Collectors of fine jewelry know how valuable they can be, so, selling them can be a daunting task. Knowing the worth of your jewelry is the most essential part of selling fine jewelry, as a misevaluation can return much less than the true worth of the piece. It’s also important to find trustworthy buyers because they help you to seal the deal with as little hassle as possible.
If you’re a first-time seller of fine jewelry, it’s normal for you to feel confused. You might not know where to begin the search or how to reach the final step. Below, we have listed a few important things that you should consider before selling fine jewelry.
Know the worth of your jewelry
The first important step in selling fine jewelry is to know its worth. Without it, you can’t set a price on the pieces. There are a few ways to figure out the worth. You can check the hallmarks engraved on the body of the jewelry. There should be distinct markings for gold, silver, and platinum, and you can get an idea of their worth by searching online.
Another way to figure out the worth would be to consult an expert or take it to a local jewelry shop. These buyers don’t only buy fine jewelry from you but also helps you to understand the price if you don’t end up selling to them. A part of their job is to educate you on how to obtain the highest price, so it ends up being a win for you.
Set proper price and terms for selling fine jewelry
After finding out the worth of your jewelry, set a realistic price that is consistent with the market price. Setting the price too high might disappoint you as buyers won’t want to pay more than the jewelry’s worth. You also must follow strategies to set the price. Consider the age and condition of the jewelry, too. The expert consultant might be able to help you with the pricing strategy.
Always discuss the terms clearly with the buyer before selling fine jewelry. Often, buyers add hidden charges or cut some price from the agreed amount if the terms aren’t clear.
Find a reliable shop or buyer
Always sell to authentic shops, buyers, or collectors. There are many scammers online, so if you’re selling your jewelry on the internet, make sure you have sufficient information about the buyers and you’re not selling to a random stranger. The best place to look for a buyer is the jewelry industry. The BBB lists reviews of buyers. Check the review well before picking a buyer and contacting them.
If you’re selling online, you’ll meet many buyers who can give you a quick offer or lure you in with incentives. Steer clear of them if you can’t trace the source of such offers. They’re often fake and don’t add much value to the purchase process.
Don’t sell impulsively
Collectors of fine jewelry usually buy and sell them a lot. However, selling impulsively might not be the best option for expensive items. If you want immediate cash and don’t have enough time, you might end up selling your jewelry for a lot less than it’s worth. You need enough time for research beforehand to make an informed decision about selling your jewelry.
Also, don’t sell an item only because you’re feeling like it. Every piece of fine jewelry you own has an emotional value attached to it. It could be an heirloom or a special gift. You won’t get it back once it’s sold. So make up your mind and only sell jewelry if you truly want to sell it.
Collect proof and invoice of selling fine jewelry
The buyer of your jewelry should provide you with an invoice to prove the purchase. You should also sign a paper procured by the buyer to prove acceptance of payment. Keep these documents with you to avoid any future hassles.
It’s also wise to keep the original invoice of the jewelry when you purchase it. Unless the piece is very old and has been passed down through generations, you should be able to keep the invoice intact. This gives you an edge when you’re selling the piece, and can help understand the price better against the current market value of the jewelry.
Selling jewelry is exceptionally difficult for a first-time seller. However, you can easily understand the details of the process after doing thorough research on the internet. Once you learn to distinguish the real buyer from the fake ones and find a reliable source for selling it, you can get done with the process pretty fast and repeat it in the future if required.