Best Place to Sell Used/2nd Hand Jewellery?

Lklowdz on 01/03/2022 - 20:23
Last edited 01/03/2022 - 23:20 by 1 other user

What's the best place you've found to sell your used or unwanted jewellery?

I have an engagement ring that I, um.. no longer need. The original jeweller has refused a 'change of mind' refund, and I haven't had much luck with other jewellery stores. The latter mostly offering around 25c on the dollar for what I paid for it. I wasn't expecting to get 1:1 back for it, but this seems a little low for something that's never been used.

Due to its value I prefer to go to a business (something with an ABN) and avoid online re-sellers such eBay or FB marketplace. The whole thing is enough headache as it is and I can't be bothered dealing with the seller fees, scammers, etc.

I am in Adelaide SA, so if you know a decent store in the area please let me know!

Mods; please move or update as needed. This is my first post, hopefully it's kosher.

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  Jimothy Wongingtons on 01/03/2022 - 20:25

  +2

  25c on the dollar is pretty generous …

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  Hybroid on 01/03/2022 - 20:25

  Is it a diamond ring? You may have better luck selling the stone separately for near enough it's market value. Especially if it has an accredited gemstone certificate.

  The ring itself isn't likely to be worth much more than 25% to a company that wants to clean and flip it.

  • 

    klowdz on 01/03/2022 - 20:32

    thanks @Hybroid, appreciate the reply!

    It is a diamond ring with a certificate (GIA grading report). I kind of assumed that a jeweler would also be the right place to 'sell for parts', but it sounds like I could have better luck elsewhere. Do you know of anywhere else I should be going to?

    • 

      Hybroid on 01/03/2022 - 20:38

      +2

      You'll probably get far more money for it in another country as the demand here isn't very strong for these things. I would imagine even less so in Adelaide. Maybe a trip to Sydney/Melbourne and try there?

      Or even better if you have a US trip as the market is much more active there.

      Try filling in this form and see what the US company offers you just for a comparison: https://www.shaneco.com/gold-buy-cognito - Purchased from them couple times and great company.

      • 

        klowdz on 01/03/2022 - 20:41

        I had no idea that was the case, but I'll look into it. Thanks again for your help!

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  [Deactivated] on 01/03/2022 - 20:43

  +1

  The latter mostly offering around 25c on the dollar for what I paid for it. I wasn't expecting to get 1:1 back for it, but this seems a little low for something that's never been used.

  That's the thing though, you would probably get more for it if it was vintage!

  Suggest listing it on Etsy or seek out a diamond broker.

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  wei13 on 01/03/2022 - 21:04

  +11

  Save it for next time ?

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  garetz on 01/03/2022 - 22:48

  If you are only getting 25cents on the dollar you must of overpaid with the original purchase. Not much you can do.

  • 

    AdosHouse on 01/03/2022 - 23:37

    +7

    Pretty much all jewelry in Australia is grossly overpriced, and that's overpriced in Australia on an already overpriced global market. Diamonds is a prime example, there is nothing rare about them, nor anything special, yet globally they are expensive, and then they come to Australia and we get shafted a second time. Jewelers know this.

  • 

    Cluster on 02/03/2022 - 01:19

    +2

    25c per dollar is about right. Remember the original ring had 10% GST on it, a retailer's margin of about 40%, someone had to make it (often in India or China, unless dealing with a local manufacturing jeweler, and then there's the material costs too. Offering 25% to a walk up retail customer is pretty brutal, but normal.

    If the ring was custom made then it'll probably be melted and remade for the next customer.

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  Cluster on 02/03/2022 - 00:59

  +1

  You could try selling your ring through one of Adelaide's auction houses that often deal with estate jewelry: Small & Whitfield, and Scammels. I am familiar with both as a customer, and there's a weekly auction that always has jewelry in it. The auction house takes a 16.5% premium from the buyer, and 30% from the seller. Once you commit an item and someone buys it you of course must take when you get for it, but from what I've seen jewelry sells for good prices. The major catch is if your ring is worth many thousands of dollars then it's likely to be passed in.

  How much of the ring's value is in the diamonds? If it's mostly diamonds with a bit of gold then you may be disappointed. Unfortunately, diamonds aren't really that rare unless you're talking about large stones. As you've found, retail values are pumped up really high.

  I wouldn't recommend selling the stone separately. It's very common to see SW/Scammels/MGS auctions where someone offers a stone with a valuation certificate for $10k, but it ends up selling for $1.5k. Valuations don't mean much except for insurance purposes.

  • 

    bobbified on 02/03/2022 - 09:30

    Small & Whitfield, and Scammels.

    What a name! lol

    • 

      Cluster on 02/03/2022 - 09:47

      Yes, I thought it was weird too seeing an auction house that almost looks like "Scammers" :-)

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  bobbified on 02/03/2022 - 09:24

  +1

  I have an engagement ring that I, um.. no longer need.

  Are you the one who bought the ring or the one that "received" it?

  If you're the one that received it, give the damn ring back to the person that paid for it!
  If you're the one that bought it, sorry to hear (just remember that you may have dodged a bullet)!.

  • 

    Cluster on 02/03/2022 - 09:50

    +1

    "The latter mostly offering around 25c on the dollar for what I paid for it."

    The OP is the one who bought it.

  • 

    klowdz on 02/03/2022 - 10:21

    +2

    If you're the one that bought it, sorry to hear (just remember that you may have dodged a bullet)!.

    It happens.. but this was is definitely cheaper than a divorce!

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  cupcake on 04/03/2022 - 14:40

  +1

  If you list it on Ebay with good pictures, the valuation certificate, a good description and start the bidding at the lowest price you will accept, you will likely only see it go for 30% of what you paid for it.
  Keep in mind you also lose 19% in fees.

  I've bought a couple of diamond rings on Ebay. Ones with valuation certificates for over $5,000 but I only paid $1,700.
  Sometimes it's the only way to rid of it - unless you want to gift it to someone else…

  You could try selling it to a pawn broker like Tinsons, as they buy high end and luxe items and see how much they offer you.

  Hope that helps.