General Question

hurleygrlblink's avatar

What is the best way to trade jewelry in for best price?

Asked by hurleygrlblink (185points) July 26th, 2008 from iPhone

I have an old diamond ring and I’m hard up for money, the bill collectors are after me, and I don’t want to get ripped off selling this ring. Please anyone with personal experience where I can get the best money for my jewelry, thanks!

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8 Answers

cage's avatar

You should take it to your local jewelers and antique stores, ask everyone and try and get an average. There are plenty of places on the net that will do evaluations for you too. After you’ve done this, set up an auction on an online auction house, or try and find one in town that is successful. If you’re looking for a certain amount of money then simply put a reserve on it, if someone wants your ring, they’ll pay it.
I do know these things, my dad is an antique dealer lol.

cage's avatar

OH, and when I say online auction house, I don’t mean eBay.

gailcalled's avatar

My sister is a jeweler and sadly, once you have bought the ring, you have very little chance of breaking even and even less of making money when trying to resell it. Most jewelers will give you value of the diamond (carats,cut, color, clarity, etc) and the precious metal by weight.

marinelife's avatar

Here’s what you can expect:

“1. RESALE TO THE PUBLIC (through the classifieds):
Wholesale to wholesale plus 10–25%
2. RESALE TO FAMILY & FRIENDS (through word of mouth):
Wholesale to wholesale plus 10–25%
3. RESALE THROUGH A MAJOR AUCTION HOUSE (on short term consignment):
Wholesale neighborhood
4. RESALE THROUGH A LOCAL AUCTION HOUSE (on short term consigment):
Wholesale neighborhood
5. RESALE THROUGH A LOCAL JEWELER (on mid term consignment):
Wholesale neighborhood
6. RESALE THROUGH INTERNET AUCTION (through short term listings; Ebay):
Wholesale to wholesale minus 10 to 25%
Wholesale minus 35 to 60% (usually 40–50%)
8. RESALE TO A PAWN SHOP (for cash outright):
Wholesale minus 70–80%

The above figures are for a guide only, and are not set in concrete. Many factors will enter into how much you get. Top among these is proper documentation (major lab reports, professional appraisals) and patience. Desirability of the piece is a big factor. A “primo” Art Deco piece or “in demand” diamond will sell quicker and for greater value than a “out of style” or “poorly made” clunker.

If you’re interested in another jewelry item, you also have the option of trading in your piece on another. Jewelers vary widely on how much they offer for trade in value, but many will offer in the wholesale neighborhood for pieces which they like.”

ashler's avatar

Check it with all the local dealers and compare prices. I think that is the only way to go for it.

lacinaloftus's avatar

This is the best way, you can check price of your jewelry from different shops and then compare them and choose best option….

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