What to Do with Inherited Jewelry: A Guide to Appraising, Insuring, or Selling
After receiving items from a loved one who has passed away, many find themselves wondering what to do with inherited jewelry. It’s essential to consider whether to keep the piece for personal enjoyment and preservation for future generations or to sell it. When choosing the latter, take equal care in getting the best possible new owner and the best deal.
Deciding whether to sell or keep an heirloom can be an emotional decision. But with the correct information, it’s easier to make the best decision that’s best for everyone. Our guide offers everything you need to know, including:
- The factors to weigh when deciding whether to sell inherited jewelry
- How to sell inherited jewelry, if that’s the right choice for you
- How to protect family heirlooms long-term, if you choose not to sell
Inside, the reading also offers insights into how heirloom jewelry is valued for resale, and how to get the best offer.
Deciding What to Do With Inherited Jewelry
Before deciding whether to keep or sell inherited jewelry, carefully assess it. Does the piece carry sentimental value, and does it have potential resale value?
If a loved one passed down cherished heirlooms that have been in the family for generations, it may be worth holding onto. Even if one person doesn’t care for old jewelry, other family members may.
In some cases, though, when no one wants to keep it, the heirloom piece might not be worth the effort of the sales process. That’s why it can be valuable to know the value via an appraisal before making any decision.
It’s crucial to ask: Is this estate jewelry truly antique or designer jewelry? Or is it a cheap piece of costume jewelry that a relative happened to hold onto for decades?
How to get an appraisal for inherited jewelry
The best first step before deciding on inherited jewelry is to get an appraisal. Whether someone chooses to sell or keep it, an appraisal gives the actual value of inherited jewelry. This allows someone to either price it accordingly on the market or protect it appropriately for future generations.
The American Society of Appraisers, the Accredited Gemologists Association, or the American Gem Society can provide links to a professional appraiser. A local jeweler may also be a good place to inquire. Some online marketplaces, such as The Alloy Market, will provide a free appraisal when assessing gold for purchase. Otherwise, you’ll need to source an appraisal on your own.
The appraiser will consider factors such as the precious metals and gemstones in the piece, current demand, historical significance, and/or brand recognition. Based on this information, they’ll provide a current valuation.
Another tip: Multiple appraisals can help ensure that a seller receives a fair market price for the piece.
The Best Way to Sell Inherited Jewelry
When selling inherited jewelry, the next best step is to acquire multiple quotes from potential buyers. Doing so makes it simple to choose the one that meets the most needs.
There are many, many ways to go about selling estate jewelry. Options include:
- Online jewelry buyers, such as The Alloy Market
- Online auction sites, including eBay
- Social media, such as Facebook Marketplace
- Your local jewelry store
- A pawn shop
- An auction house, for particularly valuable pieces
All of these options have pros and cons. Selling to a local buyer, for example, removes the hassle of shipping. Selling online may expand the number of potential buyers. A pawn shop may offer immediate cash, no questions asked, but often it won’t offer competitive prices.
All of these differences are why it can be helpful to get offers from multiple potential buyers to weigh the options.
What makes a reputable jewelry buyer?
A reputable buyer will always have three things:
- A clearly outlined and safe sales process
- Easy communication processes and troubleshooting help
- Plenty of customer reviews.
When selecting an online jewelry buyer, look for these three key factors before mailing in any jewelry.
We’ll buy your inherited jewelry.
Request a free Alloy Appraisal Kit, ship from home, and receive a same-day offer after appraisal.
We’ll buy your inherited jewelry.
Request a free Alloy Appraisal Kit, ship from home, and receive a same-day offer after appraisal.
How to sell inherited jewelry with The Alloy Market
With The Alloy Market, we’ll send you a free appraisal kit. Inside, you’ll find a pre-paid parcel with free insurance up to $100,000 to mail your piece. Once we receive and review the item, we’ll provide an industry-best offer you can accept or deny.
If you accept, we’ll pay you on the same day (almost 100% of sellers who receive an Alloy Market offer ultimately accept it). If you have any questions about the process, we’re available to help you via call, text, and email every step of the way.
What Are the Taxes on Selling Inherited Jewelry?
You may need to pay taxes on your inherited jewelry, especially if you keep it and the inheritance value exceeds $12,060,000, or if you sell the jewelry. Inherited gold and precious metals are subject to a 28% capital gains tax. You will also need a jewelry appraisal for tax purposes. You’ll pay taxes on the difference between the final sale price and the appraisal amount.
What to Do When Keeping Inherited Jewelry
When deciding to keep inherited jewelry rather than sell it, ensure that it’s protected for future generations through proper jewelry care and insurance.
Antique or vintage jewelry may require special cleaning considerations. As such, you should consult with a local jeweler for advice and to schedule a professional inspection and cleaning. When jewelry is not in use, keep it protected in a jewelry box or safe.
Further protect all jewelry with specialized insurance coverage that will replace or repair it in the event of theft, damage, mysterious loss, or disappearance. We like BriteCo’s coverage because they protect antique and vintage pieces with policies that cost just 1–5% of your jewelry’s total value, per year. And BriteCo even provides easy and convenient online appraisal services.
The Best and Simplest Option to Sell Jewelry Is The Alloy Market
Alloy purchases gold, silver, platinum, and palladium pieces, including engagement rings, pocket watches, brooches, and flatware. We provide a quick and free appraisal and offer payments as soon as the same day. It’s the most convenient way for you to get an excellent value for an inherited piece that’s no longer needed.
For more information, please review the Alloy appraisal and offer process. Not ready to sell? Protect it in the meantime via a comprehensive insurance policy from BriteCo.
