A step-by-step guide to one of our most asked questions.
Research the Price
The first step to selling a jewellery piece from your personal collection is to do some research on what the current re-sale retail value of your piece may be. Remember, it is likely you may have to settle for wholesale pricing when re-selling, which could be fifty percent or less. A big exception to this rule is if it’s a branded designer piece, especially if its in the current collection. This gives potential buyers a good frame of reference for the current price if they were to buy it new in the store, so they are often willing to pay more for those pieces because they have the peace of mind that they’re still getting a discount versus the luxury store price. When you’re doing research, take a look at pieces with similar quality in a wide variety of places. Good online sources can be TheRealReal, 1stDibs and even eBay.
Consider Selling Online
Once you have a price in mind which you feel is reasonable, you can also decide to sell your item at one of the aforementioned online retailers. Many of them supply their own gemologists and appraisers which will provide a selling price for you, which if course, you can either agree with or not. If using a site such as eBay, it’s wise to have the ring evaluated by a professional gemologist first, which you can offer as peace of mind to potential buyers and will up the likelihood of receiving a higher quantity of better quality offers.
Check in with the Original Retailer
If selling online isn’t for you, you may want to check in with the original retailer of your piece to see if they may be interested in purchasing it back in any capacity. You can also check with other independent jewellers (some of which you can also research online) who sell similar pieces, to see if they could be interested in buying your ring outright, on consignment, or willing to give you a trade-in agreement on another item.
Consider Auction Houses or Luxury Consignment Retailers
Another great resource can also be auction houses and luxury consignment shops. Again, research auction houses in your general area – there are actually many more in operation than you probably realize, as well as houses that specialize in and hold sales at every level and price point. So, don’t worry that your piece may not be high-end enough to explore this avenue. The same goes with consignment shops. This is a hugely growing part of the industry and they are popping up everywhere, both in physical shops and online. Keep in mind that the more physical evidence you have of your item, the more the value will likely increase at consignment level, again, especially for designer items. This includes any original bags, boxes, dust clothes, certification, and even the original receipt or any service receipts.
Redesign Your Piece
If all else fails, or the price of sale you’ve been offered isn’t quite compelling, you can always keep your jewellery, and instead, have it redesigned as a new piece. This way your item will more likely retain its value and you’ll actually continue to enjoy wearing it. This is also an ideal option for any jewellery that may be a bit dated in design, which could make it difficult to receive the true value of it with online or consignment retailers.