When looking at your jewelry box, you may realize that there is jewelry that you have not worn for a long time. If that is the case, then there is the possibility of exchanging your jewelry for money that you could be using on other things, such as; paying off debt, donating to organizations, going on vacation, or even buying yourself a nice new piece of jewelry. The price of gold has increased in recent months and predictions are that it will continue to increase in the coming months. Here are some tips to follow to avoid being scammed.
Jewelry is easy to acquire and accumulate over time. The difficult part is making the decision to separate from them and sell them. Especially when it’s jewelry we haven’t worn in years. Think about the sentimental value we give it and the true value of the piece.
The sentimental value that we give to our jewelry is totally different from the Fair Market Value, therefore we recommend that the jewelry be appraised. An appraisal certifies the market value that is generally required by insurance agencies. Getting an appraisal for your jewelry is an important step. The appraisal is a document that certifies the existence of the same with detailed descriptions of the metal, size and color of the stones attached with photographs. In this way, the insurance company will indemnify the jewels based on the declared value in the appraisal.
That does not mean that you will be able to get the same value at the time of selling jewelry since it is only for insurance reasons, but remember that Jewelry is like cars. As soon as the car leaves the dealership it depreciates. However, this is not the case with all jewelry. When a piece is unique, rare or of special quality, the jewel will always maintain its value.
As technology advances, the way of doing business also changes. There are pages on the net where you can sell your jewelry; You send it, receive an offer and pay by mail. However, the BBB has received many complaints about businesses that have not returned the jewelry, sent the dimer or agreed to money. So, if you decide to submit your jewelry to a website, be sure to research the business’ reputation and review history on Google or Yelp first. Also take photos of the jewelry you are sending and finally send it by certified and insured mail to be able to track the delivery.
Doing business with a local store is the best method when it comes to making a quick and safe sale. As with online businesses, you should first investigate the reputation of this business and the history of opinions on Google and Yelp. You can visit pawn shops, coin shops, consignment shops, and jewelry stores.
The appraisers will make a detailed description of your pieces. When it comes to diamond sales the appraiser will assess the size, color, clarity and cut, in the case of gems he will assess size, color and genuineness.
For gold sales, the appraiser will first determine the metal, whether it is platinum, 18k, 14k, 10k gold, or silver.
Due to the daily rise and fluctuation in the price of gold, it is important to check the price on the day you intend to sell the jewelry. First the appraiser will look for the gold stamps, if the piece is very old and it has disappeared then a gold test will be done. Ultimately the value of scrap gold will be determined. This is the value of gold without the value of labor. The offer will be the scrap value money of gold together with the stones that have been found.
After a complete analysis of your jewelry, you will be presented with an offer. Some stores offer you the option of consignment, this is always better than the value of scrap gold. You will receive payment once the piece is sold and the storage fees will be deducted. This is a good option if you are not in need of receiving the money right away. Otherwise, you will be offered a check or cash payment.
