Selling jewelry

studenygreg · Nov 17, 2019

After my grandmother died a few years ago I ended up with some jewelry. I had them appraised at a local jeweler. Does any body have any info on how to sell it? What percentage should I look to get based on appraisal. Any info you guys have is greatly appreciated.

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TX OMFS · Nov 17, 2019

I have no idea what percentage of the appraisal. Sitting here thinking what I would do if were you. I may try to sell it myself on-line. If that fails maybe take it to a place that handles lots of estate jewelry. I think Ben Adam's in SA does a fair amount of estate stuff.

Wiliamr · Nov 17, 2019

Depends on what kind of jewelry you have. Simple silver or gold, unless it is rare-period, probably not worth much more than gold or silver content. With stones, it depends on what kind of stones (diamonds- worth something if stone is good quality; rubies or emeralds worth something, garnets, aquamarine topaz - not so much value unless huge stone). Also - not to belittle your local jeweler - the appraisal entity may not know squat about resale in other area, they may lowball you to get you to sell cheap, etc.
Best plan would be to take to estate seller, or a major jewelry seller to get help.

toddnjoyce · Nov 17, 2019

The only time I sold jewelry, it was common jewelry and sold at the spot price for the metal. Stones may go for a higher value if loose rather than mounted.

studenygreg · Nov 17, 2019

toddnjoyce said:
The only time I sold jewelry, it was common jewelry and sold at the spot price for the metal. Stones may go for a higher value if loose rather than mounted.

That's an interesting thought about loose vs mounted stones.

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studenygreg · Nov 17, 2019

The largest and main piece is a diamond engagement ring that a local jewelry store appraised at around $10K.

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RoadRunner · Nov 17, 2019

Most appraisals will be much higher than the price that you can actually sell it for. Usually jewelers will appraise used jewelry at the retail price of new items.

TexasRedneck · Nov 17, 2019

In my experience, you'll be doing good to get 40% of appraised value. As suggested, break out the precious metal, then sell the stones separately. Or pass them on to a family member. If you're looking for a tax break opportunity, consider donating them to your/her favorite charity at the appraised value.

Selling expensive jewelry is a real eye-opener - and it ain't a pleasant one!

toddnjoyce · Nov 17, 2019

studenygreg said:
The largest and main piece is a diamond engagement ring that a local jewelry store appraised at around $10K.

Second thought. Appraisals are for usually for insurance purposes...replacement value. For Ex: most insurers will issue a no-deductible VPP policy on things not covered by homeowners insurance for fractions of a penny on the dollar. We have several VPPs on jewelry and guns so we can be made whole of something happens to them.

studenygreg · Nov 17, 2019

While I dont expect to squeeze every cent out of it, I still dont want to get hosed. To me diamonds are just stupid polished rocks. I dont understand the logic behind them. I appreciate all the feedback so far. Keep it coming.

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pronstar · Nov 17, 2019

studenygreg said:
To me diamonds are just stupid polished rocks. I dont understand the logic behind them. I appreciate all the feedback so far. Keep it coming.

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This^^^

If diamonds are forever, why do they lose so much value when you go to sell them?

Because DeBeers has a monopoly on them and they artificially squeeze the supply.

Good article here:
https://www.theatlantic.com/magazine/archive/2006/12/the-diamond-myth/305491/

Having my wife watch “Blood Diamonds” before we got engaged was accidental genius in my part: she will never own or wear diamonds, her choice.

The US diamond market, and “three months salary to buy an engagement ring” BS was all created by DeBeers‘ marketing department, and US consumers are the only ones globally that bought into it.

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studenygreg · Nov 17, 2019

I'm aware of the diamond scam which is the main reason i want to get rid of it. It's not like i can hold on to it incase the economy collapses. It's only worth something to people who have money to throw away. If/when things go to poop it will be worth nothing.

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pronstar · Nov 17, 2019

studenygreg said:
I'm aware of the diamond scam which is the main reason i want to get rid of it. It's not like i can hold on to it incase the economy collapses. It's only worth something to people who have money to throw away. If/when things go to poop it will be worth nothing.

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The challenge is finding buyers for used diamonds.

They hold little value...and unlike precious metals, there’s no market/exchange for them, so they have very little liquidity.

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Orbie · Nov 17, 2019

Might be able to put them on consignment at a family owned jewelry store. May also have luck selling to a wholesaler.

Orbie · Nov 17, 2019

PM sent

avvidclif · Nov 17, 2019

The only time jewelry is expensive is when you buy it from a jeweler.

smittyb · Nov 17, 2019

I might be interested if there are natural emeralds, Ruby’s, or tanzanite.

Selling jewelry

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