Let me guess you are looking for that unique second hand gold piece of jewellery but do not know where to begin? Or all you see is the same generic types of jewellery on the high street or online from big well known brands at high prices? I will provide a few money saving ideas by buying jewellery!
Benefits Of Buying Second Hand Gold?
The great thing about buying second hand gold is you are almost guaranteed to find value for money and quality in your purchases in comparison to new jewellery. Pre owned jewellery tends to be less expensive in price and items tend to be handcrafted to a higher standard. New jewellery is often manufactured in large quantities to be mass produced and on occasions not enough care is gone into making the jewellery.
If you have already worked out buying pre-owned is way more attractive then new jewellery your on the right track.
Where to find second hand gold?
If you want to view the jewellery in real life I would google “local second hand jewellery shops”,” local pawnbrokers” or “local independent jewellers selling pre-owned jewellery”. The search will provide you with some workable results. Look specifically for independent businesses if you can. Go enjoy your self and have a browse. Some stores may have a designated section at the store so do ask for assistance always.
If you rather look for items from the comfort of your own home I would recommend buying from a top rated seller on Ebay or Etsy. Alternatively google “second hand gold” to find jewellers with an online shop. Our website gold collections is a good example of an online jewellery store. Note : I personally wouldn’t purchase jewellery from a private individual one-off occasional seller as I would be unsure if any returns or issues would be honored after a purchase. An online store or High street shop would have the necessary know-how, skill and financial reassurance to sort out any after sales issues if any. Plus a store/shop would value their reputation more and would find a solution to help.
The next paragraph explains the the key things to look at when deciding to make a purchase.
What to look out for when purchasing?
Make sure the items are fully hallmarked. A hallmark is a stamp usually found in a small area of the jewellery e.g the inside of a ring, on the pendant link or bale, earring posts, inner bangles. They are usually stamped or laser hallmarked. If you visit a shop ask the assistant to confirm the items are hallmarked. Alternatively if buying online if you are not sure the item is hallmarked ask the seller e.g “please could you confirm the item is fully hallmarked”.
Below are examples of how hallmarks should appear?
9ct gold is stamped 375
14ct gold is stamped 585
18ct gold is stamped 750
22ct gold is stamped 916
They should also have the assay office stamp, maker marks, percentage stamps eg 375.
Place pictures below of full hallmark
How to Check Condition of Jewellery
It can be difficult to look for any damage or wear on jewellery. Most reputable stores would normally only resell items which are in a wearable good condition.
However I can provide you with a few pointers that I use when buying jewellery online or in store. You could ask the sales assistant or check yourself. Buying a 10x loupe may also come in handy which are easy to locate from ebay or amazon.
1. Check claws holding in any diamonds are intact and not cracked or wearing very thin, and lastly not covering the actual stone anymore.
2. Make sure the ring shanks are not badly worn.
3. Items have been polished and cleaned
4. Clasps on chains and bracelets are in working order
5. End links on chain and bracelets are not badly worn and have some thickness
6. Hallmarks are visible and not badly worn out
7. If buying a chain or bracelet ensure individual links not badly worn. Or read description to see if any repair/correction work have been carried out.
8. If you are buying diamonds ensure that authentication has been carried out by a diamond grader. Or ensure a description of the item is written on your receipt and double check your purchase with a specialist elsewhere. Most trustworthy sellers have adequate skill at valuing and buying jewellery.
9. Ask for the store to send you some natural images of the product if they currently only have photo shopped edited ones. That way you get a better real life image of the item.
The list is not limited to the above however these are a few key points.
Buying old jewellery essentially saves you money. A brand new ring from Ernest Jones could cost you around £2000-£3000. On the second hand market you could find a very similar item if you look around a few stores for around £500-£600.
The reason for the vast difference in price between new and second hand gold jewellery is that the chain of sellers is much larger with new jewellery.
Please view example below :
Bullion dealer>designer>manufacturers>wholesalers>marketing companies>retailers>CUSTOMER
Each” >” represents an exchange of money which in effect increases the cost of the item. Also factoring in the variety of import and tax charges ,causing the product to cost much higher compared to what the gold is really worth.
I know you have thought of it already? How about I go straight to the wholesaler or manufacturer?Well it would be difficult as usually you would need to be a trade seller or purchase items in larger quantities. Which is not viable for someone looking for a smaller selection of pieces.
The BEAUTY of previously owned gold is that these chains of sale are practiaclly non-existent. We as sellers buy from the public or via auction and sell to “YOU” directly. Therefore you would benefit from these direct savings.
How To Compare Prices
To compare prices between older gold and new gold jewellery, I would recommend, find a item you like and compare its price to newer jewellery or vice versa. Old school shoppers can still do this in stores you just need to locate a few local independent jewellers.
Online there are thousands of sites which you could use to compare against new jewellery. Eg :
Quality of Second Hand Gold
People love to buy second hand as they feel it has been made to last longer and is much heavier and stronger. I feel this is true with regards to chains and bracelets. Jewellery made in the last 3-5 years is a lot lighter due to the high rise in metal prices.
Always look out for the weight of the item. A 9ct gold belcher chain that weighs 10 grams will outlast a new one that is only 3-4 grams. Also it is better to buy solid gold jewellery than hollow even though on occasions we do sell it, only if we feel it is good enough for our customers.
Rings that were made 10-15 years ago, some may argue are longer lasting than new rings. I personally agree, if you are buying at mid range to everyday jewellery.
Special Note : Many Multiple shopping mall jewellers do not state the weight of the gold items on their websites. Always use weight to make comparisons as it is often better to buy a older ring which may be 1 or 2 grams heavier than a similar new ring which is lighter.
In contrast Fine luxury jewellery brands e.g Cartier, Chopard, Gucci Bvlgari to name a few are not reducing quality or weight regardless of metal prices due to the demand for the brands. They want continuity of their product as customers are willing to pay the RRP. Another good reason to go second hand is that you could potentially find a unique luxury gold product at a fraction of its retail price.
Check Second Hand Retailers Return Policy
Check the returns policy of the seller. If buying online sellers are legally required to offer a refund on most items. Most sellers offer a minimum 14 day return period. Certain items however cannot be refunded e.g Personalized, Earrings and items which have been worn and not sent back in condition received. Its important as at least you have the opportunity to view and try on the item and have ability to return it if you are not completely satisfied with the purchase.
Buying Jewellery Online
When buying online ensure to read the sellers postage and packaging information. Ensure they use special tracked and insured delivery to send your parcel. This provides you with peace of mind as the item can be tracked all the way to your delivery address.
Perhaps call the online store for any queries or concerns you have before paying for a online product.
Ensure the website has a padlock next to the address bar ensuring the any personal information provided to a website is encrypted..
So to conclude this topic it is better to buy good quality second hand gold jewellery than buying often expensive good quality new jewellery.
Best wishes on looking for that money saving unique piece of jewellery.