Pricing jewelry

[adviceplease]

Would I be better off getting a quote from a pawn shop for the value of my jewelry or going on ebay and printing off the cheapest auction for items like the ones I own? I really want to walk into the 341 meeting with some type of proof in case they question them.

[klandsb]

I read somewhere in my lawyers papers that it said "DO NOT" wear any jewerly to your 341. Also, on here somewhere it said your exemptions should total around $ 4000.00 so I am basing my #'s on that. I am sure my jewerly has more value to me because its mine then it would at any pawn shop. I am giving my best gestimate and not getting to bogged down with that stuff... Just my thoughts which really dont mean much

[klandsb]

This is what I found for the Federal Exemptions for Jewerly: Not sure if your in a state that allows federal exemptions or not.
Jewelry: up to $1,350.

[klandsb]

States where you have the choice of using either the federal exemptions or the state exemptions (you never get to use both at the same time) are: Arkansas, Connecticut, District of Columbia, Hawaii, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Washington, and Wisconsin.

[adviceplease]

I am in Michigan, and I really need the federal. ;)

[klandsb]

So u can claim Jewerly up to $ 1350.00 without any problems... After that well

[AngelinaCat]

OP: You are correct about going to the pawn shop, or two or three, and getting a quote of what you would be given for the item. Jewelry is heavily over-priced in the jewelry stores.

A family heirloom piece, say grandma's diamond ring, might be priceless to you because of what it is. But if you had to pawn or sell it to pay bills, you might only get $100.00, and that would be the true market value.


Good luck to you.

[poorold]

anyone who has ever tried selling jewelry will be shocked at how little it is usually worth.

a friend is a jeweler and he basically said my wife's ring that we bought from him for a "deal" at 1,200 should be valued by us at about 200 for bk purposes. basically the value of the gold, platinum or silver. he said unless it is a rare stone of the highest quality, little or no value is ascribed to the stones in a ring.

[AngelinaCat]

he said unless it is a rare stone of the highest quality, little or no value is ascribed to the stones in a ring.

And if the diamond, as is the case with my grandmother's ring, is a 'mine-cut'--a very popular cut in the late 1800s--then that stone will be taken out and recut into the 'brilliant' cut that is popular today.

[LuciluS]

My dad was a Jeweler before he retired about 30 yrs. ago. He bought a matching antique ring & necklace in the 1950s for about $11,000. I got it when our mom passed away. When I became disabled & we were moving I gave that set to my DIL in 2007. Glad I did as I've read nothing can be given within 120 days of filing.

I saw the same old necklace on ebay for $350. So depressing as I have quite a bit of old (antique) jewelry and furniture. I found the whole mahogany bedroom set for $1,000. It had end tables & a mirror I didn't have.

I bought a platnium setting with small diamonds, about 4 larger diamonds & they took the Big 3 diamonds out of my wedding ring from a previous marriage. I paid like $1,699 for it and have the Real Certificate stating so. Again, found that ring for $345.

[adviceplease]

Wow I am surprised how much the prices go down. I found the same ring that cost $2000 when we bought it 8 years ago on ebay for $200 and it did not sell. I will be hitting the pawn shop this week to see what they say, should I get something in writing from them?

[AngelinaCat]

Wow I am surprised how much the prices go down. I found the same ring that cost $2000 when we bought it 8 years ago on ebay for $200 and it did not sell. I will be hitting the pawn shop this week to see what they say, should I get something in writing from them?

Yes, definitely get it in writing. You will need that should any questions arise.

[hereforinfo]

A pawn shop will typically only offer you about 1/3 of what he thinks he could sell the item for, so if you go by that amount it won't be accurate and may raise an eyebrow. You can ask him to give you his opinion on the actual value of the item, which of course will still be lower than what you paid since it is a used item.

[EbbTide]

Jewelry is only worth what someone else is willing to pay for it.

In today's market - it's scrap value.. through local "thieves" $10 a gram!
Ha! 2.19 troy oz 14 kt.... $684.00.

Shipped it off to NYC.......got $1228.....

[AngelinaCat]

A pawn shop will typically only offer you about 1/3 of what he thinks he could sell the item for, so if you go by that amount it won't be accurate and may raise an eyebrow. You can ask him to give you his opinion on the actual value of the item, which of course will still be lower than what you paid since it is a used item.

Such pricing would be accurate in today's market. We have tried to sell jewlery--a bracelet--that should be worth a couple hundred dollars in gold alone, we were offered about $75.00.