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The Most Important Things to Consider When Selling Your Gold and Diamond Jewelry

While most jewelry buyers profess to have years of experience in jewelry appraisal, Andrew and Peter Fabrikant of Manhattan-based Fabrikant Fine Diamonds (http://www.FabOn5th.com/) have the lineage to prove it. The Fabrikant family has been in the jewelry business for more than one hundred years, starting out in Eastern Europe and settling in the metro New York area in the mid 1800′s. As a fourth generation jeweler specializing in estate or pre-owned jewelry, Andrew and Peter Fabrikants’ outstanding reputation is recognized worldwide.

Andrew is often quoted in prestigious publications such as the New York Times, the NY Post, the Daily News, the Wall Street Journal and Business Week and has shared his expertise on radio and network TV. Lately he’s been asked to comment on the dramatic increase in consumers looking to trade their jewelry for cash. With that in mind he’s compiled his list of the most important things to consider when selling your gold, diamonds, watches, and other valuable estate jewelry.

• Take a detailed inventory of your jewelry, looking at the pieces you wear frequently and those you do not. If some of your jewelry has been relegated to the vault or your jewelry box for a significant amount of time, you are better off selling them.
• Recognize that your lifestyle and tastes may have changed and that the jewelry you wore in the past – heirlooms or newer pieces you purchased or were given as gifts – may not be suitable for you today. If you do not have an overwhelming sentimental attachment to them, consider selling this jewelry.
• In making a decision to sell, weigh the benefits of having the extra cash on hand against holding onto your jewelry, particularly if you’re not wearing and enjoying it.
• The value of gold and diamonds do not necessarily appreciate, so it is wise not to regard your jewelry as a long-term investment. As of this writing, gold is at historic highs and taking advantage of this time in history is a good idea.

When you’ve decided to sell jewelry, Fabrikant advises that you:

• Make sure you work with a reputable dealer who can find greater value in your jewelry than just the gold weight.
• Avoid mailing your jewelry to a nameless, faceless dealer who will not tell you what he is willing to pay before sending you a check.
• Be certain that the dealer you choose has the resources to both buy and sell. If that jeweler does not have the resources or markets for all different types of jewelry, he cannot pay the highest prices.
• Engagement rings or diamonds over 1 carat are usually the most valuable. Make sure that the firm you work with is well educated on the diamond market. Small retailers and local jewelers are often not in a position to evaluate them properly.
• Be wary of the hard sale. Places like Cash for Gold advertise heavily and are factories that offer you pennies on the dollar while making it difficult to refuse their offer.
• Do not hesitate to ask questions. If a dealer avoids answering all your questions, that dealer may be looking to pay you far less than your items are worth or is simply not knowledgeable enough to do so.

“The unscrupulous dealer will undervalue jewelry, particularly if the seller seems desperate,” says Fabrikant. “Knowledge is power. The more informed a seller is, the more likely it is that he or she will be happy with their decision to sell.” He suggests that when searching for a reputable estate jewelry buyer, ask if they have been trained by the Gemological Institute of America, and/or if they have affiliations with AGS (American Gem Society), JVC (Jewelers Vigilance Society). Usually an affiliation indicates a certain degree of proficiency and product knowledge.

Also, check for a web presence (and possible negative reviews) and a BBB accreditation. But the biggest caveat? “If you choose to mail in your jewelry, make absolutely certain the dealer contacts you with the amount he’s willing to pay and gives you time to consider it without any pressure. If he refuses to discuss his offer and the rationale behind it, be wary. It’s your jewelry and you deserve to be treated better than that.”

About the Author

Fabrikant Fine Diamonds, Inc. is a leading jeweler in New York’s Diamond District with offices at 555 5th Avenue, New York City. As fourth generation diamond buyers and jewelers, Andrew and Peter Fabrikant specialize in the purchase of estate jewelry including diamonds, watches, and gold. With the legacy that is Fabrikant, they are able to offer their clients the highest proficiency in jewelry appraisal combined with integrity that is unmatched in the industry. Clients interested in selling or purchasing new and estate jewelry can visit http://www.FabOn5th.com to learn more or call 1-800-570-4367 (GEMS).

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