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Super Contributor
Posts: 439
Registered: ‎06-09-2010

NYC Jewelry District 47th Street Experience

I visited my mom in Manhattan.  We decided to sell some gold and that went well.  My mom doesn't and has never worn silver but she had received some gifts that were silver.  She wanted to sell the silver here while we were selling the gold.  Well I had an eye opening experience.  No jeweler wanted to have anything to do with silver even though they hadn't seen the pieces.  They acted as though we were giving them a fatal disease.  I asked if they knew of anyone in the area that would buy silver.  I finally found three places that would look at the pieces.  One said they couldn't do anything with the silver. The others suggested that we give it as gifts as they were worth anything.  What they offered was nothing, of course it was treated as scrap metal.  Some pieces were "so called" designer pieces.  So my mom chose to not sell.  I was horrified at knowing how much these designers charge for their pieces and even the ones that were not designer still cost more than what they were offering.  At the end of the day I felt that I wanted nothing to do with silver as it is considered as worthless at least to these many jewelers in NYC.  I am thankful that I myself have not spent much on silver and will no longer spend any more.  It really was a negative experience of silver.  However I had known that silver was worthless when I tried selling some  in FL and online.  But I really hadn't had the full negative impact as in the jewelry district.  Gold is what is worth anything even if you don't get as much as you spent.  Even 10K is better than silver since you will get something. This was my experience and it was a learning one.

Honored Contributor
Posts: 12,295
Registered: ‎08-03-2013

Re: NYC Jewelry District 47th Street Experience

I had a similar experience when I tried to sell some of my QVC silver that I had accumulated but seldom wore. The amounts that were offered to me were so nominal I decided to gift most of it to a friend whose daughter loves SS. 

 

~~~"Patience is the power to do nothing when doing something won't do anything but make everything worse"~~~
Esteemed Contributor
Posts: 5,889
Registered: ‎03-11-2010

Re: NYC Jewelry District 47th Street Experience

I treat my silver the same as costume jewelry. I know that TV shopping channel hosts keep telling us that silver is a special metal but the price of non-designer pieces tells us otherwise. I stopped buying QVC's designer silver awhile back when the prices became insane. I do appreciate designers' creativity, the cost of manufacturing their designs (albeit with cheap foreign labor), and other expenses associated with promotion and distribution. Nevertheless, I feel that the prices on some of these pieces is WAY out of line, so I stopped buying them.

Super Contributor
Posts: 439
Registered: ‎06-09-2010

Re: NYC Jewelry District 47th Street Experience

I agree that the prices for designer silver is insane, especially when you consider the price per ounce.  I do think they have overestimated what a piece is worth.  However everyone has a right to determine how much labor is worth.  But when you have labor done at extremely cheap costs in foreign lands thats another story.

Respected Contributor
Posts: 3,025
Registered: ‎03-10-2010

Re: NYC Jewelry District 47th Street Experience

With very rare exception,  the price you will get for resale of jewelry,  whether it's gold or sterling silver is based on the underlying value of the metal.  Silver is worth a very small fraction of what gold is worth per ounce of pure metal.  Even 14K,  which is only 58.5% gold,  is worth many times that of sterling silver.   When you resell,  the design, workmanship, or even designer name are not a factor.  Most used jewelry is purchased for scrap,  so it's only the value of the metal.   And of course you don't get full value as everyone in the buying chain needs to take their commission.

 

Even if you try to sell to someone on consignment you will probably not get any money for the design or brand name.  There are rare exceptions.... but it's mainly for very, very, very high end items.

Valued Contributor
Posts: 687
Registered: ‎04-14-2010

Re: NYC Jewelry District 47th Street Experience

I did not buy my jewelry to resell. I love my Barry Cord;John Hardy, Bixby,John Avery,BJC. Some people feel that silver is worthless, I feel the same about costume jewelry. Never was a gold fan(I have some yellow gold I received as gifts,that I seldom wear). I don't like that shiny silver, to me it looks fake. I like two-tone with the white metal being the primary and the gold being secondary(accent).

Some pawn shops will buy both silver and gold jewelry.

 

 

 

 

Honored Contributor
Posts: 10,153
Registered: ‎03-09-2010

Re: NYC Jewelry District 47th Street Experience

I agree with Gracie.  I bought my jewelry because I love it, not for what I could sell it for later on.  I never used to wear silver until I bought an RLM necklace many years ago.  I've gotten more compliments on that necklace than on all my gold pieces put together.

 

If I decide to have a clear out, I'll sell it on eBay or somewhere similar as jewelry - not for scrap.

 

Don't sell "costume jewelry" short either.  Many older pieces go for a lot of money at auction.

Trusted Contributor
Posts: 1,804
Registered: ‎05-08-2012

Re: NYC Jewelry District 47th Street Experience

I'm sorry you didn't have luck in the jewelry district.  I'm sure you had to enjoy the window shopping though.  I personally don't wear or buy silver.  My mother on the other hand loves it and has a lot of it.  I don't buy jewelry with the intent to sell, BUT, when i do on a very rare occasion splurge on a piece of gold whether it be white, rose or yellow, I only buy 14 or 18K.  I do think when making that purchase that some time down the line, it will always be worth something.  Unfortunately, when you are raised being very poor, it is hard to think that you won't be there again someday especially with the world being what it is today. 

Super Contributor
Posts: 439
Registered: ‎06-09-2010

Re: NYC Jewelry District 47th Street Experience

I did have a wonderful time in NYC as I always do.  It is home to me and will always be.  My mother and I don't buy jewelry with the intent to sell.  However with time one does see that some pieces just sit there and are not worn enough or are rarely worn.  When the opportunity does arise to sell than we do.  However the silver pieces she had to sell were never worn they were gifts and she doesn't wear silver.  She did not have anyone to gift silver to.

Respected Contributor
Posts: 2,764
Registered: ‎03-11-2010

Re: NYC Jewelry District 47th Street Experience

I'd love to go to the jewelry district but wouldn't know which stores have the best reputation.

 

Back in the 40s, my dad went to the jewelry district to buy an engagement ring for my mom.  Back then, after buying an engagement ring at one store, it was normal to go into another store to have an independent appraisal so you could be sure you were getting what you paid for.  That's what Dad did.  The second jeweler verified it was well worth the cost.  Mom's ring has a center stone that's near perfect, then 2 smaller stones on either side.  It's set in platinum and so lovely.  She's always been proud of it.