How to get the best price for your old jewelry

Selling old jewelry out of necessity or for profit has become a trend of late, with consumers flooding pawnshops and packing up their gold and silver in prepaid envelopes for scrap.

But how do you get the best value for your jewelry?

How much you'll get depends on what you have, whom you're selling to and how much it weighs.

First, a reality check.

It is exceptionally rare to sell a secondhand piece for anything close to what it cost to purchase, said Howard Rubin of the National Assn. of Jewelry Appraisers. You also won't get anything close to the appraised value, if the jewelry was appraised for insurance purposes.

That's because insurance appraisals are based on what it would cost to replace the item, assuming you are buying retail. And the retail price includes a lot of overhead, such as a profit for the manufacturer, the wholesaler and the retailer. When you're selling, the buyer wants to earn a profit too.

Does that mean you'll get 70% of what you paid? Half? Rubin declined to speculate. The answer varies widely and can be affected by the beauty and rarity of the piece as well as where and when you bought originally.

In other words, this can be a way to raise cash. But don't be fooled into thinking you're going to turn a profit. You shouldn't sell any jewelry that you really like, unless you're desperate.

Now, objectively evaluate the piece.

Start with whether it's attractive and fashionable. Would you wear it today -- assuming you weren't affected by the sentimental pull of its being your grandmother's favorite brooch?

There are myriad estate jewelry buyers in virtually every major city that can be found in the yellow pages or on the Web. Rubin suggested that you visit several -- favoring jewelers in your neighborhood -- and ask what they'd offer.

Local jewelers are likely to give you the best price, he said, partly because they'll see you as a potential customer.

The downside: If they're not normally in the business of buying old jewelry, they might offer you a trade-in rather than cash.

Jewelers and estate jewelry buyers are also the best bet for selling outdated jewelry that includes large, attractive or valuable gems. Scrap dealers and refiners are interested in the metal value, not necessarily in resetting the gemstones.

A jeweler, on the other hand, might be interested in buying nice gems to place in an updated setting.