When a family member passes away, family jewelry may come into your possession through wills, family gifts, or other means. Typically, when you inherit family jewelry, you have two options. You can keep the jewelry or sell the jewelry. Many jewelers offer a cash-for-gold option with the jewelry, and you can get paid quickly.
As you decide what to do with the jewelry, you should ask yourself three questions while you go through each piece you own. Check out the questions below and more ways to analyze the family jewelry you inherit.
1. Is It Worth Anything?
You need to determine the quality of the jewelry you own. For example, a piece of solid gold jewelry is worth a lot more than gold-plated jewelry, especially when you seek out cash for gold. When you inherit the jewelry, the pieces are pure profits, so jewelry that is worth more will help you pocket more money because you didn't pay anything upfront for the jewelry.
If you are unsure about specific pieces, then a jeweler could examine them, weigh them, and tell you if the necklaces or pieces were made with solid gold or not.
2. Will You Wear It?
As you inherit jewelry pieces from family members, you may feel a lot of sentimental value considering who the jewelry came from. One of the main questions to ask is if you will ever wear the jewelry. If the pieces will only sit in storage for years, then you may find more value in receiving cash for gold.
You could pick a couple of pieces to save and pass down to other family members, but you should seriously consider if the bulk of the jewelry is worth holding on to.
3. How Can You Use The Money To Honor Family Members?
When you exchange cash for gold, you have an opportunity to honor the family member you inherited the jewelry from. For example, you could take some of the cash and donate it to a charity in their name. You could take the money and purchase a custom garden stone with their name on it. The money can go many ways to honor the person and help extend their legacy.
Take your time to go through each question and formulate a plan with the jewelry. As you go through each question, you can eliminate any regrets along the way and make the right decision with the jewelry you have. A jeweler can provide full estimates on the gold pieces and allow you to price out your options as well.