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After 35 years working in the Jewelry Industry, one of THE most common questions we get is How to Sell Jewelry.
Generally this is because people do NOT understand what an Appraisal really is - or what it is for.
As a gemologist and Valuer I understand that my client in NOT the person standing before me in the Lab.
My client is in truth, the Insurance company, and the appraisal certificate is for them - not my customer. Yet this is NEVER explained to them so they THINK that if I Value something at $1000 dollars - that is what it is worth. It is NOT. That is the Insurance REPLACEMENT VALUE.
So in an attempt to explain it fully, and after receiving a request for information, I decided to publish both the original question and my answer in the hope it might make things clearer to visitors to this website.
Here is the Question:
Hi David, I own an engagement and wedding ring set which I would like to sell.
I did have it appraised by a professional Gemologist here in Ottawa, Ontario.
Warman's Jewelry (3rd Edition)
It has been appraised at $3,100.(Cdn). Outside of going to a Jewellery Store and them offering me more than less the appraised value of the rings, I would like to know if you would suggest another route I might go to sell my rings?
Also what would you think would be a fair market price to ask?
I also undertand there are personal newspaper ads which can be put in the local area but wondering if you could suggest another source to sell a lovely set of rings.
In advance... thank you for your time. It is appreciated.
Answer: G'day Barbara and many thanks for your query.
The first thing you have to understand is that ANY appraisal is designed for the INSURANCE companies and NOT for we mere mortals.
In other words it is a method by which the Insurance company can charge you a premium to insure your jewelry at a set price - valued one year into the future (just in case it is lost or stolen in that time frame).
It has NOTHING to do with the resale or retail price.
How many times have you seen your local FRIENDLY jewelers selling items at 50% percent Off - That's HALF PRICE - But 'Off What?'
The secondhand value is based on a percentage of the appraisal - usually anywhere within 10% percent to approximately 60% - 70% percent and it comes down to "How Desperate Are You" to sell.
The ONLY true price of an item is what YOU (as a willing seller) can get from a WILLING buyer. This agreed price can be anything.
There are several 'Ball Park' figures of course, and you might like to check places like eBay to get a rough idea what something will fetch on the open second-hand market...
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Old enough to know better, yet young enough to not be dead yet.
Born Centuries too early and still trying to catch up...
