People have been calling us lately and asking us for advice on what to do with inherited jewelry and estate jewelry pieces that they cannot wear (for whatever reason).
I have seen an unfortunate practice by unethical jewelers who tell these people that their jewelry is only worth the “scrap metal” or “melt down” price of the precious metal.
To take advantage of the situation, the price they offer to buy them is often well below the “penny weight” for the precious metal content alone. And this is certainly alot less than what these items are really worth.
To avoid getting ripped off, I wanna give you all a heads up here.
At some point in time, you may have some gaudy looking gold jewelry that may have been passed down to you from a grandmother or great grandmother. Being the trendy cosmopolitan woman with impeccable taste in diamonds and jewelry, I know many of you will NOT want to wear any of these outdated pieces.
However, keep in mind that the aesthetic look of the jewelry pieces is NOT reflective of their quality and value. On the contrary, many of these heirloom jewelry pieces are worth alot of money.
It’s true that some jewelry items are only worth their weight in gold. However, most antique jewelry have an intrinsic value far in excess of its scrape value; especially if it includes diamonds or gemstones.
I know the easy thing to do is to walk into a local jeweler with all of your Grandma’s jewelry, throw it on the counter and wait for the guy to offer you next to nothing for the “scrap value” of the merchandise.
Some of you may be sitting there thinking “Well, some money is better than no money….and I’m certainly not wearing this stuff.” Now, you need to realize your ignorance is going to be exploited because the jeweler is just going to give you a lowball offer.
If you could use the extra cash that the sale of this jewelry will receive, do yourself a favor and invest a bit of your time in doing proper research. With a bit of effort, you will find that many of these jewelry pieces are actually quite valuable and worth a significant amount of money to the right buyer.
Bottomline: bring your old jewelry to an appraiser for valuation before you try to sell it off. Alternatively, schedule a consultation with us and we can give you an unbiased idea of how much your jewelry is worth.