ExecutiveChronicles | How To Estimate The Value Of Your Jewelry For Consignment Auction? | Did you know that some of your inherited jewelry could be worth a lot? If you’re thinking of disposing of some of your handed-down rings, bracelets, and necklaces after decluttering, you may want to reconsider that.
Here’s a better idea. What about consigning your jewelry to an auction house. Jewelry consignment is an agreement where your jewelry is displayed for sale in a jewelry store on the condition that the store owner takes a certain percentage from the total amount of sales obtained from your items.
An auction house is a business entity that operates based on buying and selling previously owned things like your inherited jewelry. Although there are many ways to sell your jewelry, using jewelry consignment auctioneers are considered the best option since they’re known for selling items for an amount above their cash value. You’re therefore guaranteed to get the best price for your jewelry.
However, before you settle on placing your jewelry for consignment in an auction house, you should know how to estimate the value of your jewelry. This article will guide you through that process.
Steps For Estimating The Value of Your Jewelry For Consignment Auction
There are two types of jewelry: fine and costume jewelry. Fine jewelry is made from precious metals such as diamond or gold. Such jewelry uses genuine gemstones like emeralds, sapphires, and rubies to enhance its status. On the other hand, costume jewelry is made from inexpensive materials, and its value is based on its desirability. Costume jewelry is usually antique or vintage in nature.
To properly evaluate your jewelry, here are some easy steps you can follow:
- Clean The Jewelry
If you want to have an accurate estimate of the value of your jewelry, it would be best to inspect it while it’s clean. Dirt and blemishes can easily make you downgrade your jewelry. Therefore, the first step is to clean it.
Experts recommend that you line the sink with a towel so that any gemstone or piece of jewelry falls off, it won’t go down the drain. Then, use a toothbrush and warm soapy water to clean your piece of jewelry. While scrubbing the jewelry, be gentle, so as not to scratch its surface, causing its value to decrease. Additionally, be sure to avoid any detergents that may be abrasive to the metal of the jewelry. After scrubbing, rinse it and leave it to air dry.
- Look For A Jewelry Mark or Stamp
Most precious pieces of jewelry have a mark or stamp indicating their designer or manufacturer. These brands tend to mark their jewelry pieces for brand awareness and prestige.
Finding the stamp of the jewelry will help you identify what metal it’s made of and its purity percentage. This can help you estimate the value of the piece of jewelry.
Furthermore, it’s also a good reference to find all the information that can help you evaluate the jewelry. Knowing when and where the jewelry was made is also a vital step toward estimating the real value of your jewelry.
However, it can be hard to identify where some of these marks are placed. Here are some tips you could use in finding them:
- Rings – Most stamps are placed within the band of the ring.
- Necklace and bracelets– Oftentimes, stamps are placed on the clamp.
- Earrings– You can find the mark close to where the earring touches your ear.
- Check The Age of The Jewelry
Checking the age of the jewelry is a good way to estimate its value. The unwritten rule is that the older a piece of jewelry is, the more valuable it’s likely to be This is especially the case for an antique piece whose value is tied to its age and craftsmanship. For a jewelry piece to be considered antique, it must be 100 years old and above.
- Check The Jewelry Stone Setting
One of the ways you can estimate the value of your fine jewelry is by checking its stone setting. If the gemstone on the jewelry is attached using glue, the jewelry may not be a fine jewel which means its value will be low.
Moreover, in this day and age, there are many replicas of gemstones on the market, especially diamonds. Therefore, consider using the sparkle test to check if it’s a real diamond. To conduct the test, hold the jewelry under a lamp so that light shines on the diamond. If the diamond is real, it should reflect a perfect white light that creates a clear sparkle. However, if the sparkle is coloured, you may be dealing with a piece of costume jewelry whose value will be lower than that of fine jewelry.
- Seek The Help Of A Jewelry Valuer
The last step is to seek professional help from a jewelry valuer to establish the accurate market value of your jewelry. When choosing a valuer, go for someone with a history of expertise in the industry. Additionally, they should be able to empathize with the sentimental value of the jewelry, if it has any.
Wrapping It Up
If you have been considering disposing of your inherited pieces of jewelry, don’t. It may be possible to make a serious amount of money out of consigning them to an auction. However, before that, follow the five steps mentioned above to help you properly estimate the value of your jewelry for the consignment auction.
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