Selling your scrap jewellery without being fooled
So you got some junk stacked up in your jewellery box you no longer wear because most of them are either entirely or half broken, out fashioned or simply remind you of someone or something which you no longer wish to hold any memory of?
Why not sell it then? This will get you the extra cash you were looking for to buy those tickets for a quick holiday trip or maybe even the material necessary to renovate your bathroom! To squeeze the juice out from those undesirable gems, you have to acknowledge what the jewels are worth and where should you bring them.
The initial step you need to take at first is determining the value.
To really know the estimation of what you are offering, we recommend you get an evaluation by an individual from the Institute of Registered Valuers within the National Association of Jewellers. Individuals from the aforementioned group need to comply with terms and conditions. Appraisals go from £100 to £300 as hourly rate. To give you an insight, a simple sapphire ring may take around an hour to appraise, while one with numerous stones and a complex setting may take over three hours. A few appraisers will charge by the piece, however please note that by no means should an appraiser charge you any kind of percentage over your item’s value.
With good judgement, you can obviously skip the appraisal process if you are sure that your stuff isn't worth much. If this is the case, you can simply put it on the counter and look for the best possible offer, yet be careful. There was this story once in the paper where a customer brought a ruby with an ancient appraisal suggesting that the stone was worth £20,000. When the specialist saw some abnormal qualities under his magnifying instrument and suggested in-depth testing, it turned out that the piece was actually a Thai Ruby Gemstone worth about a quarter of a million pounds!
When your appraisal is handy, remember that you are in the real world you are probably not going to get that price. Appraisals, frequently carried out for insurance reasons, define the retail replacement worst of your adornments, not the resale cost. So ask your appraiser whether he or she can give you an actual estimation for resale. With gold items, an appraiser could say what the "melted" cost of your item be worth. Once more, you are probably not going to get this price, since the purchaser must take into consideration his or her own profit and the cost of gold extraction. The golden rule from gurus state that if you can get between 70 to 80 percent of the melt value for your gold, that price is considered a reasonable one.
Next step is selling it in a store. Regardless of which kind of store you pick, your aim is getting no less than three estimations — and more for items with higher worth.
There is also an alternative choice: Your appraiser might act as a broker and give you a hand in selling your jewellery. If not, they can suggest you to a trusted one. Search for somebody with profound experience with a respected name within the industry that will attract your purchasers. A few brokers charge a flat rate while others go between 10 to 50 percent of the sales price, contingent upon how much effort has been implicated.
Lastly, if you know what you have and how much you are going to get approximately but have no clue where to go, come and visit us in one of our local branches if you are in the Greater London area. One of our experts would gladly assist you in every step of the way.