get that much when you go to resell it, but that’s how much it would cost to buy the same thing again. Estate retail value is how much a piece would sell to a customer looking to buy pre-owned jewelry, while estate wholesale value is how much a business would pay for the piece. A business is typically going to pay less than a consumer, because the resale needs to bring a profit. Intrinsic value is the lowest, and it’s the value of the jewelry’s raw materials. While popular jewelry may fetch more from a person keeping up with the trends, if you just sell the jewelry for “parts” it’s going to bring far less.
- Having your jewelry appraised should be a priority. Be wary, though, because just about anyone can claim to be a jewelry appraiser because there are no federal or state licensing requirements. There are several industry groups, however, who hold appraisers to high standards. Look for an appraiser with credentials from the Accredited Gemologists Association, American Gem Society, American Society of Appraisers, Appraisers Association of America, Appraisers International Society, Association of Independent Jewellery Valuers, International Society of Appraisers, or the National Association of Jewelry Appraisers.
- Use caution when selling online. Read online reviews and testimonials, and make sure the site is legitimate and has credentials like a Better Business Bureau rating. As with selling locally, you’ll probably fare better with an online consignment site rather than a company that buys jewelry. Always read the fine print, too, so that you’ll know exactly the terms of your agreement with any site.
- If selling locally, shop around. Get at least three offers in writing before you decide where to sell your jewelry. In some cases, an appraiser is willing to act as a broker and help you sell your jewelry. If never hurts to ask after you’ve gotten it appraised.
While we’re not taking consignments right now, it never hurts to check in with . The online jewelry store of Home Consignment Center, DazzleMe.com was created to cater to the needs of men and women looking for the world’s best jewelry. With about 70 percent brand-new, on-trend fine jewelry consigned from designers and manufacturers and 30 percent vintage and pre-owned pieces, we’ve got something for everyone. Our unique online jewelry store is the perfect place to find everything from antique to ultra-modern jewelry, with thousands of high-end designer pieces available and new items arriving daily. When you’re on the hunt for beautiful, one-of-a-kind jewelry, you owe it to yourself to start your treasure hunt at DazzleMe.com. Contact us with any questions or concerns, check out the wealth of information on our site, or feel free to just start shopping!
