Did you recently inherit some jewelry that is simply not your style? Or maybe you just went through a divorce and you are ready to let go of the memories? Or maybe you just have some jewelry in your closet that you aren’t wearing anymore? Or you’ve hit some rough financial times and you need some quick cash? These are just some of the reasons to look into selling your unwanted or unused jewelry. In this blog post, we are going to pull back the curtain and answer some of the most asked questions that we get about selling used jewelry and engagement rings.
Debunking The Biggest Myth About Jewelry
We like to start off by debunking one of the most common myths of the jewelry business which is that jewelry is an investment. Jewelry does hold its value better than almost any other asset and there are some rare pieces of jewelry that may increase in value but in most cases your jewelry will depreciate in value over time. Jewelry is much like a car in the fact that it becomes a pre-owned item the minute you take it home. Even if you never wear the item, it will be considered a pre-owned piece of jewelry when it comes to re-selling it. This means that it will never sell for the original retail value ever again. Retailers are required by the FTC to fully disclose if an item is a pre-owned item meaning that they are not able to sell it for the same price as an equivalent brand new item. Think about this, if you were shopping for an engagement ring, would you want to pay the same price for a pre-owned engagement ring versus a brand new engagement ring? Most likely your answer would be no. Most consumers expect a pre-owned piece of jewelry to sell for roughly 50% of what the original retail value was. And the retailer needs to make a cut of the resale of the item so at best case scenario you may walk away with 25% of the original retail value of the piece.
Another big misconception is that appraisal value and resale value are the same. Some jewelry stores give customers an inflated appraisal value to either make the customer feel like they got a better deal than they actually did or to ensure that the piece has proper insurance coverage. The resale value of the item is NOT related to the appraisal value and this is where most people get very confused. When it comes to jewelry, appraisal values are what it would cost to replace that item with a similar brand new item if the item were to become lost or stolen. If you are looking to sell the item then you are selling a pre-owned item so that appraisal value is not relevant to the resell value whatsoever. Now with that being said, we do recommend that you bring any lab reports or appraisal documents with you when selling a piece of jewelry as this gives confidence to the buyer and allows the buyer to get a more accurate quote.
FAQ's of Selling Jewelry
So now that we have explained some of the basics of selling your jewelry, here are the answers to some commonly asked questions that we get.
Do engagement rings have resale value?
As we previously explained, yes they do, however you should not expect to get anywhere near what you paid for the ring originally as it is now a pre-owned engagement ring and must be re-sold as a pre-owned engagement ring.
What is the best way to sell used jewelry?
When selling jewelry, the item is basically worth what someone is willing to pay for it. We find that you can get the most by selling the item individually either through eBay, Craigslist, Facebook marketplace etc. This can be time consuming and may put you in a vulnerable position but if you can cut out the middle man (aka a retailer or resale website) that is the way to get the most for your jewelry. If you don’t want to go through the hassle of selling it on your own, then we recommend to take it to your local jeweler. Click to learn more about selling your jewelry to Kiefers.
Is selling jewelry profitable?
Usually not. As we previously stated, it is a big misconception that jewelry is an investment. There are some exceptions to this but it is very rare to find a piece of jewelry that would actually increase in value over time. We do not recommend purchasing jewelry for investment purposes. If you have items in your jewelry box that you aren’t wearing, we recommend to either hand them down to a loved one or re-design them into something that you will wear and enjoy. This is the best way to retain the value of your jewelry. Click here to learn more about our re-design services.
Is jewelry hard to sell?
In most cases no. Most jewelry stores buy used jewelry and all you have to do is bring it into the jewelry store and they will give you a quote in minutes. At Kiefers, we will even write you a check on the spot if you like our quote. If you don’t want to wait, make an appointment ahead of time so that we can make sure that one of our buyers is available when you arrive. Click to make an appointment with one of our buyers.
How much can I sell my jewelry for?
It depends on the item but it’s realistic to expect to get at most 25% of what the original retail value of the item was. But when it comes to selling jewelry, it’s basically worth what someone is willing to pay for it and you may be able to get more if you sell it to another individual versus a retailer. Click here to get a quote from Kiefers.
Do you need an appraisal to sell jewelry?
The easy answer is no. Most jewelry stores will do their own evaluation of the piece regardless and the offer is not based on the appraisal value anyways so an appraisal is not necessary when selling used jewelry. With that being said, if you already have an appraisal for your jewelry, we do recommend bringing that with you as it can cut down on the evaluation time and can allow the jeweler to make a more accurate offer. The reason for this is that even a trained professional can find it difficult to get accurate carat weight measurement of diamonds and gemstones when they are set into a piece of jewelry so the appraisal document can help verify the carat total weight of the piece. Click here for more information on our appraisal services.
Where can I sell my engagement ring for the most money?
You will usually get the most for a used engagement ring by finding another end consumer that likes the ring. There is a stigma to purchasing a used engagement ring and even if the marriage ended on good terms, most people do not want to pay appraisal values for used engagement rings. Another option is to trade-in the used engagement ring for a new piece of jewelry or a timepiece that you will enjoy. At Kiefers we give you 20% more for your pre-owned jewelry when you trade-in towards a new item in our store!
What if I just want to see if my jewelry is real?
This is a service that we offer for free here at Kiefers. We are happy to take a look at any jewelry that you may have and let you know what the metal is and whether the diamonds or gemstones are real. We recommend to make an appointment ahead of time so that you don’t have to wait too long to sit down with one of our experts. Click to make an appointment now.
Interested in selling some of your used jewelry?
Well here are a few things that you can do ahead of time to make prepare for selling your jewelry to a jewelry store:
1. Sort Through Ahead Of Time- If you have a lot of items, we recommend going through your items and sorting them before your visit. This can cut down on your evaluation time while you are at the jewelry store. Most precious jewelry is stamped with the carat weight of the item. These markings are usually either inside the rings or on the clasps for bracelets and necklaces. Here are some of the most common stampings and what they mean: 585 or 14k=14 karat gold, 925=sterling silver, 750 or 18k=18 karat gold, GP or HGE=gold plated
2. Bring Documents- It’s very helpful to bring any documents that you may have about like original sales receipts, appraisals or lab reports as this helps the jeweler obtain an accurate evaluation of the items. But no worries if you can’t find these documents as they are usually not required to sell your jewelry. Also, don’t forget to bring your driver's license with you as most retailers will need to see that to process your sale.
3. Make An Appointment- We highly recommend making an appointment ahead of time so that the buyer is ready for you when you arrive. This will cut down on your wait and evaluation times tremendously. Click to make an appointment now.
4. Communicate- We recommend giving as much information as you can to the buyer. For example, if you have received another offer on the item or need to pay a specific bill, let the buyer know so that they can see how close they can get to that amount for you. Sometimes the buyer can offer a little more if they know you are expecting a certain amount so it’s helpful to let them know that up front. In reverse, if the buyer won’t be able to get close to the amount you had in mind, they can let you know that up front and not waste your time.
We hope this blog post helped answer some of your commonly asked questions about selling your jewelry and we are happy to answer any other questions that you may have.