Considerations for selling jewelry
You may be asking yourself, “where can I sell unwanted jewelry?” It was part of your new year’s resolution and now you’re looking for the best places to offload the jewelry you haven’t touched in years. The options are endless, and you want to ensure you are getting fair value for your stuff! Perhaps you have heard of a local jewelry store or about selling online or to a consignment store. These all seem like good options, but one question remains… “what are the best options for selling my diamond jewelry?”
There are several things to consider when selling personal jewelry, but for the sake of time let’s focus on the top questions sellers like yourself ask before choosing the best place to sell unwanted jewelry, including diamonds, watches, and engagement rings.
What is my diamond’s resale value?
Prior to anything else, you should consider whether the jewelry you plan to part with has any sentimental value. Jewelry buyers are obviously not going to consider subjective value in their appraisal. So the first decision to make, is whether you are actually ready to part ways with your piece. Any emotional ties you have will lead to an unrealistic price expectation for what that piece should sell for, leading to seller’s remorse. A good blog to read more about this topic from Forbes is Four Tips for Selling Your Diamond Jewelry.
If you are emotionally ready to sell, you first need to figure out the diamond resale value. Diamonds are valued based on the four C’s; Carat Weight, Cut, Color, and Clarity. For more information on the four C’s, head over to our article on Examining Your Fine Jewelry Prior to an Appraisal. These are fairly objective measures that jewelers use to value the stone itself.
Should I sell to a jewelry store, collector, or individual?
Many sellers start their journey by logically considering local jewelry stores. However, one factor that sellers should consider is that these establishments are guided by maintaining the highest margins possible. As used pieces are more difficult to sell to consumers, their goal is to obtain them for as little as possible, before marking them up significantly to the end buyer.
Selling directly to an individual could possibly give you the highest price for your jewelry but unless you know and trust the person, it’s hard to know that you were given a fair price. Some of the most reputable diamond buyers are private collectors and diamond dealers. They are accustomed to working with individuals to obtain pieces they like for fair value. They realize that there is potential for future deals and are generally among the most flexible with their pricing.
How long will it take to sell unwanted jewelry?
You have done your research and feel more confident in selling your unwanted jewelry. If you have decided to sell to an individual (vs an establishment), this is likely the longest route. It can take months if not years to sell. This could be a good option for you if time and trust is not an issue. The timeline can be similar if you have chosen to sell to a consignment store. Selling to a jeweler or collector is often the fastest and simplest route. It can be as simple as walking in and saying, “I want to sell my diamond jewelry,” before getting an instant jewelry appraisal and cash that same day. In this case you are trading some of the value for convenience and speed.
So where is the best place to sell my jewelry?
So to wrap up, here are your options and the benefit to each:
- Individual buyer (private party): May yield the highest price, but could take months or even years to sell.
- Jewelry store: Nearly immediate but may yield the lowest price, as they need to resell the piece.
- Collectors and Investors: Immediately sell and get the best balance of price and convenience.
About Art House Jewelry
For an expert identification and appraisal of your jewelry, contact Chicago Art House Gallery. Our experts can determine the value of your jewelry, advise you of current market rates, and even offer you a fair and equitable price for your fine jewelry if you wish to sell.