Wanting to sell one of your gemstones or jewels?
Look no further—with our perfect how-to action plan, you’ll have all the top tips and specifics to confidently approach your deal with peace of mind. Perhaps you’re wondering what to do with a single gem you picked up during your last bout of spring cleaning, or you’ve finally decided to cash in your great-grandmother’s gold or diamond valuables.
Whatever the case, we’ve compiled a list of some FAQs to help you have a smooth and swift sale.
1. What is My Asking Price?
To get you on the right track, start with having your jewel or stone assessed to obtain objective market value. This guides you when you’re not sure how much your item is worth. The evaluator will also give their fair estimation of how much a potential purchaser will offer.
An experienced evaluator always keeps in mind the following pricing factors:
- Your gemstone or jewel’s quality
- Market accessibility
- Local appeal for this precise gem or jewel in your region
Contemporary fashion trends also determine value, particularly if a stone is set in a certain piece. An objective market assessment provides you with a reference point in determining your asking price.
If you need additional gem-specific purchasing hints, GIA’S Gem Encyclopedia can help you out.
2. How Do I Locate an Evaluator?
There are different assessor associations you can approach to find an independent evaluator:
This list contains contact details for the headquarters of each association in its respective country. Countrywide membership exists for every association, but if you can’t find any evaluators in your specific region, you’ll have to look more closely to find one nationally.
3. Can I Use a GIA-Certified Evaluator?
No. While GIA equips students in knowing how to classify stones and rate diamonds, they aren’t taught how to write evaluations. GIA doesn’t qualify evaluators.
An evaluator requires expert knowledge, education, and experience to deal with legal documentation such as an evaluation. Always verify a prospective evaluator’s credentials before proceeding, to know you can trust their judgment.
4. Do Graduate Gemologists (GG) Write Evaluations?
It’s possible for anyone to write an evaluation, but we recommend you opt for an evaluator who has been trained in the task.
Also, he or she should have the gemological training & a solid background & understanding in the making of jewels. GIA has a Graduate Gemologist course equipping trainee gemologists to classify and rate both diamonds & colored stones. Upon completion, graduates can further their training to become evaluators.
This is frequently done through one of the assessor associations. When approaching these associations for a recommendation, it’s useful to verify if an evaluator also has a GG qualification.
5. What’s the Next Step after the Evaluation?
Once you’ve obtained your evaluation you can sell your jewels or gemstones.
Here are some possible steps to consider before deciding what to do:
- Find a bidder: Your successful sale could be secured either through an online auction website or your nearest auction house.The higher the quality and value of your jewel or stone, the better it is to use the services of more established auction houses. For some inspiration, view these stunning stones in an Auction Report.
- Resell your item: It’s worth a try asking if the original jeweler or owner will buy it back from you.It’s important to note that the majority of jewelers will make an offer that is less than the general worth for the item.Jewelers protect themselves in doing this as they have to make an upfront payment in purchases from a private person for a piece that they can’t guarantee they will sell again immediately.By contrast, a jeweler purchasing an item from a supplier can do so as and when needed & the total is often split into multiple payments.
Trade-in your item: It’s not uncommon for your jeweler to agree for you to trade in your original item.
In exchange, you could either obtain store credit you can use towards purchasing a brand new jewelry item or another item from the jeweler’s range.
If the style of jewelry is outdated or no longer your preference, consider trading the original stone from its original mounting in favor of a completely new setting.
- Sell the item on consignment: Find a jeweler or estate jeweler who collects previously owned jewelry pieces on consignment. Be aware that you don’t normally receive payment for the piece until it’s sold.Jewelers often take a commission from a portion of the sale, so remember to inquire about this when at the jewelers.
- Contact other jewelry stores: Find out whether additional stores or companies that buy previously owned jewels or gemstones for resale would consider buying your items.It’s crucial to use your baseline original asking price as determined by your evaluator.
These guidelines have been designed to give you the best information necessary to obtain a suitable price when you sell your jewels or stones.
At our Singapore office at 29 Kreta Ayer, we buy gemstones, jewelry, and diamonds, and give the highest payouts in the market. Feel free to contact us for a 100% free consultation by filling your details in the box below.