Old jewellery and diamonds selling guide
Maybe you have some pieces of jewellery that have sat in a drawer for a few years, or maybe a relative has passed away and left you a few things. Perhaps you are prone you losing earrings, and have a pile of single hoops and studs, or maybe you just can't look at those items you still have from that messy break up.
Whatever the reason is, selling old or unused jewellery, watches, coins, and even teeth, can be an easy process. We work very hard to make the process clear, and easy to understand for our clients with no obligation and no pressure. Selling your gold are instant money or take advantage of the premium we give you for using your gold as a trade for new product or repairs. There are lots of options, and we are always happy to find a solution that works best for you.
What we buy in our shop:
- Gold of any karat
- Broken jewellery, or unwanted jewellery, including rings, chains, bracelets, single or paired earrings.
- Coins, gold watches, pins, booches, and even teeth.
- If you aren't sure, bring your items in to be tested. Don't throw away anything you aren't sure of. It could be worth money!
- Diamonds of a certain size
- When we have a need for stones, generally over half a carat. The price we offer will a be below or similar to our cost from suppliers and manufacturers. This is due to the speculative nature of the transaction - we could order stones as we need them. If we have a lot of a certain size of stone in stock, we may decline to purchase some stones.
- Smaller stones are treated as gold, and you receive payment for them as if they were gold. Why is this? Generally we will order small stones direct from manufacturers and they will be graded and sorted for ease of use. Used stones can be chipped, will need to be individually graded, sorted, measured, and stored. The time it taked to do this is similar or longer to the cost associated with ordering new stock.
- We offer the option to have stones removed if our offer for the stones is not what you want (free for standard four and six claw settings, over .20ct, up to a max of three. Jewellers fees apply beyond this, or for any complex settings or very small stones.
- Silver
- Large quanities of silver
- Watches
- Only precious metal watches. No plated watches
- Platinum
- Usually settings, rings and bands.
What do we not buy?
- Gold plated or gold filled items.
- We do not pay extra for small stones. You will be paid their weight as if they were gold, which is many instances is more than what they would cost for us to order them.
- Silver plated items, this includes the majority of serving sets, dinnerware sets.
- Designer watches, unless they are gold.
How does it work?
- Come into our store any time during open hours (please try to be in the store at least half an hour before close)
- We go through all of your items and pile them in various karat/material groups.
- Anything not gold, silver or platinum, we return to you or dispose of, whichever you prefer.
- We weigh each pile separately, as each karat has a different percentage of fine precious metal in it.
- We check the current prices of metals that day and calculate the payout.
- If you decline, we return your items.
- If you accept we either pay you in cash, or cheque for larger amounts which can be deposited immediately.
- You must present photo ID, as per the secondhand bylaws of the Region of Waterloo.
- Your ID information, payment amount and what was sold is recorded, as per the secondhand bylaws of the Region of Waterloo.
- You sign, and we hand you cash or cheque.
- We hold all items for two weeks, as per the secondhand bylaws of the Region of Waterloo.
This is a mutually beneficial transaction, as the client receives money based on gold markets, and we can recyle gold to help keep the cost of repairs and product low for the public. We do not resell used jewellery, as this can be an unethical endeavour.
Common Concerns
"But my engagement ring cost a lot of money and I have an appraisal showing its value. Shouldn't I get the amount on my appraisal?"
This is a common misconception. The price on your appraisal is a reflection of the cost of redesigning that specific piece of jewellery from scratch. It contains the information an insurance company would need to determine how much they will charge you a month to insure that item. Often times, if the item is lost, the insurer will use their own private jewellery to remake the piece of jewellery. Infact, having an accurate description of your jewellery in the appraisal is more important than the appraisal price, as this price, if inflated, will cost you more money in the long run.
Buying jewellery is like buying a new car. When you drive it off the lot, you lose a bit of value. When you drive it for a few years it begins to show its age in wear and damage. Eventually, your car will begin to look dated, it will need repair and will be less desirable. These things are also true with jewellery, as links, settings and fasteners wear down from friction and use, stones become chipped, shanks become bent and stone shapes and mounts go in and out of style. Jewellery is a luxury item that should not be considered an investment.
So how can I get the most money for my jewellery?
We always recommend that if people have a fairly new product, and are looking to maximized the money they sell their jewellery for, to try to sell privately. If you are comfortable with negotiating and meeting people in safe places with friends that can help deter possible illegal behaviour, then selling privately might be right for you. There is always some danger in selling jewellery privately, so we remind people to be careful and proceed with caution!
If selling privately is not appealing to you, while you may get less for your items, you will be able to sell in a safe and transparent environment. There is no appointment needed to sell items at our store, and all of our staff is trained and experienced in testing, weighing and measuring your items.
