Here are the typical avenues for converting your fine jewelry or other valuables into currency.
1. You can offer to sell your valuables to friends, family, co-workers or business associates.
Assuming you want them to know your business.
2. You can place an ad in the classisfied section.
Exercise caution please, particularly where jewelry is concerned. This can be very dangerous.
3. You can answer one of those heavily hyped “Buying Jewelry – 3 Days Only” full page ads in the local newspaper.
Save your gas. It’s not unusual to be offered less than half of what you could have sold an item for locally.
4. You can try to auction the item on eBay.
Stiff competition, and you had best know what you’re doing, because there are a lot of scammers out there. It’s also important to understand that these are not typical auctions and average price for jewelry that actually sells is actually under $200.
5. You can drop by a neighborhood pawn shop and ask what they’d pay you.
6. You can visit City Diamond Exchange
While some neighborhood pawn shop transactions can run as much as a couple of thousand dollars, the average transaction involving traditional pawn shop staples such as T.V.’s, stereos, guitars, guns, jewelry and the like, tends to range between $70 and $100.
If the neighborhood in which the pawn shop is located is one you consider to be safe, and you feel comfortable going inside, show them your ring, tell them you’re interested in selling, and ask what they would be willing to buy it for.
The amount you’re going to hear is “street price”. There’s no guarantee they’ll be able to resell this item quickly, and they’ll be tying up their working capital, so they must build in enough of a profit margin to warrant doing that.
Neighborhood pawn shops will also LOAN you the money short term, using your jewelry as collateral. If you borrow $1000. you will repay the loan at the end of the 30 days with $1000. plus $200. to $250. in interest.
If you borrowed $20,000. you would repay $20,000. plus $4,000. to $5,000. in interest.
Most pawn shops don’t deal with serious quality high value items, however.City Diamond Exchange does.
During the term of the loan your jewelry must reside either in the pawnbroker’s safe, or in a safety deposit box at his bank.
When a customer pawns an item, terms of the loan are printed on a pawn ticket that is given to the customer. The ticket contains the customer’s name, address, right thumbprint, type of identification provided to the pawnbroker, a description of the item, amount borrowed, maturity date, service charge and amount that must be paid to redeem the item.
Neighborhood jewelry stores are not overly large places, and of course sound does carry, so it can be difficult to carry on a private conversation. Well, so what. If the neighbors want to gossip, let them. You’re doing your homework.
Show the ring to the jeweler and state that you’re interested in selling it. The jeweler will consider the size, the clarity, and the color of the diamond to first determine whether he or she even has an interest in purchasing the ring.
Much of the time, the answer is no. Remember, Jewelers already have a lot of inventory.
If the jeweler thinks the ring is marketable however, you will be asked what amount you want for it.
The sellers automatic tendency at this point is to blink and say, “Gee….I don’t know….what’s it worth?”
You’re asking your potential buyer to tell you what it’s worth?
Don’t be silly.
Besides, the jeweler is not allowed to do that.
Here’s what’s happening:
Your potential purchaser is going to be making a business decision based on some practical considerations.
You already have a general idea of what you’re willing to take for this item, or you wouldn’t be there.
If the amount you’re asking for the ring is sufficiently LESS than what the jeweler could manufacture that same ring for in-house, there might be an interest.
Remember, the jeweler can simply pick up the phone and order the exact same size, color and clarity diamond from one of the major, to-the-trade-only wholesale diamond brokers. More importantly, he doesn’t have to spend money to get it, unless and until he actually has a need for that type ring.
Next the jeweler decides whether he even wants to use the store’s operating cash on what is effectively a discretionary purchase. The jeweler may already have SIX similar rings stored in his back safe.
The final consideration is whether or not the jeweler believes the ring could be resold quickly at a reasonable profit.
So this means that IF the jeweler is interested, you may get your price, but, more likely, you would receive a slightly lower offer, because acquisitions like this tie up the jeweler’s working capital.
The price you’ll be offered will be reasonably similar to that which you were offered by the Pawn Shop.
If it’s the slow season in his area, even if the jeweler likes the item, he’ll be extremely reluctant to purchase it.
The biggest risk is to your ego, if something special you’ve decided to part with is turned down flat by your favorite jeweler.
It’s not you. It’s a business decision.
Regardless of whether or not he chooses to purchase it, a reputable jeweler will also tell you that you may get a better price for your item if you place it on Consignment.
NEED A REASONABLE SOLUTION?
We can’t work miracles, but we can probably come close.
If you have high quality valuables, and need immediate funding for anywhere from $1,000. to $100,000,000. we can certainly you help accomplish your goals.
City Diamond Exchange Nashville is trusted and WILL buy your Diamonds, Gold, Watches, and Platinum. You’ll be able to discuss the matter, not in some neighborhood store, but privately and confidentially, in discreet professional surroundings.
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