What do you do with jewelry, antique coin collections, and other valuables when your loved one passes?
What do you do with jewelry, antique coin collections, and other valuables when your loved one passes?
We are assuming that the estate did not specify the jewelry transfer or sale in a will and the heirs agree with the choice to part with it.
Keep, sell or donate?
Keep:
First review the will to check for specific instructions. Next, determine if any heirs or family members have specific pieces that are important to them. Use our helpful survey form for this purpose by clicking here.
Determine the Value
- Get it professionally cleaned- most jewelers, like Fred Meyer, will clean jewelry in a sonic cleaner at no charge if you are very nice.
- If you know nothing about jewelry, ask the jeweler who cleans it whether they think any of it is worth enough to warrant paying for an appraisal. Appraisals are generally $100 per piece and are good for 5 years. You must re-appraise every 5 years for most insurance policies.
- If yes, schedule an appointment with the traveling appraiser who comes every few months and store the jewelry in a safe spot until then.
- Once it has been appraised and you have the official G.I.A. certificate (Gemological Institute of America) grading, contact the estate’s insurance company with the proper documentation and insure the pieces.
Generally, if it’s worth $1000, it’s worth insuring that individual piece.
- Alternatively, store it somewhere safe, like a bank safety deposit box or home safe, which you can buy from Costco.
Sell:
You will also want a professional appraisal for high-dollar items if you plan on selling them, so you know their dollar value. See above for how-to steps.
Local Jewelers
Many local jewelers buy fine jewelry and may offer competitive prices. If the dealer sells it for you on consignment, they are much more likely to find the right buyer and net you a larger profit, although it will take longer.
Anthony’s has been my family jeweler for over 25 years, in Covington, WA and I have always had excellent experiences. Anthony is now retired and his son, Alex, is as talented as his Dad. They have created, fixed, cleaned, and sold us jewelry throughout the years.
http://www.anthonysgoldsmiths.com/
Bellevue Rare Coins buys jewelry and antique coins.
https://www.bellevuerarecoins.com/sell-to-us
Auction House
Sell it at an online jewelry auction house. Here are some of our trusted favorites.
- https://www.sothebys.com/en/departments/jewelry
- https://www.1stdibs.com/jewelry
- https://waltonsjewelry.com/
Sell it on an online retailer: You do more of the work but will make more money. which charges a $0.35 listing fee and either a 12.35% fee for items sold for less than $7,500 or 7% for items more than $7,500.
Pawnshop
Great if you need quick cash, but this is the least profitable of all the ways to sell the jewelry.
https://www.bellevuerarecoins.com/sell-to-us
Donate
Consider donating the precious items to a loved one’s favorite charity or cause.
Authored by Diane Henning
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