I’ve inherited some jewellery. What should I do now?February 27, 2014
Imagine: you’ve been left a piece of jewellery by a loved one. You might be thinking:
“What happens if I lose it or it gets stolen?”
“It’s too precious to risk wearing”
“I really can’t see myself wearing this piece so should I sell it?”
4 steps you can take:
Value it – No matter what you choose to do with the jewellery, the most important thing is to have an understanding of the item’s condition.
You want to know that all the stones are set properly and that it’s safe to wear.
An insurance valuation lets you know what value to specify on your insurance policy. And it also ensures you have proof of this should something happen to your item.
What else can you do with jewellery and watches you’ve inherited?
If you aren’t sure about keeping jewellery or watches you’ve inherited, you can request that the valuation include a market value for each item. This will give you an understanding of what each piece could sell for, and the valuation should help you make the sale.
Wear it – If you like the piece, don’t let it sit in a drawer collecting dust! Wear it proudly and enjoy it. Remember the level of risk associated with leaving the item at home is similar to that of wearing it. So, wear the piece as you wish and don’t let fear of loss stop you and others from appreciating it.
Sell it – There are plenty of good reasons to let go of some inherited pieces. Auction houses or auction websites are a good way of going about this. Pawnbrokers can also be a viable option. However, gold buyers are less likely to provide as much return, especially if there are stones set in the piece.
Modify it – Maybe one of the pieces just isn’t your style. That doesn’t mean that you shouldn’t find a way to wear it. Many jewellers will be more than willing to help you find a use for at least part of the piece, even if that just involves reusing the metal and/or stones. It’s also common to turn charms or individual earrings into pendants so that more family members can appreciate the item. There are many creative ways of re-purposing old costume jewellery as well, examples of which can be found on Pinterest.
Ultimately the key is to find a way to put the jewellery to use in a way that suits you. Don’t let expectations of what you feel you should do stop you from enjoying a gift from your loved one.