The Shadow
ROANOKE — The Better Business Bureau Serving Western Virginia is offering advice for buying and selling jewelry this Valentine’s Day.
In 2019, retailers set retail records as Valentine’s Day participants added $20.7 billion to the economy, 3.9 billion (18 percent) came from jewelry sales according to the National Retail Federation.
Though only 51 percent of the population planned to celebrate Valentine’s Day, the lowest since 2009, the average celebrants were spending was a record amount of $161.96 per person.
“It is important to be sure you are buying or selling your jewelry securely and for the fair market value,” said Julie Wheeler, president and CEO of BBB Serving Western Virginia. “Turning unworn jewelry into cash can offer the perfect opportunity for buyers and sellers to feel the love this Valentine’s Day.”
In 2019, consumers nationwide filed over 2,200 complaints with BBB against jewelry stores and hundreds of complaints against pawnbrokers.
Keep the following BBB tips in mind to ensure a successful and satisfying jewelry transaction.
Buying Jewelry
— Do your research. Common complaints to BBB against jewelry stores allege poor craftsmanship, issues returning items, and problems with guarantees and warranties.
Before you visit any store, check BBB.org to find a trustworthy BBB Accredited jeweler near you.
Thoroughly read a business’ complaints and BBB Customer Reviews to see others’ experiences.
You can also ask family and friends for recommendations.
— Visit more than one store. Your first step should be to decide on a budget and expectations.
Some jewelry stores are very high-end, while others have great deals. Be clear and upfront with store staff about how much you’re willing to spend and what you want to buy — this will help you stay in your price range and avoid making extra purchases.
Visit more than one store to get multiple prices and most appealing styles.
— Read the fine print and ask questions.
Before making a purchase, read the refund, warranty, and guarantee policies carefully.
If you, or the gift recipient, doesn’t like the item or realizes it doesn’t fit, how long do you have to return it?
What happens if your watch breaks or a stone on your ring comes loose? If the store advertises a “lifetime guarantee” policy, ask for the details.
If you’re buying jewelry online, first check out BBB’s guide to savvy online shopping.
— Keep the receipt. Just in case something goes wrong, ask for and make sure to keep a receipt. You can also ask for a certificate of replacement cost or an appraisal listing the qualities of your gemstones or precious metals to accompany your receipt.
If your jewelry comes with a gemological certificate, be sure to get the original and keep it with your receipt. This can help with reselling in the future.
Selling Jewelry
— Shop around. Research every business at BBB.org – you want to be able to trust them.
If you’re considering a pawnbroker, find out if they need a special license in your state or province. Take your time and consider it a red flag if you’re being pressured to rush into a transaction.
Get at least four or five estimates to determine the true market value of your piece.
— Be careful using a mail-away service. Understand all the terms and conditions before mailing your jewelry. Take photos and make a list of your items and insure jewelry before sending.
Know how long it takes to receive an offer and how long you have until you have to accept or reject that offer.
— Know your worth. Keep in mind that jewelers and pawnbrokers intend to resell your piece. You may be able to make more by selling to the public, but it comes with additional risk. Don’t let your jewelry of different karat value be weighed together. Separate your jewelry by karat value before selling and be wary of dealers who weigh all jewelry together and pay you the lowest karat value. Ask the buyer what the melt value of your items is so you can make an informed decision.
For more information on jewelry buying, refer to the Jewelers of America Diamond Guide, and the Gemological Institute of America (GIA).
If you have an issue with a jewelry buyer or seller, your BBB is here to help.
You can easily file a complaint online at BBB.org/complain.
