One of my most asked client questions of all time… how do I sell my old/unworn jewellery??!!
Unfortunately, there is no simple answer to that, it all depends on a few factors that I will try to outline here.
First, are you needing quick money or would you like to sell for the most that you can get, even if that takes a bit of time?
If you are in need of quick money, and the item is solid karat gold (not gold filled or plated), your quickest way to turn that gold into cash is by selling it to a gold buyer. We have several gold buyers in the Lethbridge area, and they all offer to buy your gold for scrap (or melt) value at competitive prices. The gold buyer will offer you a price that they will pay for the gold only, based on the weight and karat content of the item, and the current gold market value. They typically do not buy gemstones or diamonds, so if your item has large gemstones or diamonds the buyer will likely unset and return them to you. If the stones are small or delicate/easily damaged, they will typically be damaged in the removal process and are not worth it to remove. The gold buyer then pays you and sends the gold to a refiner for processing, melting, and purifying. The term recycled gold comes from this process!
Something that is often surprising to clients is that the scrap/melt value of your gold is far less than the value of a finished jewellery item, which includes design, manufacturing, and retail showcasing costs. Especially when you also consider that the actual pure gold content in jewellery is as little as only 41.7% of the weight of the item (in the case of 10K), and the remainder of the weight of the item is unusable alloy. So, when you ask a jeweller or gold buyer, “what would you buy this for?” or, “what is this worth?” and their answer is exasperatingly low, it is likely that they are giving you the scrap/melt value only of the gold.
Now, if you have determined that the quick cash from the gold buyer is not worth it to you, your item has a low gold to gemstone or diamond ratio, or your item is from a well-known designer (hello, little robins-egg blue box!), it is likely worth it to try to sell the item as-is as a pre-owned finished piece of jewellery.
There are a couple of ways to do this:
First, you can try listing and selling the item yourself on local marketplace platforms, such as Facebook Marketplace. This typically works best for items with a receipt, certificate, or appraisal documentation, with multiple angle high quality photos, and listed for a price under $2000.
The big question now is: how much do I list my jewellery for?
In my many years of experience, pre-owned jewellery typically sells for 1/4 to 1/3 of the current retail price in a private sale. And no, that is not a typo! I recommend setting a list price for about 1/2 the retail price, and happily accepting anywhere from the 1/4 to 1/3 of it. Used jewellery is just that, USED. People buying it expect a deal, as they are taking a risk in not knowing the item’s history and condition, and they have no recourse if there is a manufacturing issue or defect.
Second, another option is to find a jeweller that offers an estate or consignment section, and consign your item with them. I would recommend this route for higher value ($2000+) pieces, and for all designer items. This will likely get you the most money for the item, as a professional store will be able to list it for a higher value with the added vetting and verification process that they offer. Typically, the consigner will take a percentage of the list price, and you will get paid soon after the item sells.
Occasionally, a jewellery store may offer you a purchase price to buy your item outright for resale in their estate section. This price will likely be lower than the consignment price, but may be a bit higher than the private sale route.
I am always happy to discuss how to sell your pre-owned jewellery, whether that’s with an appraisal on your item, or with a recommendation for a gold buyer, private listing, or an estate/consignment jeweller!