BUYING & SELLING TIPS

How to get the most money when selling your jewelry

Is there a gold mine stashed away in your jewelry box? Not likely. However there may be some quick cash at hand, especially for the tangle of gold chains you never wear, the broken and dented rings and the lone earrings that have lost their twins.

A sign of the times is the gold party, modeled on the old-time Tupperware party. Guests bring unwanted gold jewelry to the hostess’s home and sip cocktails while their cast-offs are weighed. In exchange, they receive about 75 per cent of the market price of gold that day. Talk to a jeweler about collaborating on a party, or see MyGoldParty.com which sells do-it-yourself kits.

If you have gold that is of low monetary value, consider selling it for scrap. Most jewelers buy gold and either melt it down to use themselves or sell it to a metal refiner. Cynthia Sliwa, author of Jewelry Savvy, recommends searching out a jeweler that makes their own designs because they are always in need of raw materials.

More valuable jewelry can be dealt with in a variety of ways. Some jewelers will take pieces to sell on consignment, and then take a cut of the proceeds. Other jewelers accept trade-ins, allowing you to “move up” to a better piece.

A signed piece would probably be best sold through a major auction house such as Christie’s, Sotheby’s or Dupuis, a Canadian-based jewelry auction specialist. Despite the economic downturn, signed pieces have continued to bring good results at auction.

And, of course, there is always e-Bay.

Here is more advice from Cynthia Sliwa:

* Find a reputable jeweler who will ensure good advice and a fair deal. A professional knows the difference between what’s ordinary and what’s exceptional, and can offer an honest opinion on value. The ideal scenario would be someone you go to all the time and really trust, someone you purchase from and who does your repairs.

* If you don’t have a relationship with a jeweler you trust, go to more than one place and get competing bids. If you are getting a lot of pressure from someone to sell to them, move on. They will lowball the people who are easy pickings, people who want quick cash and are lazy about the process.

* Search completed sales on e-Bay and see what things are going for. But be aware that selling yourself can get tricky, unless you are certain about carat weight, period and other details. “Even I would be hesitant to get into it,” Sliwa says, “because without gemologist training, it’s extremely difficult to know whether something is in good shape or not. I would be afraid of misrepresenting a stone.” Time and effort is another consideration. “You may just want to scrap it and be done with it,” Sliwa says.