Considering Consigning Your Pre-Owned Jewelry
Shedding the old to make way for the new is called molting in the avian world, but here at CANARY we prefer to call it spreading your wings... Here’s what you should consider before making the decision to take flight.
UNDERSTANDING THE RESALE JEWELRY MARKET
The market for pre-owned jewelry is brilliantly popular with savvy treasure hunters looking for quality, in-demand pieces at non-retail prices. If your jewelry meets at least two of the following factors, then consigning the pieces that no longer bring you joy is worthy of consideration and will add some feather to your nest!
Coveted Designer/Brand:
Luxury and designer jewelry brands such as Tiffany & Co., Cartier, Chanel, David Yurman, John Hardy, etc. are consistently in-demand.
Popular Size and/or Ability to Resize:
Jewelry in the most common size range and/or can be resized is preferred – particularly with rings since they require a true fit. Note: most eternity style rings, and jewelry set in tungsten, stainless steel and titanium aren't resizable.
Quality Materials:
Quality gems (colour, cut, clarity, carat size), quality precious metals (e.g., platinum, min 14K yellow and white gold, 925 sterling silver), and an in-demand setting style are always sought after.
Fabulous Condition:
Jewelry in excellent condition (minimal signs of wear, well- maintained) is preferred. CANARY recommends a professional clean and polish before consigning to ensure your items show at their sparkly best!
PRICING PRE-OWNED JEWELRY
Like with all products, whether new or pre-owned, competitive pricing is key! It all comes down to the economic principle of supply and demand.
On the resale jewelry market, a good rule of thumb is that if you have highly desirable jewelry to consign you can expect the item to be priced at ~25% - 60%* of the original cost or appraisal. There are two main considerations that explain this range:
1. Just like when buying a new vehicle, new jewelry depreciates immediately. All pre-owned jewelry is considered used even if it has never been worn! Unfortunately, this means that no matter who you sell your pre-owned jewelry to you can expect to receive less than the original cost since it can no longer be sold as new.
2. A jewelry appraisal, by nature, isn’t an indicator of value or what you could expect to receive for your jewelry if you decide to sell. This is an especially common misconception. Insurance appraisals are always higher than what was originally paid because they are only meant to quantify the highest cost an insurer “could” expect to pay to replace the item in the most in-demand market.
“Most people don’t understand the difference between the real price and the appraised value. We might get half to one-third to even one-quarter of what you’ve had the item appraised for.”
— Gary Shuler, Director, Jewelry, Sotheby’s New York
CONSIGN WITH CANARY!
We're always looking for high-quality, low-wear, pre-owned treasures! Discover the benefits of selling with CANARY.
LEARN MORE*A notable exception to this range is engagement rings and wedding bands. These items are typically listed at ~25% - 30% of the original cost and/or appraisal value. Perhaps more if the item is from a highly desirable brand, in excellent condition and/or features a high-demand type and size of gemstone(s) and setting.