There may be many reasons why you no longer want to own a few pieces of jewellery, perhaps you never wear them, or they don’t suit your style anymore. Whatever the reason, if you’re looking to sell jewellery, you’ll want to make sure you get the best price possible. So here at Hatton Jewels HQ, we’ve put together a brief guide on how to do exactly that, and also list some of the common pitfalls people fall into when selling second hand jewellery. So read on!
Develop your own understanding
Of course, the more information you have about your stone or piece of jewellery, the stronger your position. There is a wealth of background information available online as this will help you gain an idea of exactly what you have to sell. It's also worth trying to find any paperwork you may have for the items, such as Diamond certificates, as this would help you during the selling process, whichever avenue you decide is right for you.
Visit a trusted Gemmologist
If you’re taking your valuable piece of jewellery in to be assessed, ensure you visit a jewellers that is recognised by The National Association of Jewellers. To achieve recognition, jewellers must abide by a strict, regulated code of conduct and ethics when valuing and pricing jewellery. This centralised governing body was formed in 2015 through the unification of the British Jewellers' Association (BJA) and National Association of Goldsmiths (N.A.G) and represents over 1,800 members whose businesses operate in every aspect of the jewellery industry.
Compare similar Jewellery prices
Another way to assess the true value of your jewels is to compare their prices to similar pieces on sale. You can do this by browsing similar items online and in shops, but its important to make sure the items you are looking at are also second-hand, of similar quality, condition and age as these factors all affect the value.
Understand your options
There are many options when selling jewellery, you can sell it to a pawnbroker, a private individual, a jewellers or an auction house.
Private individuals: Members of the public may be able to pay the highest amount, however it usually requires a lot more investment of time and the process can take a lot longer and is less guaranteed.
Pawnbrokers: Pawnbrokers specialise in buying second-hand items. It's usually a fast-cash method for a lower value than you may otherwise get.
Jewellers: Jewellers can vary significantly, depending on their specialist knowledge and the re-sale market they have. Make sure you go to a company that has good knowledge of the item you are trying to sell, as they will be able to offer you the best price. Also, make sure that the company are prepared to pay you immediately - some jewellers will offer you a high amount, but will 'sell it on your behalf,' which can mean you are waiting for a very long time to actually get the money.
Auction Houses: Auction houses have a vested interest in you signing up to sell your jewellery through their auction, as they will receive commission from both yourself, the seller, and from the buyer, and this can be up to 25% of the value for each of you, which is no insignificant amount. Sometimes they tempt you with a 'High Auction Estimate' - which is essentially what they hope the item will be sold for. However, it is vital to find out what their 'Reserve' is on the item, as that's how much they would let the item go for - which can be substantially less.
We hope you have found this guide useful! Of course, if you are looking to sell your jewellery you can always visit us here at Hatton Jewels! We buy any type of jewellery and can usually offer same day payment for any piece. If you need more information, why not get in touch or book an appointment at our boutique shop in Hatton Garden, London’s famous jewellery quarter.