Will I receive a fair price for my unwanted jewellery?
This is the most common question that comes to mind of people searching for the best place to sell unwanted jewellery. But do not worry as here we will discuss about the best places where you can get the maximum amount for your unwanted jewellery.
However, before proceeding further, keep in mind that two critical knowledge aspects of getting the best price for your jewellery, which are,
- Determine the value of estate jewellery.
- Options to liquidating it.
It does not mean that you have to be a gemologist, but some homework can get you a high price. Below is some vital information that you should know before selling your jewellery either online or offline.
What determines the value of your jewellery?
Type of pre-owned jewellery
Estate is a term used to determine owned jewellery pieces. Generally, preowned jewellery is not as valuable as new and most people will not buy old jewellery for different reasons. People could have saved hundreds of dollars if they had bought preowned jewellery, but they generally refuse.
Jewellery is a style-driven industry, and most of the styles are classic and will stay around for decades. However, some of them will last only for a short span of time. Pre-owned jewellery which is out of fashion cannot command a premium price. Most styles are out of fashion and due to which their rate will be minimum.
The other aspect is that your jewellery is antique, highly collectible, and requires a unique selling option.
So, this different aspect, i.e., old jewellery, out of style, and antique, means a difference of hundreds or thousands of dollars.
Condition of Jewellery
Jewellery condition is a major determining factor. Broken or damaged jewellery mostly requires restoration costs, but mostly broken jewellery is valued only at its intrinsic worth. So, to earn the maximum value, you can get the jewellery fix in advance to get high value out of it.
Prepare jewellery for sale
Depending on where to sell jewellery, restoring jewellery can make a massive price difference. Mostly, a musty old heirloom requires a little cleaning to sparkle again.
You can clean it at home using warm water, dish soap, and a toothbrush to get the lustre back. If the item requires more cleaning, you can make jewellery cleanser at home with dish soap, baking soda, and salt and allow it to shine once again. However, if you do not feel comfortable cleaning your jewellery at home, you can take the help of professionals.
Where to sell it?
You can sell your jewellery at various locations. Below are some options that could be the best place to sell unwanted jewellery.
Sell it to a Pawnbroker or Gold Buyers
When trying to get your piece considered by pawnbrokers and gold buyers, consider the offer they propose to you as they always give you the best quotation in the market.
“It would be good if you consider the option of selling your items at local jewellers who may offer you the best price as they will see you as a potential customer.”. Gagandeep Gambhir, owner of Cash Your Gold Brisbane, one of the leading gold buyers in Brisbane was quoted saying.
Sell it for scrap
Another quick way to make some excellent cash is to sell it for scrap value. It means you are only selling it for the material value which makes up the piece.
Most likely it will be melted down and disassembled into bullion later on. Here you can grab an immediate offer depending on the current state market.
How can you determine scrape value on your own?
Follow simple steps to calculate the value yourself.
- Check today’s spot value on the internet or in the newspaper. It will be $ per ounce.
- Determine the weight of the item. Grams and Pennyweight are both used in trade. Now re-figure spot gold per gram or per dwt where
20dwt = 31grams = 1 troy ounce
- Now figure out the purity of the item.
14 Karat gold = .585 pure gold
18 Karat gold = .750 pure gold or 70%
So, if you have 20dwt of 14 Karat gold at $600 per ounce so the value will be
20dwt X .585 pure gold X currency value = actual value jewellery
The buyer will pay a percentage of this value i.e only for the variable part because of the overhead and refining costs associated with the jewellery piece.
They are also venturing into the future gold value, which could be less than today’s value.
You can calculate the scrap value of your jewellery with the above calculation, and whenever you go to the market to sell it, you can show them your calculations. In this way, there will be high chances of obtaining good value.
Sell jewellery online
It is similar to selling anything else and is the best place to sell unwanted jewellery. However, it would be best if you took some safety measures.
If you have a good seller reputation, you can sell it quickly. Try selling it on classified websites where you can meet genuine buyers in person. However, this procedure is an open invitation to theft and risks.
On the other hand, this is the easiest way to get maximize money for your jewellery, but you should be very careful that the person you are dealing with is genuine and you are not entering into any fraud.
You can check the gold’s originality at home by looking at the hallmarks and the stamp marks. In this way, you can also determine the jewellery’s age, maker, and purity. It will also let you know about the authenticity of the item.
Above are the methods you can use to sell your jewellery and obtain the maximum price in market.