2. Know the math. Assessing the value of jewelry involves determining what it's made of. That may seem complicated at first, but it can be easily understood. For example, 18k gold is an alloy of metals made up of 75% pure gold and 25% other metal. That is why 18k gold pieces often are stamped with "750" signifying the gold purity. From here, we can use a basic formula to figure out your piece's value. A standard gold 18k wedding band weighing 5 grams would use the following formula to determine its worth according to the current price of gold:
(Gold price / 31.103) x Gold purity (.750 for 18k) x Weight (5 grams)
The gold price is the market's current rate of gold in troy ounces and can be found online, as it changes minute by minute. We divide the current price by 31.103 (the number of grams in a troy ounce) to get the price per gram. Multiply that by the gold purity (.750 for 18k), and then multiply all of that by the weight of your gold piece in grams. Note that if your piece has larger stones in it, you may need to adjust the weight accordingly. Below is an example calculation if gold were trading at $1,700:
(1,700 / 31.103) x .750 x 5 = $204.90
3. Assess the sentimental value of your estate. Heirloom jewelry has more sentimental value than monetary value. Rings passed down through generations, pieces that mark special life events, and pieces that indicate membership to an organization can often fall into this category. Using your knowledge that you have gained on the value of metals and stones should help you distinguish between monetary and sentimental value. Understanding this before an offer is presented can alleviate frustrations and disappointments on both sides. Our staff is trained to teach you why your piece has value and how much that value is. Getting you a fair offer is one of our main goals and this should be true of any reputable buyer.
4. Ask questions during the process. There's no such thing as a stupid question, especially when it comes to selling important belongings. To avoid any doubt surrounding the value of your jewelry collection, make sure the evaluation process is clear and fair. Leave no stone unturned, no burning question unasked. Trust your instincts. You should never feel like someone is avoiding your questions. If you don't understand WHY your piece is worth their offer, then you need to seek a second opinion.
5. Don't feel pressured to sell - take your time. Depending on the size of your collection, sifting through your jewelry may seem overwhelming. Create a plan before you seek offers. Decide if you want to sell all of your collection or just enough to generate a certain amount of cash. Sort out the pieces that if the offer isn't high enough you would keep for sentimental purposes. Then, sort your jewelry by metal and purity to get a ballpark of what it is worth. When you are ready, feel free to get offers from multiple businesses. You don't have to accept the first offer you get (even if it's ours)!
Jewelry tells a story, and we love hearing how jewelry has played a part in our clients' lives. We consider it our privilege when our customers entrust us with assessing their treasured heirlooms. It is our belief that the more educated our clients are regarding their jewelry, the more empowered they are. Therefore, we are equipped to answer all of your questions with full transparency. We will walk you through the entire process so that you are confident that you are receiving the best value for your possessions. Stay tuned for another blog post on how we are equipped and trained to provide you the best service in town!
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