Selling The Family Jewels Locally

Selling your unused or broken gold and silver jewelry can be a tempting idea. Everyone likes extra cash. 

It’s more of a challenge to actually know how to sell your valuable pieces. Companies that advertise on the Internet or on television have been written about on consumer Web sites as paying a fraction of your items’ true worth. Hotels hosting “We Buy Gold” events fall into the same category. 

Many Millburn-Short Hills jewelry stores buy gold and other valuables, including silver, jewelry, watches and precious stones. Millburn requires licenses for businesses that purchase precious metals.

All the stores were bustling with customers, some people were selling items. No one hauled in a suitcase full of silverware, though, or pulled gold coins out of coat pockets. Chains and charm bracelets were the predominant items. People were saying, “I haven’t worn this since 1974” and “My ex-boyfriend gave this to me."

Anthony D’Andrea, owner of Anthony Laurence Jewelers, said most buying comes from regular customers who are tired or bored of certain pieces and want to trade in for something newer. He makes payments according to the very volatile precious metal spot  prices. “It changes every day,” he said. For example, gold cost $1,015 per ounce Wednesday and $998 Thursday.

D’Andrea is a goldsmith who specializes in custom work, repair, and re-setting but does not use the gold he purchases in his work.

“Gold jewelry is not made of pure gold and different pieces are formed with different alloys," he said.

He said a one-ounce gold chain does not contain one ounce of gold. “As karat weight increases from 14k to 24K so does the percentage of gold in the piece," he said.

Gemologist Dan Miller of Walter Bauman Jewelers, located at 734 Morris Turnpike, also said, "There is more gold in 18 karat gold than 14 karat gold.”  Miller carefully sorted through a handful of pieces when a prospective seller walked in. The store pays more for the higher karat gold and Miller wants to make sure that everyone selling gets good value.

The store occasionally runs coupons for a bonus percentage above the quoted purchase price. Miller makes a point that “everyone receives the coupon bonus if we’re running a special, even if they don’t have it in hand.” 

“Gold started going up two years ago,” he said. “The price seems to move in waves."

The store is busy, with some days seeing as many as 25 people eager to trade in unused pieces for extra cash for vacations—or to help with a tuition bill.  

Walter Bauman is a local pioneer in jewelry buying; it’s been in the same Short Hills location for almost 25 years. Miller has seen everything from single earrings, to dental gold to flatware, tea pots and candlesticks.

The shops purchase by weight based upon daily spot price and pay by check right then and there, but it may pay to shop around. Bauman, for example, posts new prices every day. 

Devin Culleton, of Julius Oksenhorn Fine Jewelers, said he “hasn’t seen a tremendous wave of people coming in to sell items due to the recession or the high price of gold, but business has been steady.” The store was full of people on a weekday afternoon, and there was a sign outside inviting walk-ins. 

“We mainly see charm bracelets and rings,” he said. “Things that have been sitting in a drawer.”

Oksenhorn also purchases silver tableware, tea sets, candlesticks and similar items. All purchases are done by weight and checks are issued immediately.

David Stone, of Nancy and David Fine Jewels, said their store had a somewhat different experience.

“We have experienced an increase in gold and jewelry selling over the past year, mostly due to the spike in precious metal prices," he said. “We have had several individuals, usually not our regular clients, selling due to the fact they simply need the money. Purchasing gold from those harmed by the economy is our least favorite transaction and we refuse to take advantage of their situation and desperation.”

Stone was asked how a price was determined for a gold or platinum ring with a precious stone. He said. “If the stone has a value, we suggest to the client that we remove the stones from the setting and evaluate its value. Then we will price the metal and stones separately.”

People have brought some unique and unusual pieces into the shop, and Stone and the other jewelers advised it’s important point out if your pieces  are signed—Tiffany, for example—or have antique or designer value. Stone said pieces signed “David Webb, Cartier, Chopard, and Bulgari are frequently evaluated for considerably more than the sum of their parts as far as scrap value. These are not items that are taken apart and scrapped. The value is considerably higher.”

 Stone suggested making an appointment to sell to Nancy and David, although one is not strictly necessary. “I always suggest that one is made so that our time is allocated specifically in order to provide quality service," he said.