12 Tips on How To Sell and Buy Luxury Jewelry
Part 1: Selling Your Luxury Jewelry
There are many reasons why people choose to sell their luxury jewelry. Just a few of these include:
- The jewelry someone inherited does not match their style or tastes.
- Pieces of jewelry may have negative associations for their owners. These may be reminders of bad relationships or significant conflicts within the family.
- Jewelry may be gathering dust somewhere after falling into disuse or going out of style.
- In many cases, the jewelry owners need the cash to sustain themselves through crisis periods caused by unemployment, a death in the family, or a severe injury.
Though it is understandable that people may sometimes need to make haste in selling their jewelry, it pays to learn the correct process to ensure you receive the best value from each piece you sell. Moreover, announcing that you are selling jewelry indiscriminately may attract unscrupulous buyers who might pressure you into a bad deal. To help ensure that you maximize the price for the jewelry you sell, here are seven tips you need to know before announcing you have jewelry for sale:
1. Stay Organized
One bad habit that will lead to losing out on lucrative deals is the failure of owners to keep track of their inventory. Before you start selling your jewelry pieces, it is helpful if you place them in a case separate from pieces you intend to keep. Organize all available documentation related to each piece if possible. Create a file to keep track of essential data, such as the appraised value of each piece and the latest offer each piece receives.
2. Take Your Jewelry to a Dependable Appraiser
The next essential step in your jewelry selling process is determining the worth of your jewelry pieces by a dependable appraiser. Your jewelry appraiser will provide you with a reasonable baseline price for your pieces. It is helpful to understand the appraisal process itself to spare you from unpleasant surprises during the appraisal process. Choosing a dependable and reputable appraiser will help ensure that you get the best appraisal possible.
Things to look for in a dependable appraiser:
- They should be transparent in all of their dealings with you. They need to disclose and explain how they determine the price of your piece.
- A dependable jewelry appraiser should have good customer reviews and feedback.
- They should have relevant certification, experience, and credentials to reflect their know-how.
Diamond Source NYC has decades of experience in working with clients who want to sell their jewelry. We protect our strong reputation for honesty, transparency, technical knowledge, and client satisfaction. Moreover, the prices we quote are the best on the market.
3. Stay Up to Date With Precious Metal and Precious Stone Prices
The intrinsic value of your jewelry based on its materials is one substantial factor affecting its price. Awareness of current prices in gold, silver, and gemstones provides a baseline for the price you can set for your jewelry.
4. Keep Your Jewelry Presentable
Always remember that potential buyers may want to look at your jewelry at any time. Be sure your jewelry is always ready to present and its condition highlights the beauty and the endearing traits of your piece. Keeping your jewelry clean and presentable will also ensure that it won't lose value. Even slight tinges of tarnish can bring down the price of your piece.
5. Explore Options On How To Sell Your Jewelry
You can potentially generate the most value from your jewelry by making it more visible to qualified potential buyers. Make sure that you have lovely pictures of your well-maintained piece and post them online through your social media accounts or consider selling your pieces online. However, it is important to remember that online selling sites charge commissions once you close a sale.
Another option is offering your jewelry pieces to close friends and relatives. For exotic pieces, auction houses might also be a viable option.
If you want a hassle-free and pleasant jewelry selling experience, one of the best options is selling your jewelry to specialized jewelry buyers like Diamond Source NYC. Apart from our appraisal service, we can provide you with competitive prices. Moreover, you can get your cash within the same visit.
6. Do Your Research
Being clueless about market trends for jewelry prices and lacking technical knowledge about your pieces may expose you to being shortchanged by buyers. For instance, this 14K White Gold Tennis Bracelet has round-cut diamonds at a high level of clarity. The price for this single piece would have fetched 75% of its current price if it was sold ten years ago, owing to the rise of gold and diamond prices over the same period. Joining online forums is also helpful. Not only will you learn from people knowledgeable about pre-owned jewelry prices, but these venues can also be an opportunity to meet potential buyers who will pay a fair price for your pieces.
7. Build Trust
Don't think about selling your jewelry as a one-off deal. Building trust and a relationship with buyers can help you fetch a higher value for your pieces. Being honest and reasonable to anyone you encounter is a sound business practice. You don't have to run a business operation to find the need to build trusting working relationships.
Selling jewelry is more than generating cash. Though cashing out from your unneeded jewelry may be your primary motivation for selling, being knowledgeable, organized, and building relationships and trust can go a long way in ensuring you secure top dollar for your pieces in the future and build valuable skills that translate to other areas of your life.
Part 2: Buying Your Luxury Jewelry
A piece of jewelry enhances the wearer's beauty and identity and provides a way to express their style. Finding the perfect piece can be a long and tedious process. Luxury jewelry is understandably expensive because of the number of precious metals and stones and the craftsmanship involved in making one. Once you find the perfect piece for you, you may be so excited that you want to drop everything and abandon all reason to buy it. However, you can prevent paying too much for the piece you purchase, even if you consider that perfect piece priceless. To avoid being shortchanged with your jewelry purchase, here are five tips to help you find a good deal.
