selling your jewelry
Digital Photographs and a detailed description of your jewelry are invaluable assets when it comes to selling your jewelry.
What You Need To Know
The common method for selling your jewelry is to first get it valued by a certified Jewelry Appraiser. Beware of jewellers who may claim to be appraisers, instead seek a qualified appraiser.
ASA-accredited appraisers provide exceptional valuation expertise as they earn their designations only after completing a rigorous course structure and peer-evaluation process that requires years of study, experience, dedication and commitment. Check out post on 6 questions to ask an appraiser before hiring their services.
How is Jewellery Valued?
While the majority of the appraisals we do are for insurance purposes (Retail Replacement Value), a Fair Market Valuation (FMV) is more appropriate when it comes to determining what you might expect to sell your jewelry for.
Two basic methods for determining jewelry value are the cost method and the comparison method.
Cost Method
The cost method is usually used for insurance purposes when we need to achieve the replacement value. Also referred to as the retail replacement value, this value will tell you the cost of replacement for your jewelry in the event that something happens to your item.
Comparison Method
The comparison method is the most appropriate when determining the FMV. Using this method you’ll get an estimate of what you would receive if you sold your jewelry, taking a number of things into account like the condition of the jewelry and the market demand.
Auction Results
Historical auction market results are used as a basis for comparison in determining your jewelry’s FMV. These values reflect what like items to your jewelry have sold for at auctions, being the most common market place for reselling pre-owned jewelry.
Gem Identification
In order to sell your jewelry, the first thing you will need is an appraisal report that ensures the quality of the items and entails regarding the items identification. It’s important to understand the 4Cs of Diamond Quality:
Diamond Grading Report
A diamond grading report from an unbiased, scientific source such as GIA is more than important information, it’s proof of what you are purchasing. The differences in diamonds can be so subtle, even a trained jeweller can’t recognize them without lab verification. Insist that any diamond you buy come with an indisputable verification of its quality.
Do you need a full jewelry appraisal?
A jewelry appraisal is a written professional estimate of the quality and value of an item of jewelry or gemstone. It is an opinion of the value based on the appraiser’s expertise, research and gemological instruments used.
The details of the item contained within an appraisal document are most important as they help justify the final estimated value.
A Replacement Value Appraisal for the purpose of insurance is one type of appraisal where the precise details of the description are very important in order for the article to be properly replaced in the case of a loss.
Where can I sell my jewelry?
A popular avenue for selling pre-owned jewelry is through auction houses. They provide you with a simple and efficient means to liquidate your jewelry.
Auction Houses
Dupuis Auction and Maynards Fine Art Auction are two Canadian auction houses that hold regular jewelry auctions. Among their services, both houses offer limited on line pre-auction estimates of your jewelry’s potential hammer price.
A link is provided here to access the input screens of Dupuis Auction and Maynard Auction
What you need for the auction?
- digital photographs
- data from IGL’s Quality Analysis Report
Keep in mind that some auctions are reserved for particular types of jewelry. For instance Dupuis prefers to auction diamond jewelry containing carat and over diamonds, period pieces and high end brand watches
Quality Analysis Report
Imperial Gem Lab’s jewelry Quality Analysis Report and photography service will facilitate your quest to realize the best return for your jewelry. Although we do not buy or sell jewelry, our advice and services will help you save time and effort for a task that at times, can seem daunting.
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