Saving money is a good thing, right? Well, one of the ways to save money is to buy used jewelry. The problem is that even some people who answered affirmatively to our initial question feel uneasy when it comes to the topic of used jewelry. These same people are more likely to describe buying used jewelry as cheap rather than frugal. Why is that?
A used necklace has preserved more of its functionality than a used car, yet these same people would have no trouble buying a used car. Even when it comes to jewelry, a person who would never buy a used ring would gladly wear a jewelry piece twice its age if it was passed down to them as an heirloom. How come? The difference is that this item carries a sentimental value but the sentimental value is always subjective and up for interpretation.
Here's what you need to know about buying used jewelry to get a more balanced (objective) opinion on the subject matter.
1. What are the benefits of buying used jewelry?
Buying used jewelry gives you a cheaper way to get the piece of jewelry that you want. For that same amount of money, you would be able to purchase a smaller, lighter, and in almost every other way inferior piece. Other than this, there’s also the ethical reason behind buying used jewelry. Namely, by taking this route, you’re going for an eco-friendlier approach, seeing as how you’re not feeding the industry itself. Lastly, some people want jewelry with a bit of history. Even if not unique, you want something that tells a story.
2. Where to find used jewelry?
Used jewelry can be found in jewelry stores, pawnshops, and even online. The difference between these three places lies in their authenticity and trustworthiness. A standard jewelry store offers more assurance than a pawnshop. When it comes to online retailers, not everyone has the same kind of reputation. While some prefer to stick to specialized platforms like WP Diamonds, others buy from general marketplaces like eBay and Shopify. Either way, whenever you’re buying used jewelry, you’re taking a certain risk. A lot of people, however, find this risk to be well worth it.
3. Are there any scams out there?
Like in any other field, there are a lot of scams in the used jewelry industry. There are a lot of metals and stones that look similar to their more expensive counterparts. To a layman, even with a good guide, these may be indistinguishable. People usually receive receipts or any kind of paper for authentication of the jewelry that they purchase. The problem is that, with used jewelry, there’s usually no such accompanying paperwork. People lose these papers or just don’t submit them when selling, which means that the retailer lacks them, as well. Some might not even outright lie but just “tweak” the purity of the jewelry piece. Either way, keep your both eyes open.
4. How to check for authenticity?
There are a couple of ways to check a piece for authenticity but it’s always safest to just take it to a professional for an appraisal. The problem is that you don’t have a professional on a quick dial. There are so many tricks on how to spot fake jewelry out there on your own, as well. Still, this might require you to use a special substance like chalk, iodine, or even vinegar. Keep in mind that the use of a magnet may also reveal quite a bit about the piece in question. The bottom line is, you need to be prepared. Just keep in mind that the seller might not be willing to let you use chalk on spot, even if they don’t have anything to hide. Moreover, with online jewelry, this is outright impossible.
5. How to check the condition of used jewelry?
Some parts of the jewelry you may decide to buy can be worn off and it might have diminished their value drastically. Just look for scratch marks, especially on the joints. The truth is that there’s not much that one can do to hide these marks. When buying jewelry online, make sure that you get to see pieces from all sides before committing to a purchase.
6. Are jewelry cleaners worth it?
Sometimes, the jewelry in question just needs to be thoroughly cleaned. Now, the majority of companies dealing with used jewelry (and jewelry of any kind) have commercial ultrasonic cleaners. Sure, you can purchase a used cleaner on your own, however, unless you’re working with precious metals or stainless steel regularly, this might not give you the best ROI. Instead, you can look for someone who already offers jewelry cleaning services. Think about it, if your current retailer did this, they would have cleaned them, to begin with.
7. Are immediate fixes worth it?
Like with real estate, fixer-uppers (sort of) are a thing in the jewelry industry, as well. However, they might not always be worth it. It always comes down to the total value vs. sentimental value. If you like an antique piece and know that you won’t find a new one even if you looked, this might offset the cost by quite a bit. On the other hand, sometimes the cost of fixing a damaged piece of jewelry is just not worth it.
8. What are customization options?
There’s only so much that you can customize an existing piece and, for some people, this is a serious downside of buying used jewelry. There’s only so much room on the ring that you’re buying and if there’s an engraving already in place, circumventing this issue may be more trouble than it’s worth. Either way, make sure to think about this before actually buying a piece.
9. What is the purpose?
Are you buying this jewelry for yourself or someone else? Sure, old jewelry can sometimes be seen as antique and unique, however, it all depends on the context. Proposing with a ring that’s been in your family for generations is a good thing, whereas buying used jewelry for your engagement might be interpreted in a completely different light. Remember that this is a huge part of the engagement itself, which means that it deserves to be given some serious thought. On the other hand, if you’re buying it for yourself, there are no restrictions to what you should or shouldn’t do. Speaking of which.
10. Are you comfortable with it?
Are you superstitious? Some people believe that previous fates of the owners of these jewelry pieces carry around a tiny fraction of their destiny. Even if you don’t believe in such things, the truth is that many people just feel uncomfortable wearing jewelry (and even clothes) that someone eels wore before them. So, the real question is – are you comfortable with buying/wearing used jewelry? Even though we put it last on the list, it’s probably better as a starting question.
In conclusion
Like with any other question, it’s all about the context. How big of a price difference are we talking about? Is this just a piece of used jewelry or is it an antique? Do you feel comfortable with buying/wearing it? These three questions may sound a bit trivial but the truth is that they can fundamentally change the circumstances surrounding this purchase. Also, keep in mind that while depreciation hits every asset, precious metals always have their value.
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