Flip to the home and garden channel right now and you're more than likely to land right on a program all about de-cluttering your life. It can be time-consuming, frustrating and sometimes dirty, but the reward is the resulting peace of mind... right? Fortunately there's one spot in your house where de-cluttering can result in much more than just a state of mind... It's your jewellery box. It might be your top drawer, a container in your bathroom or an ornate little cabinet on your dresser. Open it up. Maybe you have each item carefully polished and sorted, waiting for your next cocktail party or dinner out- good for you! Otherwise, there's a good chance you might be gazing into what looks like a bad episode of "Hoarders": Broken chains littered at the bottom, tangled with single earrings and fashion rings from the '80's. Maybe you'll see that pair of earrings that you can't wear anymore because the metal drives your skin crazy. Perhaps you'll spot a heart-shaped pendant from a past boyfriend, or the engagement ring from your first marriage. Everyone's jewellery box is different and cleaning it out can often be a very profitable process. Once you've decided which pieces you want to let go of, you'll need to determine how you want to sell them. This first requires an understanding of two basic rules to avoid any unpleasant surprises.
Rule number 1:
Never expect to get back what you paid! When you purchase a piece at a jewellery store you are buying a brand new item in the retail market. When you buy these items you are paying top dollar for new, un-worked precious metals, new stones, craftsmanship, and retail mark-up. Much like buying a new car off the lot, as soon as you walk out of that store, the value of your item has changed.
Rule number 2:
Never expect to get the amount your piece is appraised at! When an item is appraised, the value on the appraisal is a replacement value. This value is very important for insurance purposes as it reflects the cost to have that piece re-made or re-purchased. It is not the second-hand or pre-owned value. While you can never expect to sell your item for retail or appraisal value, you can make sure you are maximizing your personal gain by approaching the correct secondhand market. There are four different avenues you can take depending on the quality and condition of your jewellery at the time of sale. It is up to the seller to decide which avenue best suits their needs and to create a realistic expectation of what type of return they are looking for.
Private Sale:
The option of selling your pieces privately exists, however this avenue leaves yourself open to the highest amount of personal risk. This method is not recommend for selling valuable personal items.
Consignment:
There are plenty of consignment options around via estate sales and antique dealers. This may be a good option for items in excellent condition. Having your valuables on display in a secure storefront eliminates the risk to your personal safety and allows for a wider audience to view your piece while shopping. However, consignment stores can take a hefty commission off the final sale and some items may take a very long time (months or even years) to sell.
Auction:
This option is again suitable for items in excellent condition. The benefit of selling at an auction is that you are able to set a minimum bid so that you have control over what your piece sells for, plus there is the chance that, with the right set of bidders, your piece could go for more. However, this process can be costly after fees and commissions, even if the item remains unsold.
Gold Recycling Program:
Gold recycling is becoming an increasingly popular decision due to the skyrocketing market values of gold. The condition of your piece is not taken into consideration as this service is only looking at refining the scrap gold in the piece, therefore the expected price may be lower than the other markets mentioned above. However, there is no wait time for a final sale, the condition of the piece does not matter, and you can have all of your stones removed before recycling your items (which is often the most valuable part of the jewellery) to be used in a new piece down the road. While most cities have several resources for the auction or consignment, for most people, a trustworthy gold recycling program is usually the most profitable option. If you're unsure of the best way to sell your items, our professional and experienced staff will also sort through each piece to help you determine which of the four second-hand markets will best suit your needs. We are very honest and upfront when it comes to giving our customers the best advice we can regarding their specific pieces. Because a professional goldsmith and jeweller train each staff member, they can easily spot a piece in someone's collection that may be worth more when sold in an auction or on consignment. So, if your
jewellery box is beginning to remind you of last night's "Hoarders" episode, why not de-clutter? If it doesn't bring you peace of mind, at least you'll be able to buy your way to serenity!
