When selling high-value jewelry pieces for cash, some people settle for less than their pieces are worth. This can happen when someone doesn’t know the value of their jewelry, hasn’t researched their items or sells to the wrong buyer.
To ensure you get top-dollar when selling jewelry in Michigan, familiarize yourself with the six most common mistakes people make. This can help you avoid making the same mistakes and get a fair and fast payout from a dealer like AU Precious Metals.
Not Knowing the Value of Their Jewelry
Not knowing the value of your jewelry before you sell can lead to undervaluing or overvaluing your pieces. Undervaluing can result in selling your jewelry for much less than it’s worth, while overvaluing may give you unrealistic expectations of how much cash you’ll receive from a buyer.
Knowing the value of your jewelry ensures you settle for a fair price when selling. To understand the value of your piece, bring it to AU Precious Metals for assaying services. We use non-invasive X-ray technology to test your gold and silver pieces and determine their value.
Getting an Inaccurate Appraisal
For insurance purposes, a jewelry appraisal gives you a detailed understanding of what your piece is worth and why. During an appraisal, the appraiser considers the metal type, gemstones, condition, and market demand, to determine the item’s fair market value.
However, when selling scrap jewelry, an assessment from a standard appraiser can be highly inaccurate. This is because these appraisals are set for the retail replacement price of a piece, which can be 200% to 300% higher than scrap prices.
For an accurate appraisal of your pieces, contact our appraisers at AU Precious Metals. We can examine your jewelry and offer you a fair price based on our assessment of your piece’s metal content, gemstone grading, and overall condition based on scrap jewelry standards.
Accepting the First Offer
Unless you work with a buyer you’ve previously sold to and trust, accepting the first offer you receive is usually not a good idea. It’s common for buyers like pawn shops or jewelry stores to make low offers to get a better deal.
By accepting the first offer, you could be leaving money on the table. Instead, shop around to see what your jewelry is worth or look up reputable dealers where other customers have had a great experience. At AU Precious Metals, we are confident that we can offer you a reasonable settlement because we have the technology and expertise to value your jewelry appropriately, ensuring you get the best price.
Not Doing Your Research
Before selling jewelry for cash, conduct research to ensure you’re getting the best value for your items. This can include determining the type of metal, quality of gemstones, and condition of your piece.
Look for similar pieces of jewelry that have recently sold or current market prices of gold and silver to get an estimate of what your item is worth. You can also consult with an appraiser or reputable buyer like AU Precious Metals to provide an accurate valuation of your jewelry. This can help you get a better deal and maximize your profit.
Selling to the Wrong Buyer
Selling to the right buyer impacts the price you can receive for your jewelry. Buyers like jewelry stores, online businesses, and pawn shops may try to earn a high profit by undervaluing your jewelry.
AU Precious Metals offers professional customer service from experienced staff in the precious metal and jewelry industry. We buy silver, gold, palladium, and platinum jewelry and gemstones like diamonds, making our team uniquely qualified to assess the value of your piece and give you a fair price.
Not Being Honest About the Piece’s Condition
Honesty about your jewelry’s condition is crucial when selling to ensure you’re providing accurate information to potential buyers. Although a professional dealer can use appraisal and assaying technologies to determine a piece’s value, being honest can help them assess its worth and give you a fair quote.
When speaking with a buyer, disclose any damage or repairs done to the item and information about the piece’s origins and history. If you have the original paperwork, such as an appraisal, diamond certification, or certificate of authenticity, show it to the buyer along with your piece.
Get Cash for Your Jewelry at AU Precious Metals
If you are seeking a reputable and fair buyer for your precious jewelry, get a quote from AU Precious Metals. Our team of industry professionals offers highly competitive prices for all types of jewelry, including gold, silver, diamonds, and precious stones.
We provide a straightforward selling process that you can use in person or by mail. With decades of experience in the industry, we have the knowledge and expertise to provide you with the best price for your valuable jewelry.
Contact us for a quote for your jewelry and get a fast, secure payout in cash, check, or wire transfer.