Now that the holidays are behind us and we enter a new year, many folks have the desire to earn some extra cash or to clear out their unwanted items. Selling your gold, silver, or platinum jewelry or silverware can be the perfect solution to both problems! While gold seems to constantly increase in popularity, it might interest you to know that it has limited uses and is, therefore, more valuable for sentimental reasons than practical ones. While this has been true for hundreds of thousands of years, man’s appetite for it has yet to be quenched and every year we see the price of a gold increase in conjunction with its ever-increasing scarcity.
That’s why the gold you bought last year may be worth more than when you bought it. People all over the world use gold as their own personal savings account knowing that one day, they’ll be able to sell it for more than they paid. There are even some countries that depend on gold to back their currency and base the value of their money on the current selling price of gold.
The two critical areas of knowledge to get the best price for your jewelry are the factors that determine the value of estate jewelry and the options to liquidating it. Does this mean you have to become a gemologist just to sell your jewelry? No. But some homework and note taking can mean a much higher price paid for your jewelry. Let’s start with what determines the value of estate jewelry.
Estate is a general term used to describe previously owned. That fact is one of the determining factors. Preowned jewelry by in large is not as valuable as new. Some people will never buy a previously owned engagement set for superstitious reasons. I have had clients who could have saved hundreds of dollars if they would have bought a preowned ring but refused.
Jewelry is a style-driven industry. Some styles are classic and stay around for decades, others last just a few months. Estate jewelry that is out of style can’t command a premium price. In fact, some styles are so out of favor that the jewelry’s only value is its intrinsic worth. The other extreme is that the jewelry could be antique. Antique jewelry is highly collectible and may require a specialty option to sell. Knowing if your jewelry is just old and out of style or an antique can mean the difference of hundreds, if not thousands of dollars.
Condition is a major determining factor of the price received for your jewelry. Damaged and broken jewelry many times justify the restoration costs but most of the time damaged jewelry is only valued at its intrinsic worth. Jewelry repair in many instances is counter-intuitive. I have seen jewelry that has been mangled in such a way that the cost of restoration is minor and easily justified. On the other hand what appeared to be an insignificant problem rendered the jewelry unrestorable. Jewelry repair is one area you don’t want to be a “do it yourselfer”. Let the professionals do it, or it could end up costing you a ton of money.
Worn out jewelry impacts the value. It is a difficult repair to bring life back into a piece of jewelry. Most worn out jewelry is valued at its intrinsic worth.
Jewelry looks it’s best when cleaned. Properly clean your jewelry before showing it around. If you do not know the 100% correct way to clean your piece of jewelry let a professional jeweler clean it for you. Some jewelry stores may even clean it for free. Warning: the wrong cleaning can damage and even destroy jewelry. If your are unsure of how to clean the jewelry or gem, let the professionals do it.
Selling gold can be a great way to make some additional income, but you have to be careful and wary of those who would want to take advantage of you and cheat you out of the best price available. Authorized jewelers who specialize as gold buyers are a great way to protect your investment, while still getting the most bang for your buck.
If you’d like to know more about gold buying and how it can help you, contact our jewelers in San Carlos, Menlo Park, Redwood City, Menlo Park, Palo Alto, CA today.