1. Know the Intrinsic Value of the Metals in Your Desired Piece
The price of metals varies depending on the quality and types involved in each piece. If you are looking for a specific color for your jewelry piece, it pays to know which metals are contained therein to achieve your desired color.
- Gold: Pure gold is 24 karats and is understandably the most expensive. However, jewelers rarely sell gold in its pure form because it needs to be strong enough to last. Alloys are added to make the gold stronger or to change its color. The most commonly available gold jewelry in its purest form is 18 karats (3-part gold and 1-part alloy). Yellow gold, its natural color, is the easiest to maintain. Moreover, it won't require deep polishing to regain its brand new appearance. Other popular gold colors are rose gold and white gold. White gold is alloyed with rhodium to make a piece more rigid and give it a crisp, white finish.
- Silver: Silver is an affordable alternative to white gold. However, silver does tarnish and will require more frequent polishing to preserve its appearance. Some silver jewelry pieces have oxidized details to give them a rustic patina reminiscent of vintage jewelry. These tend to be more affordable yet require specific care techniques. To keep silver from tarnishing prematurely, some silver pieces are alloyed with rhodium. However, silver alloyed with rhodium has a distinct impression that does not appeal to discriminating buyers.
- Platinum: Platinum is the most expensive metal by weight. It is also extremely dense. Platinum is in pure form when used in jewelry and rarely tarnishes. However, like any other metal, platinum will require maintenance over time to remove minute scratches that affect its shine.
- Vermeil: Vermeil provides an affordable option for those looking for the look of gold in their jewelry, and making these starts with a base metal, like silver, gilded with gold.
2. Understand Gemstone Treatments
Gemstones are treated before they are usable for jewelry. Treated gemstones require more care in their maintenance because of the foreign material embedded in them. The most common treatment is heating to improve color saturation, clarity, and vibrancy. Rubies, in particular, are enhanced in their appearance when heat treated, thereby increasing their price. However, the most expensive rubies have almost-perfect color and clarity without being treated.
As for diamonds, the pricing depends on the cut, clarity, color, and weight (in carat), also known as the four Cs. We have a separate article discussing the details that affect diamond pricing. We also have another article that explains why brilliant round-cut diamonds are more expensive than other cuts and why it is worthwhile to consider other cuts.
3. Choose the Right Setting
Settings define the style of the jewelry. The perfect jewelry setting enhances the beauty of the precious metals and the gemstone of the piece. The setting also keeps the gems securely in place. The right jeweler values their quality of craft. Their work never feels rushed and as a result it will fit you smoothly. The setting should use downward-facing prongs to expose the gem's beauty while holding them securely. There shouldn't be any rough edges or any other sign of haste to ensure that the gems are arranged neatly. Lastly, don't ignore the quality of the clasps. Clasps should hold your jewelry in place while being easy to unfasten.
4. Consider Purchasing Legacy or Estate Jewelry
Previously-owned jewelry is a more affordable and smart way to get the highest quality pieces. Not only may the vintage style be trending, but also the workmanship involved in older jewelry is not always replicated nowadays. If you are lucky enough to find a previously-owned piece you like in pristine condition, you will get more value out of your purchase than buying a similar piece brand new.
For the best quality estate or pre-owned jewelry, trust reputed jewelry buyers such as Diamond Source NYC with a vast inventory of high-quality pieces at reasonable prices. Many of these pieces come from reputable brands that hold value well over time.
5. Buy From a Trusted Jewelry Dealer
To get the most value for your money when purchasing jewelry, the best place to buy jewelry, whether newly made or previously owned, is from a reputed jewelry dealer such as Diamond Source NYC. Each piece we sell is carefully vetted and appraised to ensure you will get the highest quality piece at the most reasonable prices, hassle-free. Such stores care for their reputation and for providing their clients a pleasant buying experience. Jewelers such as Diamond Source NYC are highly knowledgeable and will ensure you get what you pay for.
Whether you intend to sell or buy luxury jewelry, being informed and choosing the right people to trust is the key to getting the most value out of any transaction. Diamond Source NYC is a highly-respected jewelry buyer, seller, and trader who has gained its clients' respect. Diamond Source NYC has knowledgeable experts with decades of experience in the jewelry industry. As reputed jewelers, we will provide you with a fair assessment of your piece while giving you with the knowledge to ensure that you won't be shortchanged. Whether you are in the market for heritage jewelry, looking to trade your piece of jewelry for another that you desire more, or simply want to cash in on your investment, visit this page to learn more about our buy and sell services for luxury watches, diamonds, and jewelry. You may also call us at (212) 730-5959 to inquire further about selling or buying your jewelry through our store.