January clearout, sell your unwanted jewellery
January is finally upon us, the perfect month for a clearout to make space for 2019! And if you’ve been hoarding jewellery that you never wear or even think you like anymore, January is the perfect month to sell your jewellery, and get in some funds for buying jewellery to match your 2019 wardrobe, or even for a little holiday to escape the cold!
If you’re thinking about selling your jewellery, we’ve put together a helpful guide to make sure you get the most out of the process, and can happily part with all your unwanted jewellery.
What’s the Condition of your Unwanted Jewellery?
If there’s damage, chips in the diamond, scratches in the gemstones, you may lose some value. Rings tend to receive more wear than pendants and earrings. So, if your jewellery is flawless, and you are selling it for the intact value, you may be able to achieve a higher price.
Current and Vintage Jewellery is the easiest to sell intact...
In most cases, unwanted jewellery is neither current or vintage and is usually sold for the intrinsic value of the silver, gold or platinum, or diamonds and gemstones.
Selling it as Scrap
If it is determined that selling it as scrap is the best option, here are a few things you need to know. Selling it for its scrap value (intrinsic value) means you are getting value only for the materials that make up the piece, so your unwanted jewellery will be disassembled and melted down into bullion. Selling for scrap value is a good option for metal heavy pieces that are no longer on trend, moreover with high gold prices you may be pleasantly surprised with the amount you get for your scrapped jewellery.
Diamonds vs. Gemstones
The greatest value goes to high clarity (quality) diamonds, followed by sapphires, emeralds, and rubies. Besides those, you won’t receive much value from other gemstones unless they are large, rare and high-quality.
If you have documents on your diamond(s), this can be helpful, but it’s usually not worth going out to pay for a formal, written appraisal unless you suspect it is a very high-value piece. Verbal appraisals can be much more affordable and might be a good option to look into.
Where to Sell your Unwanted Jewellery?
One of the most common questions people ask is “where can I sell my jewellery?”. Usually, when asking that question you are only thinking of a location in a specific area. However, an important question to ask is, should you sell your unwanted jewellery at a pawnshop, jeweller, auction house or maybe even online? Auction houses will draw you in by giving you a ‘high auction estimate’, which is the higher end of what you could expect your item to sell for, but this depends on type of bidders on the day of the auction. As a seller, what you really want to know for comparison of offers is what the auction would place the ‘reserve price’ at, being the lowest amount they will release the item for. It is also crucial to be aware of the auction houses pricing structure, with a standard 23% commission. At Hatton Jewels, we offer same day appraisal and offers for all the jewellery we see, with no commission and the best possible price.
Pawnbrokers will give you a price against the intrinsic value of the item, and may not have the most specialist knowledge for your particular item. Selling privately is another option, though it is more time consuming with higher risk of being conned, though if all goes well; likelihood of a high price. In truth, the best option is to sell your jewellery through a jewellers, since they are knowledgeable experts in the field, along with a resale market.
Design House Jewellery
Are the items you are hoping to sell design house pieces, such as Cartier, Bulgari, Van Cleef & Arpels etc, it is an idea to go somewhere like ourselves, or other jewellers who specialises in jewellery from esteemed design houses to achieve the fairest and highest price possible.
Manage your Expectations
Setting unrealistic price expectations for your unwanted jewellery will lead to disappointment with the outcome of the negotiation and sale. It is a good idea to have it appraised by someone trusted and knowledgeable, look out for jewellers with good reviews to ensure you will be getting the best deal possible.
If you’d like to speak with someone from our expert team about selling your jewellery, please don’t hesitate to contact us.