Asked And Answered
Q. How long has your family been in the jewelry industry?
A. We can trace our family history in the jewelry business in New York to the early 1870s.
Q. How do you pay?
A. We can pay in any legal manner. Check, cash or wire transfer are our preferred methods.
Q. My friend sold her jewelry to you with your “Brokerage Service”. What is that?
A. Brokerage is a system we have developed originally for estates and charities that we work with. In it’s essence, Brokerage is a marketing service for your jewelry. We aggressively market your jewelry to our network of U.S. and International buyers, private clientele and collectors, seeking the highest and best end use.
This service has proven to be tremendously effective for our clients. We are then operating on your side of the table and the more we can get for you the more we make. This gives us the best opportunity to do business with you. If at the end of this service you are still dissatisfied, we will send the jewelry back to you at our expense. Please call or email us if you would like to take advantage of our brokerage service.
Q. How long does the process to sell my jewelry take?
A. This answer may be a little open-ended. We try and inform anyone who sends us jewelry about it’s arrival within an hour of it arriving in our offices. If you would like to get paid immediately we will do that for you. If you have time and your jewelry is marketable, our brokerage service can be 1-2 weeks.
Q. How can I know the value of my jewelry before I send it to you?
A. If you can send any and all information that you have concerning your diamonds and jewelry we will estimate the value for you. Pictures taken next to a ruler will help with the scale of the jewelry item. Laboratory reports on diamonds, such as a GIA Report and professionally written appraisals are very helpful as well. If you do not have any of these just tell us what you remember when purchasing your jewelry or what you were told if it was gifted to you. We will do the best we can to estimate for you.
Q. How can I send my jewelry safely to your offices?
A. We, as a family, have been in the industry for a little less than 125 years. Over this time we have developed a wonderful relationship with our insurance carrier. We mail jewelry all over the country. When doing so, we only use the USPS. The United States Postal Service is by far the most reliable carrier available.
Q. Do I need a GIA Certificate in order to sell my diamond?
A. You do not need to have a GIA certificate in order to sell your diamond. We frequently buy diamonds without reports of any kind. It is our job to apply the same standards and grading techniques that the GIA uses in order to properly evaluate your diamond. In most cases, it is unnecessary for our clients to incur the expense of a GIA Report. If a report creates a comfort level for our clients or will work to the clients benefit, we can submit a stone for a GIA Report for you.
Q. I have an Insurance Appraisal for my diamond. What can I expect to get based on the price I have it insured for?
A. Unfortunately there is no easy answer to this question. Insurance Appraisals are usually written at 20% above the original retail cost. If you are trying to decide what a piece of jewelry would be worth if purchased in the last 10 years, an industry rule of thumb would be 20%-30% of that retail cost. Today there are many exceptions to this rule. If you have purchased gold jewelry 10 years ago when gold was $500 an ounce, you will get a much higher percentage of the cost in return. You may even be able to make a profit above the original retail value.
Q. What is the difference between estate jewelry and jewelry I have collected over the years?
A. “Estate” Jewelry is just a nicer way of saying previously owned. It is not only inherited jewelry. It would not sound as classy to say Experts in Used Jewelry, but Experts in Estate Jewelry sounds much more professional!
Q. Should I consider my jewelry an investment?
A. This is a difficult question. Historically, diamonds have gone up in prices on average of about 1% per year. Even in todays interest rate environment you can get a much higher rate of return. The gold market is volatile but right now it is the highest in history, by far. I cannot tell you where the market will be by the end of the year, or next year for that matter. But, I do know that you are probably making a profit on gold jewelry you bought just a few years ago.
Q. Can you tell me why the diamond market is so strong if the economy in the United States is weak? I read about jewelers closing all the time.
A. The Far East (China) has been buying diamonds to protect themselves against the failing dollar. There is also a tremendous amount of new wealth in China and diamonds have become very popular. Finer diamonds between 1 and 3 carats are in big demand and their value has increased tremendously. Diamonds over 3 carats have exploded in value.
Q. Your website does not mention diamonds weighing less than 1 carat. Why is that and what should I do with diamonds I have that are under 1 carat?
A. We of course can and will buy diamonds under 1 carat. The reason we do not advertise for diamonds under one carat on our website reflects the smaller values diamonds under the carat mark bring. If a client understands the value and would still like to send us the ring or loose diamond under one carat then we welcome the opportunity to help them.
Q. If I do not like your offer or think I should get more for the jewelry I send to you, what are my options?
A. Well first let me say that we will make every effort to offer a fair price from the very beginning. If you are not happy with our offer for your jewelry we will discuss it with you. We will find out what would satisfy you and then review our thinking to see if we can push our offer to make you happy. If the price quote is not satisfactory, we will offer you our Brokerage Service allowing us to market your jewelry items for you.
If we cannot come to a mutual agreement, we will send your jewelry back to you fully insured at our cost.
Q. How does your service compare to the auction houses?
A. The simple answer is that with us you will get more money in the end. We will sell your jewelry much quicker and we can guarantee results.
The average total commission charged on a sale of jewelry at auction is 30%-40%. The buyer at auction pays 25%, and the seller pays 5%-15%. That does not include photography and insurance costs. This all comes from the value of the jewelry you consign at the auction. Although the buyer is paying their commission, it is based on the total value they are putting on your piece of jewelry. If the market value of your items is $10,000, and that is what it sells for, you will net around $7,000. Smaller auction houses may not charge quite as much, but then again their audience of buyers is smaller. We share many of the professional buyers at the largest auctions and have a tremendous private clientele as well.
You can use our brokerage service to accomplish the same valuations without paying anywhere near the commissions they charge. If you have that one unbelievable piece of jewelry, than auction maybe the place to sell. I would suggest only accepting placement in the October sales. This is always the best sale to participate in. If your jewelry does not get placement in the October sale it is an indication that your auctioneer is not as impressed with your jewelry as they should be.
Q. What is the best time of year to sell jewelry?
A. This is an interesting question. Most people think that at or near Christmas time would be advantageous. Our experience tells us that this is not the case. Collectors don’t care when what they are looking for arrives. Most anniversaries are not in December and professionals are always on the look out for inventory.
Q. How does your service compare to other gold buying companies?
A. It is very easy to buy jewelry for less than its value in gold and sell it to a refiner. We specialize in jewelry buying and finding value in your jewelry above and beyond just its intrinsic value. As gold gets higher it takes more skill and marketing of jewelry to get clients premiums for their jewelry. That is where our talent works to your advantage. If your jewelry is only worth its weight in gold then of course we will buy it from you at prices far exceeding a small local jeweler or other mail-in services. However, we will try and find additional value in anything you may send us.
Each jewelry item is entered into our system individually and evaluated singularly as well as a group. This allows us to examine each piece of jewelry on its own merits and use our knowledge to achieve better results for our clients.
Understanding styles, jewelry genres, gemstone quality and the best markets available for each item makes dealing with Andrew & Peter Fabrikant and our staff valuable.