I am considering selling my engagement ring and some of my other jewelry.

Does it make sense to wait for prices to go up? And how can I make sure that I get the best price?"

By Keith Shaftel
September 21, 2011
TX FAQs/Financial Issues

Wear it or Sell It. If you think you can continue to enjoy your engagement diamond either in its current form or re-set in a necklace or different ring, then by all means wear it and enjoy it. If, for any reason you don’t see yourself getting the same pleasure from your piece as you once did, seriously consider selling it now, since prices are relatively high. Unworn jewelry has a way of disappearing once it is “well hidden” and ignored. So, wear it or sell it and put the money to good use! Here are some suggestions on how to get the best price for your jewelry:

1.Consider selling your jewelry back to the independent jeweler who originally sold you the item. You already have a relationship with them, so see if they are willing to buy your jewelry back at a fair price. Be prepared, however, as someone who may have charged you full retail for your item may be hesitant to give you an offer at all, and corporate affiliated stores (such as Jared’s, Zales, Robbins Bros., Tiffany’s, etc.) are not likely to be in a position to purchase items from the public.

2.Only consider a cash offer. Avoid offers to take your item(s) on consignment. Even the most honest jeweler is far more likely to “push” their own inventory than to sell consigned items. “Trade-up” offers may be equally ill-advised for two reasons: The price of the new item may be even more inflated than the retail price.  

3.Consider buyers who need your jewelry, even if they are out of town. Don’t limit your options to “conveniently located” businesses. Some of the most reliable diamond buying firms are divisions of long established diamond distributors who may have more incentive to pay substantially higher prices to meet their steady demand. Most smaller companies wind up “dumping” what they buy to these firms anyway.  

4.Insured shipping is actually very safe. The U.S. post office can insure your package for up to $25,000 when you ship by registered mail. For items of higher value, special arrangements must be made. Your prospective buyer should be able to supply full details as well as all appropriate shipping materials, generally at no cost to you. In fact, try to get them to include your shipping costs in their buy offer.  

5. Do a little homework. Avoid newcomers to the buying trade who are very visible today, but may be gone tomorrow with no reputation to protect. When searching online, see if they mention a long established parent company. You can then “Google” that company in order to check customer reviews – probably the single most effective tool you have in determining a buyer’s credibility.      

Keith Shaftel, owner of Shaftel Diamond Company, has built a solid reputation in the international diamond community. He is an importer and wholesale distributor of diamonds and gold chains, and he also deals with individual customers. He can be reached at 713-781-5300. 

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September 21, 2011
Categories:  FAQs

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