Sometimes you notice that your old, unused jewels are just collecting dust, and there is a way to turn them into cash or your next vacation at an exotic place, that kitchen remodels you wanted, or anything else that may be more valuable for you. So, if you are wondering where to sell gold for the highest price in Singapore keep on reading. Selling used jewelry is always a balance of what you might gain from selling and how much you value your time. You also need to know your jewelry’s worth, and how and where to sell it.
Appraising Your Jewelry
There are three credible institutions that will appraise your jewelry, Telling you it’s exact worth:
The American Society of Appraisers, the International Society of Appraisers, and the National Association of Jewelry Appraisers. All these institutes ensure a strict code of conduct, ethics and rules. They would charge anywhere between $150 to $350 an hour (wile some charge by the item).
Keep in mind that a simple ring with a single diamond may take an hour or less to appraise, but a complex piece with multiple diamonds and metals might take north of three hours, but under no circumstances should you agree to pay a percent of the item’s value.
You can sometimes find fine jewelry in someone’s old pile of cheap, used jewelry.
There was someone who brought a used sapphire with an outdated appraisal of $18,000. After deep testing under the microscope it turned out to be an untreated Kashmir sapphire worth nearly half a million dollars! Keep that in mind before thinking your old jewelry is just junk and try to wholesale the pile and be done with it.
Some well-known designer jewelry is worth more intact than simple generic jewelry that is best sold as scrap. A good appraiser can advise you on the matter.
Now, you have to be realistic and realize that the appraisal quote is probably too high for most used jewelry sales, since most appraisals will consider the replacement value of your jewelry for insurance purposes and give you the retail price rather than the used resale value. So you’ll need to ask your appraiser for a real market estimate of your jewelry in addition, as most of their work goes toward evaluating assets for insurance companies.
You can also ask the “melt” price of your jewelry which is the cost of the metal it’s made of – either gold, silver, platinum or any other alloy. If you get 70 to 80 percent of the melt value of your gold, it is considered a fair value by most experts.
There are many complaints coming to the Better Business Bureau, about online buyers giving you very low offers, failing to return jewelry when you reject their offer, or even don’t send payment for your jewelry and give various excuses.
Some companies like Where2SellGold.com – would send a pre-appraised sample of gold by a master gemologist, worth $350 to various online gold buyers and receive a variety of offers. In one of these tests they received one offer of $206, another $90 and a third a mere $60. When they declined the initial offer some of them gave a better one.
The Better Business Bureau has a rating list of most gold buyers, where you can see their reputation and some reviews. Make sure to read the fine print in the website to understand all their rules and regulations so you know what kind of deal you walk into. Try to notice their response time to an offer before it’s considered a done deal, and how long until the payment is sent.
Make sure to take a picture of your jewelry prior to shipping it and send it only with an insured delivery method that will prove that the buyer received it and when. There are some online consignment shops that will sell the jewelry for you, as most private individuals will usually pay more than professionals for your jewelry.
Just make sure you’ll get a fair commission, that will not eat away all your profit. IDoNowIDont.com is a specialized website that stands out, it deals with diamond rings from broken engagements. What’s special about this site is that they will send the jewelry to a company for safekeeping after the jewelry is apprised.
The money will be held in escrow, and once the site has verified that everything is good the deal will go through. The site only charges 15 percent commission. Other sites like TheRealReal or SnobSwap guarantee authenticity.
Selling in Person
Out of all the options above selling to a local store is the best option (by far), Some people may sell their jewelry to many places, from coin shops to pawnshops and a variety of consignment shops and private jewelers. The American Gem Society (AGS) can provide a local jewelers list with pristine reputations, who buy jewelry.
For instance, we have a local offline store in Singapore, and we give the highest payouts for jewelry along with a 100% free consultation. You should always get multiple written offers. Get at least three estimations for items, even more if it’s a valuable item.
Multiple offers is the only way you can get a real sense of what the market is actually willing to pay. You’ll need to inform the buyers that you’re required by the seller to get at least three offers, so they will have to put their best offer forward on the written quote. Your appraiser may be connected to a broker, or might be a broker themselves. Ask them if they are willing to act on your behalf. Make sure the broker is very experienced and that they have a wide network of connections. Some brokers take a flat one-time fee, Others may charge between 10 to 60 percent for the sale, but it really depends on how much work will be involved in the selling process.