Over the years I have met people who have sold their jewelry for hundreds of different reasons from saving the rain forests and donating to charities, to paying medical bills and forming a new business. We have helped clients pay for weddings and divorces, debt relief, retirement and to help family members in financial need.
I can relate to all of these life events, but as a father, the one I relate to most easily is paying for my children’s education. We have helped many graduates pay off the debt that they have acquired while getting an education. We have also helped many parents and grandparents contribute to 529 plans – a tax-advantaged savings plan designed to help save for future college costs. Jewelry proceeds that are invested early have the time to grow tax free within a 529 plan and jewelry sold today, to pay down debt that could’ve accrued over the years, presents a much better financial footing for those trying to shake the burden.
Though my children are still relatively young, when speaking to a friend who is a financial advisor, I realized how far behind I am as compared to where I should be. That being said, no matter your financial situation, it’s important to plan for the ever rising financial costs for a loved ones education. I am not an expert on financial matters; I am however an expert at helping clients raise the most money possible for their jewelry and in turn, pay their way for a higher education.
When considering to sell jewelry to help pay for an education, it is important to consider what items you have that can be sold for the most money. In our experience, it is virtually always the largest single diamond you have in your collection. Whether it is an engagement ring from a previous marriage, or and inherited heirloom, the largest diamond will bring in the most money.
Of course other jewels can be very valuable as well. Antique ruby, emerald and sapphire rings can be a pleasant surprise in value. Signed jewelry from famous jewelers can also bring nice, to even tremendous amounts, of money. And gold and diamond jewelry with no provenance can be sold for good amounts as well.
I don’t believe that diamonds and jewelry should be considered an investment. Diamonds and jewelry are assets, but investing their value in a loved ones education can bring much bigger rewards.
Written By:
Andrew Fabrikant
Andrew Fabrikant, Partner of Andrew & Peter Fabrikant, a nationwide leader in diamond and estate jewelry buying, specializes in signed and unsigned estate jewelry (pre-owned jewelry), diamonds, watches, gold and other fine jewelry from anywhere in the United States. With four generations and more than 100 years in the jewelry trade, they have an established name of assessing each item of jewelry not only for its intrinsic worth, but its aesthetic value, its market desirability and history. Andrew & Peter Fabrikant will guarantee any and all purchases for quality and price. For more information call 1-800-570-Gems or visit http://fabon5th.com.
