Ready to sell your jewelry but aren’t sure if you need a jewelry appraisal, diamond certificate, or…nothing?
Here’s the difference between all three and whether or not you need one to get the most cash for your diamond, gold, silver, or platinum jewelry.
What is a jewelry appraisal?
A jewelry appraisal is when a professional jeweler examines your rings, necklaces, bracelets, watches, or diamonds to assign a monetary value for insurance or tax purposes. While jewelry appraisals include the weight of the metal and characteristics of any diamonds in your piece (cut, color, clarity, and carat weight) it’s only one jeweler’s opinion — not a gemologist’s. So, appraisals can often vary from jeweler to jeweler.
You can have an appraisal completed at almost any jewelry store, or you can choose someone who specializes in appraisals, like a gemologist or appraiser (we often recommend Russell Brothers Fine Jewelers to our customers). Appraisals usually cost around $100 depending on the piece (but some jewelers charge by the hour so ask first!).
It’s important to note that while appraisals are great for tax or insurance purposes, the characteristics of your item and the price are often inflated. Why? So insurance can charge a premium, and you’re more protected if your diamond was ever lost or stolen.
They reflect what was likely the original purchase price of your jewelry, but not the second-hand value. Therefore, it can be misleading if your purpose for getting an appraisal is to resell your jewelry.
What is diamond grading?
Unlike jewelry appraisals, diamond grading certificates don’t assign a monetary value to your jewelry. However, they’re the most transparent, accurate, and objective tool for determining the market value.
Diamond certificates are issued by renowned gemological labs, like the Gemological Institute of America (GIA) — the certificates we use for our diamonds. A trained gemologist provides a highly accurate grading of all the characteristics of your diamond, so you can understand the quality of your stone.
Having a GIA certificate for your diamond gives you more bargaining power when selling jewelry second-hand, and you’ll often get more money right off the bat because the buyer can be confident in the quality of your stone.
Do I need an appraisal or grading certificate to sell my jewelry?
The short answer is no. Many buyers won’t even glance at an appraisal when valuing your pieces because of the inflation in price and grading. A buyer still needs to see the current condition of the piece and verify/agree with the information via their grading process.
For GIA certificates? If you have one, that’s great! But, it’s not necessary to sell your piece and get a great, honest deal. At Memphis Gold Buyers, everyone on our staff is trained in the grading and valuation of jewelry, coins, and diamonds. And we always pay the most!
If you have a large, high-quality, or rare diamond, you may want to pay the cost of having it graded by the GIA. The prices vary anywhere from $80 to $300, depending on carat size. Now that you know the difference in appraisals, diamond grading, and resale, you can feel more confident in selling your diamond, gold, silver, or platinum jewelry. Have more questions? Give us a call at 901-324-4009.