As a brief introduction, many professional women like me, have had multiple careers. One of my favorites being a partnership with an iconic jewelry company located in the Empire State Building, which during the days of World War 2, opened its doors to customers who were actually selling the gold fillings from their teeth for cash.  As the years passed, the company continued to operate as a gold buying service while it expanded into the business of selling GIA certified diamonds at wholesale prices.  The company, known as Empire Diamond, also has the distinction of being the only original tenant in the Empire State Building in continuous operation since the building’s construction in 1931.  While there, I learned much about precious metals, Estate jewelry and diamonds, and most importantly I learned a respect for the value of one’s jewelry…its sentimental value, its inherent value, and its market value.

As one who has maintained an ongoing relationship with the company, it is my pleasure to now share the opportunity available to all to think about the possibilities of converting your gold and silver jewelry to cash.  So, where do we begin?

WHAT IS IN THOSE JEWELRY BOXES AND COIN JARS?

What is the point of owning jewelry, sitting in your jewel box, if you do not wear it or it doesn’t give you joy?  Or what about the broach that Grandmother gave you, that means the world to you but you just don’t know what to do with it?  Or how about that gift from an “ex” that just doesn’t have good karma?

And, yes, gold gets all the glory, but silver prices have surged, hitting a 13 year high and with value significantly higher than it was one year ago.

GOLD AND SILVER MARKET UPDATE: Why Now May Be an Optimal Time to Sell

Current market conditions present an exceptionally favorable environment for selling gold jewelry and silver items, with both metals trading near and at a historic high price.  Gold is currently trading around $3,346 per ounce, representing a 65% increase over the past 18 months while silver has surged to $37.14 per ounce, with a 17% increase in 2025 to date and an additional 3% increase predicted in 2026, according to the World Bank.

The convergence of economic uncertainty, inflation concerns, and robust industrial demand has created what many analysts consider one of the strongest precious metals markets in recent history.

 WHERE CAN I SELL?

Reputable gold and silver buyers in NYC include established exchanges and stores with certified gemologists, a track record of fair, transparent transactions, and BBB accredited dealers.

Here are some options, with pros and cons:

 LOCAL JEWELERS provide the advantage of immediate payment and face-to-face interaction. They may pay more for designer or estate pieces but may offer only scrap prices for generic items.

 COIN SHOPS/BULLION DEALERS provide expertise in evaluating precious metals and recognizable items like American Eagles, Maple Leafs or other government issued coins. These specialists understand the numismatic premiums that certain pieces command but may be less interested in jewelry aesthetics.

 PAWN SHOPS offer fast transactions and immediate cash.  However, they consistently provide the lowest payoffs and operate under significant regulatory constraints.  They are best suited for urgent cash needs where speed outweighs maximizing value.

AUCTION HOUSES for premium pieces and patient sellers.  For truly exceptional pieces-rare vintage jewelry, designer items, or pieces with significant historical provenance, auction houses like Sotheby’s, Phillips or regional specialists can deliver premium results.  However, this route requires patience as the process typically takes 30-60 days, with significant fees.

WHAT TO LOOK FOR IN A BUYER

REPUTATION: Check for BBB accreditation, customer reviews and years in business.  For example, Empire Diamond, in continuous operation since 1931, has an “A+” rating from the BBB.

 TRANSPARENCY: The buyer should clearly explain pricing, testing and authentication process, including a written offer.

 NO PRESSURE: You should never feel obligated to sell after receiving a quote.

 SPECIALIZATION: For unique or designer jewelry, seek buyers who appreciate and pay for craftsmanship, not just gold weight.

 MULTIPLE QUOTES: Always get offers from at least two or three sources to ensure a competitive price.

TESTING AND EVALUATION METHODS: Professional buyers use standardized testing methods including acid tests, electronic gold testers, or x-ray scanners to determine purity.  The most reliable buyers will test items separately by carat weight rather than grouping everything together at the lowest purity level.

PAYMENT METHODS AND SECURITY: Established buyers offer multiple secure payment options, including bank transfers, PayPal or certified checks.  Avoid buyers who only offer cash payments or request personal financial information beyond what is necessary for payment processing.

IN SUMMARY

“If you want to capitalize on the current high prices and avoid the risk of a market downturn, now is a strong time to sell gold and silver jewelry or bullion.  to maximize your return and ensure a safe transaction, prioritize reputable buyers, get multiple offers, and insist on transparency and professionalism throughout the process”.  Gregory Herdemian, Master Gemologist, President, Empire Diamond Corporation, NYC.