How Do Jewelry and Loan Stores Price Your Items?
If you’re ready to part with some of your luxury items and want to find a good place to sell gold, you may just begin Googling phrases like “where to sell jewelry near me” or “places to sell gold jewelry near me.” While this is a common starting point in the selling and loan journey, resist the temptation to simply choose the first Orange, CA, pawnshop you come across. Instead, you should educate yourself on how jewelry and loan stores price their items so you can collect appraisals, determine whether your offers are a fair value, and make the best decision for you.
When you sell luxury items — whether it’s a Rolex watch, fine jewelry, designer handbag, or antique art — one of the most significant influencing factors in your appraised value will be the item’s condition. Any scratches, flaws, damage, and wear will be taken into consideration and will almost certainly lower the value. When looking to purchase, buyers understandably want an item in the best condition possible. If the condition of the item is fair or poor, this will be reflected in the lower price. In some cases, even the best jewelry and loan store may not extend an offer to purchase at all.
2. Market Value
When making a jewelry estimate, the appraiser will consult the current market rate for the jewelry’s materials. Any luxury items that include gold, silver, or other precious metals will have some value, although that may only be the value of the raw materials themselves. The same can be said for stones such as diamonds, rubies, sapphires, or emeralds. Condition, brand, age, and rarity can also all have an effect on the price — for better or for worse — but you can be confident that any jewelry with precious metals or stones will at least be worth its current market value. Before receiving your jewelry estimate, look up the current market price of gold or whichever metal your jewelry contains to form an idea of what you’ll be offered.
3. Interest & Relevance
Timing is everything, and how desirable your gold jewelry is will affect your jewelry estimate. If your item is in demand and extremely rare, you can expect to receive more for it — potentially even more than you originally paid for it. However, if the item will likely be difficult to sell, then your offer can be lower than you’re hoping for. The jewelry and loan store will need to consider how quickly it will sell and how long it will take up real estate in their shop. For example, if you’re trying to sell snow boots in Orange, CA, you’ll likely receive less than if you tried to sell them in Minnesota. Without adequate demand, prices will inevitably be lower.
4. Resale Price
Not only will the store consider how long the item will take to sell, but they’ll also estimate how much the item will sell for. Any jewelry and loan store will have to offer you an amount less than they think they can sell it for. Ultimately, they are a business and have to leave room for profit to cover their operating costs. However, some jewelry and loan stores will take a bigger profit margin than others. This is why you should always receive a jewelry estimate from several stores and compare them to discern the best value.
At Watch & Wares, we’re proud to offer some of the most competitive rates in Orange, CA, and all of Orange County. We have a staff of expert appraisers and certified gemologists to ensure that you’re receiving the fairest value possible for your luxury goods every time. We also offer collateral loans that come with generous four-month loan terms and state-regulated interest rates. Whether you want to sell luxury items or loan on diamond jewelry, we’re Orange County’s most trusted source. To schedule an appraisal appointment and receive a jewelry estimate, give us a call at (714) 633-2030 or fill out our online contact form today.