Sell Your Gold Jewelry!

Do you buy gold, you ask? Yes! We buy gold, silver and platinum in our Colorado Springs location.

We buy diamond engagement rings and estate and vintage jewelry. We also buy loose diamonds and gemstones. We buy scrap gold, broken chains and single earrings! Sell gold jewelry to us, we do not melt it, we restore it and find it a new loving home!

However, there are several different factors that both the seller and the buyer should be aware of before making this type of transaction for selling your gold.

At Lane Mitchell Jewelers our goal is to educate you on selling your jewelry and gold so that you can get the most money back as possible.

When selling on secondary market there are several things you need to know:

1. Appraisal Value – This is a retail replacement cost for insurance purposes if the piece is ever lost or stolen. This is not the price you will get when you sell your pre-owned jewelry on the secondary market.
2. Price for selling jewelry own your own – Privately selling your jewelry on Ebay or Craigslist can be the most profitable way an individual can sell their jewelry. It is also the process that takes the longest and requires the most patience. And you have to do all the work of selling it yourself!
3. Secondary market (selling to jeweler) – Selling your pre-owned jewelry to a jewelry store that will buy pre-owned jewelry will definitely give you cash more quickly but do not expect to get as much as if you sell it on your own. Jewelry stores buy at new jewelry at wholesale, so the amount you get for your used jewelry will be less than wholesale. Usually it will need some work to get it in re-sellable condition, too!

Now that you have a good summary of what to think about when you sell your gold and jewelry, let’s break it down on how the buyer makes their decision.

First thing that is looked at is quality and size of stones – If stones are low quality they will be much harder to resell. This means that a jeweler or pawn may turn them away as they won’t be able to sell them or reuse them in making another piece of jewelry. This is especially true of jewelers who pride themselves on selling high quality pieces.

Another important factor from the buyers perspective is, “Is it desirable for re-sale?” If not, you are best to move on to the next store with a different market that suits what you are selling. For example, Marquise and Pear-cut diamonds, as well as Pearls, are out of style so you will not get as much money for them.

The expectation of what you would like to make on your jewelry should not be based off of the price you paid, but rather the wholesale cost. For example: at the mall store you paid $4,000, that means they may have only paid $900 for the piece new at wholesale. So the price you will get will be less than $900, because “you’ll never recover the retail mark-up that you paid.”

At Lane Mitchell Jewelers we buy gold, silver, platinum jewelry and gem stones. We also pay more than other jewelers. Our most desired items to purchase are diamond engagement rings and vintage jewelry with a high quality center stones. So, if you inherited your great aunts ring but don’t know what to do, bring it to us, we will restore it and find it a new loving home.

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