Whether you’re looking to sell jewelry inherited from family, let go of an old engagement ring, or simply upgrade your jewelry collection, selling jewelry can be difficult. Instead of keeping unworn jewelry in a forgotten drawer, selling an under-appreciated piece of jewelry can provide thousands of dollars in uncertain times. Nevertheless, the process of selling jewelry in Dallas can be an emotional one. Saying goodbye to a piece of your jewelry can be tough, and that’s without the added stress of trying to find the perfect buyer. How do you know where to start? You may feel overwhelmed or intimidated when it comes to selling your precious jewelry. However, it may help to begin the process with some practical tips that prepare you to sell jewelry as an informed seller.
Tip #1 – Know Your Selling Options
You have a lot of options for selling jewelry in Dallas which means it’s important to know the pros and cons of each so you can make an informed decision. The most common options for selling jewelry are pawn shops, retail jewelry stores, selling directly to a private buyer, or finding an expert jewelry buyer like Diamond Banc.
- Pawn shops are a fast and convenient way to sell. However, they typically lack the true expertise needed to properly evaluate jewelry to determine its maximum value which means the prices offered will be substantially low.
- Retail jewelry stores generally have the expertise needed to properly evaluate jewelry, so they will have a good understanding of its value. The issue you may face is that not all jewelers buy jewelry from the public. Even the ones that do, are often very selective about what jewelry they are willing to buy and simply cherry-pick the types of items they think they will be able to resell. Furthermore, many retail jewelers will only “buy” your jewelry if you’re willing to leave it with them on consignment where they sell it on your behalf and then pay you once it has sold. This means it will likely take months or even years for you to get paid for the jewelry.
- You might assume that selling directly to a private buyer through channels such as eBay, Facebook Marketplace, or other online forums will result in the highest prices being paid for your jewelry. However, these options can be challenging and very risky! You’ll be required to take high quality photos and provide accurate descriptions of the jewelry. Then you’ll have to answer numerous questions about the piece in what can seem like a never ending back and forth between potential buyers. Then most importantly, you’ll have to be careful to avoid scammers and other unsavory individuals who target private sellers online.
- The best option is to find a trusted expert jewelry buyer like Diamond Banc where you work with true jewelry industry experts in a safe, upscale environment. This will ensure every value-adding factor is taken into consideration to maximize your selling price and the process is simple and fast with funds being issued immediately.
Tip #2 – Understanding Appraisals
Many people looking to sell their unwanted jewelry assume they will need to obtain an appraisal for their items. This is a common misconception and not something Diamond Banc recommends. To understand why, you should first know the reality of what an appraisal truly is.
In order to give the impression that you received an outstanding deal on your purchase, many jewelers artificially inflate the retail replacement value on your appraisal. Moreover, a retail appraisal represents the value to replace your item in “new” condition. However, in most instances, jewelry sold in the secondary market has been previously owned and worn. The combination of these factors can cause a dramatic discrepancy between the actual resale value for your jewelry and its appraisal value.
In the jewelry retail industry, most retail insurance appraisals are approximately 2.5 times the actual wholesale cost of the jewelry. Retailers add significant margins to compensate for the operational overhead of running a business such as rent, utilities, employee labor, marketing, etc. while ensuring they continue to generate a profit.
Diamond Banc does not recommend paying to have an appraisal completed as it’s ultimately an unnecessary expense. Our expert gemologists and experienced jewelry professionals will provide the most accurate valuation of your items. We have a pulse on the pre-owned jewelry markets and utilize supply and demand in the markets to determine the value of any piece. This is all done on the spot with zero pressure and zero cost to you!
Tip #3 – Consider The Factors That Determine Your Jewelry’s Value
Like most luxury items, there are many factors that will determine the true value of your jewelry. Some of the main factors include the jewelry’s style, age, condition, quality and most importantly, demand! The overall condition and quality of your jewelry is self explanatory, high quality pieces in great condition will be worth far more than low quality pieces in poor condition. The demand for an item is the single greatest factor that contributes to its resale value. If the piece is old and the style is outdated, demand will be low and the value will suffer. Whereas if you have a newer piece of jewelry that is a current style and hard to obtain, then the demand will be much higher, as will its value.
Tip #4 – Have Realistic Expectations
The brutal truth when it comes to selling pre-owned jewelry is that you won’t get anywhere close to what you originally paid for the item. There are a few exceptions to this rule such as some high demand Rolex sports model watches or highly sought after, rare designer jewelry pieces. As a general rule, you should not expect to sell your jewelry for the same price you paid or for what it’s appraisal value states it’s worth. The simplest way to think about it is to compare it to selling a car that you bought brand new from a dealership. The second you drove it off the lot it became pre-owned and the value instantly depreciated by a significant amount. You would never expect to sell your car for the same price you paid and your jewelry is no different. Having realistic expectations from the beginning will make the entire selling process go much smoother.
Tip #5 – Work With a Trusted Expert
As mentioned before, there are many options for selling jewelry in Dallas. Finding a trusted jewelry buyer in your area with a great reputation can be the difference between selling your items for top dollar in a safe, luxury environment or getting lowball offers in a high-pressure, uncomfortable setting.
Diamond Banc is the premier jewelry buyer for the greater Dallas area. Our highly trained jewelry experts are fully immersed in all facets of the pre-owned jewelry market on a daily basis. This means we know exactly how valuable your jewelry is, and we will pay you accordingly! If you have interest in learning how much you can sell your jewelry for, complete one of our simple online forms to get the process started, or contact Diamond Banc today.
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