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Selling Jewelry, Heirlooms and Legacy Planning

Many older Americans reach a point in their lives when they are interested in selling some of the jewelry and "heirlooms" or are deciding how to pass it on to spouses, relatives and even friends. In some cases these are gifts they no longer wish to own and in others there is a need for cash and the sale of valuables can fulfill this need.

There are a number of ways to go forward but there are also a number of things you must do to make sure you are not being taken advantage of. Most of us have seen the ads in newspapers and on TV offering to purchase gold and jewelry. The companies that run these ads certainly offer the opportunity for a quick sale; however sellers generally receive a good deal less than actual value.

Depending on the item or items you are interested in selling you can sell them on line via Craigslist, Amazon or eBay. Generally eBay is your best choice for jewelry. Check out which online services work best for what you hope to sell.

If you have a diamond or a valuable piece of jewelry it is probably better to go to a qualified appraiser. You may have to pay an appraisal fee, but it is better to deal with someone who makes a living doing appraisals as opposed to the actual buyer of your jewelry or diamond.

Tips for selling gems and jewelry

  1. Have your jewelry appraised professionally. Regardless if you’re selling your items to a friend, in the classifieds or to a jeweler, it’s beneficial to know the value before selling. Have a professionally trained jeweler with a GIA certification appraise your merchandise and make sure they are in good standings with the Better Business Bureau. If you're looking to sell your diamond ring or some other precious metal, it's essential to work with GIA jewelers in order to get a fair appraisal.
  2. Know the price of silver and gold. If you’re selling gold or silver jewelry, make sure you’re receiving current market prices.  There are many sites that provide updated metal pricing including http://www.kitco.com/. If you answer one of the ads that appear in your daily paper you are not likely to get a fair price.
  3. Your gold may be worth more than its weight. You can go to any gold buyer and they’ll be happy to pay you for its weight in gold; however you may be missing out on the retail value.  Scrap gold buyers do not take in account craftsmanship, the designer, or the year it was made. The only person who would know its full value is a skilled jeweler who has many years of experience and has knowledge of a large number of designers.
  4. If you’re selling jewelry with diamonds have knowledge of the 4 C'. Cut, clarity, color & carat weight. Go to http://www.gia.edu/gia-about for information. Walking in with some general knowledge of this appraising system will make sure the buyer is offering full price for your diamond.
  5. Have your jewelry cleaned prior to selling. Just like selling a car or home, cleaning your jewelry before selling will increase the chances of your items being sold. Have your items washed professionally since doing it yourself may do more harm than good.
If your jewelry is worth less than $1,000 you might consider taking it for evaluation to a pawn broker. You should visit several different stores to get a better idea of the true value. You can look at the pricing on items similar to yours at pawn brokers and also check the sales prices on eBay. This will give you some idea of value.Of course there is a huge difference between retail and the price you might get when you sell. Checking value yourself is worthwhile as the more you know the less likely you will be taken advantage of. What you will receive will also depend on how quickly you wish the transaction to take place.

If you are in no hurry you can place your items on consignment at an agreed upon price with the seller making a percentage profit (usually 10%-20% of the sales price). In some cases it could take many months to find the right buyer.

If what you are interested in selling has great value selling online is probably not your best option. Go to a reputable dealer in gems and fine jewelry in your area or in some cases an auction house like Christie's or Sotheby's.

If you decide to go to a jeweler, check to see how long they have been in business and if they are members of the Better Business Bureau. You should also Google the store name to see if there have been complaints or problems outside of BBB records.

You might consider I Do, Now I Don't. The idea for the site came when the founder, spurned by his fiancée, wanted to get a fair price on the engagement ring that he’d just purchased. This site allows you to sell to other retail buyers or to the site itself.

According to the site owner "every diamond and gemstone sold is analyzed by our independent GIA-trained gemologist. The site charges sellers a fee of 15% of the sale price. Buyers pay for shipping. Typically sellers receive 40%-60% of the retail price for their item.

If you have gold jewelry or gold items and are considering selling remember gold is gold, whether it's in a coin with a recognized value, jewelry, or the gold bridge your dentist handed you when he replaced it. Check out When should you melt down your gold?

Legacy Planning

As far as passing your jewelry and heirlooms to spouses, family and friends this very much depends on the value of the items, if you wish these items to appear in your will and become part of your estate or if you wish to make individual bequests often prior to your death.

Many people create a separate document separate from their will which gives specific instruction for disposal of certain items in the advent of their death or inability to act. Others have such a document that is part of or a codicil to their will. In each case it is important to list where these items can be found.

Your attorney can best advise you on how to handle these matters particularly if there is substantial value to these items. Making sure you have clearly indicated your preferences will solve problems that might exist in the future among family, heirs and friends who may have expectations that differ from your wishes.
​

There are tax reasons why you might consider gifting items and not including them in your will and if you and your attorney agree items should be listed in your will you may use a codicil which enables you to more easily make changes should you decide to do so.

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