How To Buy Resale Jewelry

Daryle Lambert’s 31 Club Blog

 

There is wonderful money to be made from buying and selling resale jewelry, but buying resale jewelry is can be high risk. You must have an iron will and a few set rules in place or else this can be risky business.

Last week, I had the opportunity to buy some nice resale jewelry, some for trade and a few pieces for my wife.  But the seller and I simply couldn’t agree on price. I have never been offered great items at reasonable prices, so there has to be a lot of negotiating before you find a bargain. Since you likely aren’t a gemologist, you will be guessing as to size, color, and quality of the stones mounted in that ring, broach or necklace. Even if the piece comes with an appraisal, be skeptical. These can be easily made.

The content of the metal mounting, whether it’s silver, platinum, or gold is one thing that helps to reassure you of quality. If it is 24 carat gold, there is a much better chance the stones are real, and the same can be said about a platinum mounting. Once you get down to 10 carat gold, these pieces might very well have artificial or semi precious stones.

The rule I use goes like this: I know what the gold or platinum is worth, and usually the offer I make is never more than twice the price I can get for the metal in the mounting. This way, I seldom get hurt, and often I end up with a bargain. Jewelry is one area that you should never feel guilty about your offer. To give you an example of what I’m talking about, I was once offered a tennis bracelet by a woman who showed me the receipt from when she bought it. She paid $3,500. Knowing the gold was worth close to $600, I offered her that, and she accepted it. To this day I don’t know what it’s worth, because I gave it to my wife. However, I do feel safe in saying that at today’s metals prices, I could at least double my money should I decide to sell it.

I’ve previously written a Blog about my friend Warner, who purchased a 24K designer gold watch for $200. One of the reasons he was able to do this was because it didn’t say 24K, but instead had a mark from France that indicated this was 24K gold. Today, this watch might bring as much as $10,000.

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