Trust Only a Licensed Jewelry Judge for Your Jewelry Appraisals!
Selling Jewelry
How can I sell Jewelry?
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First, you should have a jewelry appraisal to find out what their current replacement/retail value is. That way you'll know what you have and what to expect.
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Second... consider an item of Jewelry that costs the retail jeweler $250... He puts a tag on the item for say $750. You love the item and negotiate a price of $490... Pretty good price! Now, a few months later, you go back to the jeweler because you want to sell it.
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The jewelry industry is a "credit" business. Jewelers buy their inventory on credit. They may buy $10,000 worth of jewelry and issue promissory notes, paying the manufacturer $1,000 a month over a 10 month period.
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Or, for those in the industry who have high credit ratings, some jewelers can buy on “memorandum” or “consignment.” The manufacturer will give the retailer inventory without being paid. Then, if and when an item is sold, the jeweler will pay off the manufacturer. Even more so, this type of industry practice allows the Jeweler to make a profit without reaching into his pocket to pay for an item.
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When you buy the item for $490, the jeweler made $240 profit. $490 (price you paid), less $250 (jewelers cost) = $240 profit. But, what did it cost the Jeweler out of his pocket? Nothing! He had the item in his inventory on the manufacturer's money and paid for it with your money! At no time did the jeweler reach into his pocket to take green CASH out.
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So, because Jewelers rarely have to pay cash for their inventory, they really don't like buying jewelry from the public... unless they're getting a VERY good price. The rule of thumb is to offer the public half of the wholesale price. So, in the case of the item that cost the jeweler $250... an offer of $125 is normal for an item you spent $490 to purchase.
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Another way to sell would be to try to sell it privately. But, considering you purchased it for $490, what can you sell it privately for? You're not a retailer and cannot offer what they offer... free cleaning... polishing... sizing... etc. There are retailers out there who will sell the same item for $300! So... given the wholesale value of $250, the most you could hope to sell it for is right at the wholesale price of $250... After that, the buyer might as well purchase from the retailer and get all the inherent benefits.
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With all this, I have to go back to the beginning... See a professional, independent, certified appraiser to learn more about what you have and to get a good idea of what you can sell your jewelry for. We appraise diamonds, rings, watches — all types of jewelry!