Saving A Buck: Cash in on old jewelry
When you inherit jewelry chances are some of it will end up sitting in a safe deposit box or your jewelry box untouched.
However, jewelry experts say that’s really not the best option for those old pieces.
While a diamond may be forever the piece of jewelry it’s contained in may not be.
Like fashion, jewelry trends change.
Mark Mitchener, with Mitchener Farrand Fine Jewelers, said, “There’s a lot of pieces people inherit and it’s not the style someone would wear.”
Those pieces often end up in your jewelry box untouched for years.
Mitchener says there are options when it comes to those heirlooms.
He said, “We can remelt that, redesign that, reuse it, change the form or the style of it.
We do it all the time.”
While there are pieces that could grow in value over time the value of most pieces doesn’t change much.
Most jewelry created today is made in mass quantities.
There are older pieces like a necklace with hand twisted gold, that are worth saving and insuring, or worth selling so someone else can enjoy.
As for the pieces that aren’t worth as much, there’s nothing wrong with recycling them in to something you would actually wear.
Mitchener said, “Maybe there’s a beautiful diamond ring and we take the diamond out and restyle it for you.”
If you decide to sell the jewelry there are options.
Mitchener has consigned pieces for his customers to help them get the best price.
Other experts say always get the jewelry appraised before you sell it.
Handmade pieces and those with big names like Tiffany or Cartier are likely to grow in value over time.
Those pieces, if they aren’t sold, need to insured.