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Selling
Your Jewelry
When people purchase a fine watch or
piece of jewelry, they probably never expected that one day they would
want, or need, to sell it. And when the item was purchased, a retail
appraisal was probably included with the purchase.
Jewelry Appraisals --
Let us take a moment to explain
appraisals.
A retail appraisal is typically used for
insurance purposes in the event of loss or theft. This appraised value
takes into consideration that some jewelry (particularly diamonds of 1.00
carat or more) increases in price over time.
The appraisal takes into account the mark
up by the retail jeweler — often times double or even triple of their
actual cost — and the fact that many insurance companies are reluctant
to pay the full appraised price. This is why the appraisal is typically
higher than the actual price paid for the item — not because the retail
jeweler decided to give you a good deal!
WHAT'S IT WORTH?
Now that we know about appraisals, what
does this mean in terms of your jewelry? Unfortunately, it means that you
will not get the appraised price for your jewelry.
Because there are no uniform guidelines,
laws, or rules for jewelry appraisers, the appraisal price varies
significantly for the same item. The value does depend on when the item
was purchased, when it was appraised, and who did the appraisal. In
general, the true value of your jewelry is usually between 20%-50% of the
appraised value. And if you go to a pawn shop, they will offer far less!
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