Older generations are increasingly unsure of what to do with some of the old valuables that they hardly ever use. Increasingly, Millennials, many of whom have families of their own now, don’t want heirlooms, some of which have been passed down from generation to generation. They’re turning down these heirlooms because their homes tend to be smaller than those of previous generations due to high housing costs and because many are choosing minimalist aesthetics and lifestyles in their homes. That means many don’t want to add to their clutter, whether they’re talking about large pieces of furniture or silver flatware sets that they’ll rarely ever use.
Selling old jewellery, as well as precious metal coins and antiques like silver flatware and tea services, may be a better option for your old valuables than passing them on to kids who aren’t that keen on taking them.
The value of precious metals has been on the rise in recent years, and it’s made old jewellery and gold or silver belongings quite valuable. Now is a great time to capitalize on high gold and silver prices by deciding to sell your jewellery and other items.
This guide will help you learn how to sell your valuables for the best price available.
Identify the Purity and Authenticity
Before you try to sell your valuables, always identify their authenticity and precious metals content. You want to know what you have to protect yourself from undervalued offers.
Almost all precious metal goods have a hallmark that should identify their precious metals contents and manufacturer. It can usually be found somewhere inconspicuous. On jewellery, it might be on an area that faces the skin. For a silver tea service, check the undersides of items for the hallmark.
With jewellery, the purity of the gold is often measured in karats. Karats refer to parts per 24, so 12 karat gold is 50% gold. The remainder is an alloy of metals used to give the metal more firmness and protect it from damage, as pure gold is quite malleable and easily scratched or dented. Karats are not used for silver, but rather parts per thousand or a decimal is used. A hallmark might display a number such as 925 silver (also known as sterling), which means the item is 92.5% silver.
A bullion buyer will also likely have their own test. Gold and silver buyers like Muzeum use a type of X-ray technology to identify the exact composition of items without damaging them.
Identify Collectibles and Antiques
Many bullion buyers will pay based on the quantity of precious metals that you have, and that is the best value you can get for most jewellery, especially if it’s broken.
However, there are some brands and vintage or antique items that may be worth more resold than melted down for their precious metals content. This is the exception rather than the rule, but knowing the difference can help you make sure you get the best price.
Some brands to watch out for include:
- Cartier
- Van Cleef & Arpels
- Tiffany & Co.
- David Yurman
- Harry Winston
- Graff
- Buccellati
Find a Reputable Jewellery Buyer
Once you’re confident that you know what you have, it’s time to find a buyer. There are several types of businesses that will buy old jewellery, including pawn shops and local jewellers. Bullion buyers are likely going to be your best bet, especially those with transparent, up-to-date pricing. Don’t be afraid to check out the reviews, and make sure they have a physical location.
Get Multiple Quotes
Gold and silver are quite valuable right now. Gold has recently hit its highest price ever, and silver is performing competitively as well. It’s a great time to sell precious metal valuables, but you don’t want to be undersold.
Take your jewellery and other items to multiple bullion buyers. Set aside an afternoon to visit your top two or three bullion buyers and see what kind of evaluations you get. Some bullion buyers also make a point of matching or beating other offers that you have in writing.
Understand How Spot Prices Work
Learning how bullion buyers are going to price your jewellery and other belongings will also help you identify offers that are fair and adjust your expectations appropriately.
When you look up the price of gold or silver, what you see is the spot price. This is the average estimated future price of gold based on futures contracts for the upcoming month. In other words, it’s an average of upcoming major transactions.
For individuals who are selling their jewellery and small businesses that work with gold and silver, the spot price is more of a hypothetical price, but it provides a useful benchmark for finding a fair value for precious metals. Businesses will still have to take into account their overhead costs, such as storage, insurance, rent, etc. Many bullion buyers will use a formula based on spot prices and their costs to offer competitive prices.
Selling old jewellery is an opportunity to make extra cash, and you want to make sure that you get the best deal available. Following these tips should help you capitalize on your valuables.
