On The Money: Getting the most for grandma’s engagement ring

RICHMOND, Va. (WRIC) — Everyone has extra stuff lying around that they’re looking to get rid of. This week on Good Morning Richmond, 8News anchor Amanda Malkowski is showing you how to get the most bang for your buck.

Grandma’s engagement ring: Do you sell it or keep it?

It’s a tough market. Baby boomers are retiring and old jewelry is flooding the market. You may have a piece that’s worth something, though.

“Today, price of gold is dropping, price of diamonds are dropping,” says Mark Palmgren, an estate buyer and gemologist. “What you’re looking for right now are the more collectible pieces, and collectible pieces has more to do with today’s fashion.”

Broaches are out, but rings and bracelets are in, Palmgren says.

“Gold is a softer metal and it’s going to wear faster.”

Platinum pieces will hold their value longer than gold, so hold on to them, too.

“Go to someone who’s going to make you a cash offer,” Palmgren says.

That’s likely to be completely different than an appraised value you may have from an insurance company. You can expect to get about 50 percent of the true value from a jeweler and more from a private buyer.

“When you go to sell a piece of jewelry, it’s kind of like selling a used car. Once you drive off the lot, that value depreciates instantly, until you get into that collectibility factor.”

At the end of the day, Palmgren says it’s the sentimental value that really counts. If you never wear it, don’t bother keeping it.

“If there’s something that you want to hand down to the next generation, you need to wear it in front of the next generation.”

Another tip: take a look at the piece of jewelry and check for names etched into the back of the metal — that generally adds value.

Watch Good Morning Richmond all this week to find out how to get the most money for your stuff.

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