Ask Sid: Selling Your Unwanted Jewelry

Q. What’s the best way to sell valuable gold jewelry?

A. First, determine what you’ll likely be offered for it by paying a trusted jeweler $50 or less for a seller’s advisory, suggests master gemologist and appraiser Donald Palmieri of Gem Certification and Assurance Lab in New York. By comparison, a professional appraisal typically costs $50 to $200 an hour, depending on your location, and provides the full retail value of the items.

After getting the seller’s advisory quote, show your wares to three or more local jewelers to see who offers the best price.

Stay away from gold-selling parties and mail-away businesses, says Palmieri. They will pay based on the scrap value—the value of the gold content melted down—which is much less than the retail value of a piece by Tiffany or Cartier. He also advises avoiding eBay unless you’re an experienced seller, because people tend to get better prices from jewelers than from online buyers.

Before you visit local jewelers, check that day’s gold price at Kitco, which is used by most jewelers. And when you begin the inquiry, say, “I need advice on its worth,” rather than “I want to get rid of this,” Palmieri says.

Keep in mind that the price of gold is based on a troy ounce—31.1 grams versus the usual 28.3 grams in an ounce. You may see weight expressed in pennyweights; there are 20 in a troy ounce. Pieces marked 24K, for 24 karat, are pure gold; 18K is 75 percent pure, 14K is 58.3 percent, and 10K is 41.7 percent.

Sid Kirchheimer writes about consumer and health issues.