Selling Inherited Jewelry & Diamonds: What You Need To Know

Inheriting jewelry can be a fantastic way to remember a person dear to you in your life. However for emotional or financial reasons you might face a difficult decision to keep or sell it. Here we take a look at all aspects about selling the jewelry your inherited.  

 

The Emotional Aspect Of Selling Inherited Jewelry

 

How Do You Feel About It

After the passing of someone near to you its often the case that the feelings you have are a complicated and difficult to understand. Making decisions close to someone's passing can be difficult so its important to process those feelings before making a decision. 

 

What Selling Inherited Jewelry Means To You

A decision to sell does not have to mean that you are not paying respect to the memories of that person. Its often a practical decision based on current finances or the fact that you might not wear the jewelry you have inherited and don't want it to sit in a jewelry box. Sometimes we have clients that will purchase another jewelry item that represents the person that passed away which is more in-tune with their personal style, paid for by the money they generated from the sale. Raising finances from the sale will often open up new doors or experiences for the family and something special can come from those choices.

 

 

The Practicalities Of Selling Inherited Jewelry

 

Knowing The Value Of The Jewelry

Many of our clients like to know how much the jewelry is worth before they make a decision to sell. One way to do this is to get an appraisal by a certified jeweler. These valuations are normally for insurance purposes and therefore don't reflect their actual worth, instead they rely on a replacement value. The only way to get a 'real' idea of their value is to show them to a buyer who will make you a serious offer. That way you know their current market value, this value will depend on the precise characteristics of the items and how saleable they are in today's marketplace.

 

Finding A Reputable Buyer

There are options for you to consider when you have made the difficult decision to sell. 

 

Online P2P Platforms:

Selling jewelry on a platform like eBay or Facebook Marketplace is an easily accessible option that comes with some upsides and negatives. 

Plus Points: Selling to another person can yield high returns even after fees are taken into consideration. Also most people have accounts already setup with these companies so selling is a known quantity.

Negatives: It hard to sell to another consumer as a lot of dealers operate on these platform looking for bargains. It is also very difficult to know what price to set as most people don't have specialist knowldege, so the risk of selling for too much or too little is high. If you have to meet people face-to-face to complete the transaction you should consider the personal risk to yourself. 

 

Specialist Online Buyers:

Companies that specialize in buying jewelry can be a great option for most people. White Pine falls into this category and purchases a wide range of jewelry from engagement rings to fine antique pieces. 

Plus Points: If you do a little research you should be able to locate a trustworthy buyer after reading their reviews. You will get a fair market offer for your inherited jewelry. The process is normally simple and quick adn payment can be recieved in a couple of days. 

Negatives: Some people don't like sending off their items even if they are insured during transit. 

 

Local Options:

Local jewelers, pawn shops, or antique shops can be a good option, especially if reputable options exist close to your location.

Plus Points: Selling to a local buyer means that you don't have to send off your items. You can also meet face-to-face and enjoy a more personal experience. This option can be very quick if you like the prices on offer. 

Negatives: Pricing tends to be an issue as local options have a view of the local market not the national or international markets. Also good offers tend to focus only on items that the local business thinks they can sell in the local market so you are not going to reliably get the best prices. 

 

At Auction:

If you have important or high value pieces then selling at auction could be a good route for you. 

Plus Points: Auction companies already have a list of potential buyers that your item can be put in front of. Bidders bidding against each other can drive up your price. Important pieces will attract significant interest nationally and internationally. 

Negative Points: Most items are not suitable for being put into an auction as they fail to meet the criteria set by the companies. Auctions happen infrequently so you might have to wait to sell your items. Fees associated with selling at auction can be high, eating into your return. You might get less for your items if there is weak bidding. 

 

Understanding The Sales Process

Selling jewelry isn't as straightforward as it might seem. Different platforms have different processes. Be sure to ask about listing fees, commissions, return policies, and how and when the payment will be transferred to you. Don't hesitate to clear any doubts before you agree to sell.

 

Inheritance Laws

Inheritance laws differ significantly by state and country. Be sure that you're legally entitled to sell the jewelry. If multiple inheritors are involved, make sure everyone agrees to the sale to avoid legal complications later. Consult a lawyer if you have questions.

 

Tax Implications

Selling inherited jewelry could lead to tax implications depending on your country's laws and the item's value. It's recommended to consult a tax advisor or do your research to understand any potential capital gains tax.

 

Tips For Selling Inherited Jewelry

 

Keep The Emotions Separate

Although it's challenging, try not to let emotions influence your judgment when determining the price. Your attachment to the piece won't translate into its monetary value.

 

Do Your Research

Knowledge is power. Learn about the current market, price trends, and how similar items are priced before you decide to sell.

 

Get Multiple Quotes

One quote might give you a ballpark figure, but getting multiple quotes from different sources will provide you with a realistic price range for your jewelry's worth.

 

Wrapping Up

Selling inherited jewelry is a journey that intertwines the emotional and the practical. By understanding your feelings, arming yourself with knowledge, and navigating the sales process wisely, you can ensure that you're making the best possible decision. It's about transforming a cherished memory into something that can provide you with financial benefit or an opportunity to create new memories.

 

FAQs

 

Is it wrong to sell inherited jewelry?

Nobody can tell you if its wrong to sell. Its a personal choice based on your circumstances. You should do what your head and heart tells you to do. 

 

What if the jewelry I inherited is not my style?

Selling it can give you the freedom to buy something that aligns with your style or to use the money for other important aspects of your life.

 

How long does it take to sell inherited jewelry?

The timeframe varies depending on several factors like the platform you choose, the demand for the type of jewelry you're selling, and the price you're asking.

 

Is selling inherited jewelry online safe?

Most serious buyers will have online reputations that you can and should research. Your shipments should be insured for an amount you are comfortable with, so yes selling online is safe and now a very usual sales channel. White Pine can provide you with a free quote.