Tips for selling gold and diamond jewellery

Tips for selling gold and diamond jewellery

We're often told a 'diamond is forever', but, for some people, this isn't always true. Whether you need to raise some much-needed cash, or you want to unburden yourself of an item that no longer holds sentimental value, there are lots of reasons why people choose to sell their gold and diamond jewellery. If you're one of those people, knowing how to go about this process properly is important to ensure you get the best price. Here are some top tips to follow.

Be certain before you sell

Making the decision to sell a precious item of jewellery can be difficult, especially if it comes with symbolic and emotional attachments. Even if you're in desperate need of some cash, it's vital that you're ready and certain of your decision to sell. Once your possession is sold, you won't be able to retrieve it, and you could end up making a decision you later regret. If you're the slightest bit hesitant about parting with a family heirloom or a sentimental jewel, look at other options first for raising cash.

Put emotional attachments aside

Once you're certain that selling your gold or diamond jewellery is the right way forward, put any emotional attachments for the item to the side. By doing this, it will help you to achieve a realistic price for your jewellery, where you're less likely to inflate its value in your mind, due to your own sentimentality.

Clean your jewellery

When selling your gold or diamond jewellery, it will look at its very best if you clean it beforehand. First impressions count, so you stand a better chance of attracting a potential buyer if your item is sparkling and looking pristine. Always make sure you know how to properly clean your jewellery, so that you don't do more harm than good. If in doubt, get it professionally cleaned. If there are any elements of your jewellery that may need repairing or fixing, it may also be beneficial to do this at this time, especially if they could impact on its resale value.

Know your item

Before you begin the selling process, know exactly what it is you're offering for sale. Understand the various nuances of the item so you have a clear picture of its unique quality and authenticity. If you're selling diamond jewellery, for example, finding out its individual four Cs - cut, clarity, carat weight and colour - is imperative. When you have a clear indication of the item you're selling, you're in a better position to achieve an accurate valuation.

Get your jewellery item professionally and independently appraised for an accurate and unbiased opinion of its attributes and potential value. If you can obtain a grading report from an authorised institute, this will put you in a better position for selling. Some buyers may not even consider purchasing an item of pre-owned jewellery without this certification.

Be realistic about price

One of the biggest hurdles many people face when selling their diamond jewellery is that they often have over-inflated perceptions of its resale value. Unfortunately, in most cases, you're not likely to achieve close to the price that you bought it for when new. Of course, there can be exceptions to the rule, such as if you're selling a vintage Swiss watch with high investment value, or if an item of jewellery is considered a rare antique.

Price is usually determined by demand and supply, and how fashionable or desirable an item may be, but getting expert opinions before you sell is always worthwhile to ascertain an estimate of its potential value. Certain market conditions may also have a bearing on price, for example, gold prices can soar during an economic downtown. Do your own research, and see what jewellery pieces are shifting at what price.

Evaluate your selling options

One of the toughest dilemmas you'll encounter when selling your gold and diamond jewellery is where or who to sell to. You have various options, and it's worth evaluating the pros and cons of each to see which avenue is right for you.

Getting the best resale value will be your main aim, but you need to weigh up how fast you want to get your hands on the cash from the sale. Achieving a balance between price and selling time is something many people seek to compromise.

If you decide to sell your gold and diamond jewellery privately, you cut out the middleman taking a commission, which means you can often command a higher price. The downside of this is that you might have to wait longer to achieve a sale, and this may involve time and effort marketing the item yourself to attract the right buyer. Additionally, you'll need to have your wits about you in case you come into contact with a con artist, who could leave you out of pocket. This is particularly important if you decide to sell your item online.

For those people selling gold, there are many cash-for-gold outlets that might seem a tempting proposition, especially if you want to convert your metal into money quickly. It's generally advisable to avoid these outlets, as you tend to get a poor return on your sale. Crucially, the worth of any gems or stones is not normally taken into consideration.

For most people, selling their pre-loved jewellery to a reputable, trustworthy and professional jewellery store that deals with buying these items is often the best way forward. Your item will be accurately valued by experts, and jewellery owners will have the appropriate know-how to market the item to customers, to, hopefully, achieve a timely sale.

Whichever selling route you go down, be utterly confident of who you're dealing with, and evaluate user-opinions to form an impression of reputation and reliability. If you're selling an item online, take out the appropriate insurance in case jewellery gets lost en-route. Look around for the best deals and make comparisons, and don't be afraid to haggle on price.