Jewelry has, from times immortal, been considered as a valuable possession. Silver enjoys the pinnacle spot in the pyramid of wealthy materialistic pursuits from the era of barter system to contemporary days.
Though the currency system is used for trading for a decade or two, trading jewelry against other gains has still not become obsolete.
Whether you are buying or selling it, specific tips will help you earn more or spend less. In this article, you will learn tips on selling jewellery in New York.
Tips To Remember
1. Expect Less Than You Invest-
- When you buy diamond or gold jewelry, you pay a dual price, which includes the making charges and the gold or the diamond price that goes in the making of your piece.
- However, if you expect the same amount or more, there are chances you will never be able to sell your part.
- The jewelry design also plays a vital role in determining its price. So, for example, the price of a diamond depends on its cut, and that keeps changing from time to time.
- There are chances when you are selling the jewelry that the gold or the diamond price might be different from when you bought it.
- You may get a higher price or an equivalent of your investment, but you will, in no case, get the making charges separately if you are selling second-hand jewelry.
2. Sell At The Right Time-
- If there is no urgency, sell your jewelry when the market is high, and the gold prices are highest, secure a good profit.
- For this, you need to check on the market regularly, and this can be done quickly as there are various applications on the phone and PC.
- If you do not want that much hassle, a simple Google search will also suffice and inform you about the daily price updates.
- To understand what you can expect for your gold jewelry, check to see what the LBMA or London Bullion Market Association says about the value of gold. The LBMA sets the gold standard for the gold market, and the prices are set twice per day.
- Lastly, always keep in mind the demand to supply ratio is the price decider when it comes to all sorts of jewelry.
- So when the demand is high, the prices will fluctuate as no one can produce gold, silver, diamonds, etc. Their supply is contingent on the amount extracted in that period from the earth.
- This makes it clear when the demand is high, and the supply is limited; the gold prices will touch the sky.
3. Complete Knowledge Of Your Product-
Before selling your jewelry, make sure you are completely aware of its purity and only then try to set a price for it.
For instance, if you are going to sell a gold piece, move a heavy magnet around it. If it is magnetic, your gold is not real.
You might also want to consider getting an appraisal for antiques, vintage, or heirloom because they may be worth more at appraisal value compared to weighted cost.
4. Know What Counts-
- Let’s continue the gold example here. Gold is measured in Carat, and once you are sure your gold is pure, you need to know how genuine it is.
- As we know, gold jewelry is made in 10k, 14k, 18k, and 24k gold, among other grades of purity. A higher number means pure gold, and a lower number implies additional metals like copper, zinc, or nickel.
- Always keep in mind that you will be paid for pure gold only and not for the adulterating metals in your piece of jewelry.
5. Know Your Buyer-
- As you are sure about the purity of your product, do not hurry to set a quote before considering other alternatives your potential buyer might have.
- Look around and scan the prices set by other sellers for jewelry pieces similar to yours, so you are versed with the prevailing local market rates for jewelry like yours. Once this research is done, then quote a price for your piece of jewelry.
- There are many prestigious jewelers in New York that buy and sell gold ornaments, one such company is luriya – sell jewelry here and there are high chances that you will get the best rates for your gold.
6. Segregation And Organization-
- If you are selling more than two pieces of jewelry, make sure to separate and organize them according to metals such as gold, silver, diamond, or according to their purity.
- Also, if you are about to sell any piece stamped with a GP (Gold Plated) or a GF (Gold Filled), pull it out from your selling stock as it is not of much value from an investor’s perspective.
- Also, organizing your jewelry beforehand will enable you to ensure better prices for yourself and avoid manipulative tactics that pawnshops or dealers at times, employ.
7. Do Not Rush In An Impulse-
- Once you choose to seek out a dealer or buyer, do so after thoroughly being informed as to what to expect.
- If there is any financial emergency, then it is reasonable to sell it as early as possible, but if you only want some extra cash in your pocket, do not rush until you have done prudent research.
- If you do sell on impulse without any prior research, you are likely to have a poor deal than you would have had if you had done your research to get the best price available.
8. Documentation-
- You will come across a host of buyers and dealers both online and in offline local markets when you are researching to fetch the best offers for your jewelry.
- To cover yourself and your piece/s of jewelry, make sure to document everything once your choice has been made.
- Take clear pictures of your jewelry if you have to ship them to another location or keep them somewhere overnight.
- If you are shipping it to a distinct location, make sure you send it with a return receipt and a tracking number.
- Before choosing a courier service to ship your jewelry carefully read and understand all their policies in case of lost or damaged mails and avoid any undue stress during the process.
Selling gold can be tricky, especially if you are new at it. Doing some research online and offline will make sure that you are taking an informed decision.
Gold ornaments usually carries sentimental values and are priceless from an emotional point of view, but if you still do choose to sell it for any reason, do make sure you are well prepared.
