Tips on What to Do with Your Inherited Jewellery
Inheriting jewellery can be a bittersweet moment. It can be an overwhelming time and it might be best not to make any big decisions when you’re vulnerable. Here we will go over many options and offer tips on what to do with your inherited jewellery so you can make informed decisions when you’re ready.
Balancing sentimental value and practical considerations, we’ll explore options such as selling your items, reusing/redesigning, repairing and sharing with family members.
Evaluate Sentimental and Monetary Value
Before making any decisions, take the time to assess the sentimental and monetary value of your inherited jewellery. Some pieces may hold significant emotional value, while others may be more valuable in terms of their material worth. Understanding this balance will help guide your choices.
Set aside the pieces that have great sentimental value to you first. Then, with the remaining jewellery, ask yourself questions such as:
- Would I wear this item as is?
- If I was able to repair this piece would I use it?
- If I have no attachment to this piece and will not wear it, do I feel comfortable selling it?
- Are there any pieces here that I would like to give to a family member?
Reusing Your Jewellery
This is a great option, especially for pieces that hold great sentimental value. Sometimes, although the piece holds great memories, it’s not exactly your style. Creating a custom piece that better suits your lifestyle and preferences means those memories continue. Rather than admiring your inherited jewellery once in a while when poking around your jewellery box or safety deposit box, you can enjoy it everyday!
By reusing the piece you are able to keep the same metal and gemstones but redesign them into something new. It is also an economical option because you already have at least some of the materials.
Another wonderful option is to pool a number of inherited pieces to create multiple new custom pieces to be gifted to members of the family. At Posy we have worked with many clients who have chosen to do this with touchingly tearful results.
Selling Your Inherited Jewellery in the Market Place
As a general rule you will receive a greater return if you are able to sell your jewellery intact. By intact we mean as a whole piece (ie: a complete ring) rather than breaking it up into parts to sell. The tricky part is that it may take time and patience before the sale is made.
The first thing to consider when evaluating your jewellery is if an auction house might be interested. Typically auction houses take pieces that are higher in value, accompanied by appraisals or have a well known luxury brand name. If you think you may have a piece an auction house might be interested in it’s worth reaching out to one to find out. Usually you will see a greater return on a sale from an auction house than in an online market place.
If the auction house isn’t interested you can turn to online market places such as facebook or Kijiji. There are also many websites that sell second hand jewellery where you are able to post items for sale. In these market places buyers are worried about getting scammed so be sure to have an appraisal that accompanies your posting so the buyer knows your pieces are legitimate. Having great pictures also definitely helps sell your piece or pieces.
Selling inherited jewellery in the online marketplace takes time and patience. You will also need to ensure your personal safety if you are meeting with a buyer in person to complete the transaction. For this reason many people choose to try to sell their inherited jewellery on consignment instead.
Some jewellers or pawn shops will take in jewellery on consignment and try to sell it for you. If the jewellery sells then you and the jeweller share the profit. Not every jeweller takes items in on consignement so you’ll likely need to call around before you find someone. At Posy we don’t take jewellery on consignment because we don’t have a retail storefront.
Selling Your Inherited Jewellery for its Market Value
The market value of your jewellery is not the same as its appraisal value. The market value is based on current metal and gemstone prices. The appraisal value is set for insurance purposes if it ever needed to be replaced. The market value will be much less than its appraisal value.
If you bring a diamond ring into a pawn shop, the money you are offered will based on the “parts” of the ring. The pawn shop will evaluate the pure gold content of the ring based on the current gold market. They will then evaluate the diamond based on the current diamond market. They will combine those valuations into the cash value that they offer to you.
If your jewellery does not contain stones, or the stones have been removed, you could also bring your items directly to a local refiner. Typically you will receive a better return from a refiner than a pawn shop or “cash for gold” type place. Again, you will only receive credit for the pure gold (or platinum) content.
Repair Your Inherited Jewellery
Inherited jewelry may require minor tweaks or repairs to make it wearable again. Whether it’s fixing a broken clasp, resizing a ring, or repairing a chain, investing in these minor repairs can restore the jewellery to its former glory. This option is a great way of preserving the integrity of family heirlooms while incorporating them into your everyday wardrobe.
We also shouldn’t assume that all inherited jewellery will be made of precious metals and gemstones. Often the most cherished heirloom pieces are actually costume jewellery. Over time, costume jewellery will really start to show wear. Perhaps the plating has started to wear off, or some of the paste gemstones have fallen out, or perhaps the clasps have broken. In most cases these precious pieces of costume jewellery can be repaired too.
Share with Friends and Family
Finally, our last tip on what to do with your inherited jewellery is to share it with your friends and family. If you receive multiple pieces of jewellery you could consider gifting them to people in your family. Or you could hold on to it and give it to your children when they are old enough to appreciate it.
Sometimes families need help figuring out a fair distribution of inherited jewellery. If you find yourself in this situation you could look online to find similar pieces to get a general idea of market value. Or if you need help figuring out an accurate distribution we have helped many clients in similar situations. As an impartial third party we can ensure that items are divided equally so there are no issues.
Inheriting jewellery is a privilege that comes with both sentimental and practical considerations. Whether you choose to reuse, sell, repair, or share your inherited jewellery, the goal should be to honour the legacy it represents while making choices that align with your values and preferences. We hope that we have provided you with some helpful tips and that you have some clarity on what to do with your inherited jewellery. But, if you have some pieces that you don’t know what to do with we’d love to help.
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