7 mistakes people make selling their jewellery

There are several aspects to consider when selling your jewellery. Make sure you aren’t making these common mistakes and that you get the best price possible.

Not understanding its value

Unless you are an expert when it comes to buying and selling jewellery then you may not fully understand the value of your items. Perhaps that ring that has been on your finger for the best part of 20 years is worth a lot more than you know or maybe it isn’t worth as much as you think it is. To understand its true worth you need to take it to a reputable specialist who is qualified to give a proper valuation and accurate market appraisal.

Are the gems genuine or synthetic?

If the piece of jewellery is an heirloom that was handed down from a previous generation then it can be difficult to know whether the gemstones are real or whether they are in fact synthetic. Unless you originally bought the piece from a reputable jeweller and have a diamond or gemstone certification you may not know the difference. It is best to have it valued and certified by a jeweller in the first instance.

Not researching the price of gold or other precious metals

When you walk into a jewellers to sell your gold, silver or platinum do you really know what it is worth? Did you check the day’s spot price of gold and check the weight first? If you want the best price for your jewellery then it is a good idea to research the market price of the precious metal that you are selling first so you are informed.

Taking the first price offered and not shopping around

If you are keen to sell your jewellery to get some cash in your pocket then all too often you may be tempted to take the first price offered. Resist the urge and ask the buyer how long they will hold that price for then put in some leg work and shop around.

Not considering part exchange

To get the best price for your jewellery it is advisable to consider a part exchange. You can often realise a better deal for yourself by part exchanging as opposed to selling for cash. This is also a nice way to acquire those aspirational items (like that Rolex you have had your eye on for a while or that extra special diamond ring) whilst making good use of those pieces that spend their life hidden away in a drawer.

Selling jewellery online

It seems, in this age of digital technology, that we live our lives online. We buy, we transact and we socialise online. We can therefore be tempted to sell online and this can lead to problems. The risk of selling jewellery online is that 1. You may not achieve the correct value and 2. Posting items is often unsecure. Jewellery is something that needs to be touched, felt, weighed and examined closely. Whilst enquiring online is helpful, it is advisable to do the deal in person.

Feeling pressured to sell

If you take your jewellery somewhere and they offer you a price straight away whilst pressurising you to accept that price, remember that it is your prerogative to say no! If you aren’t comfortable with selling your items there and then just walk away and think about it first. A good jeweller will encourage you to go away and consider.

If you are thinking of selling items of jewellery follow the above tips to ensure that you achieve the best price for your valuables. Go prepared having conducted your research and ensure that you take identification with you as many good jewellers will insist on seeing a copy of your passport or driving license. Trust in your reputable, local independent jeweller who are experienced and fully qualified to make the necessary assessment and accurate valuation.