Whether you are shopping for an engagement ring in anticipation of popping the question or seeking out the perfect piece of vintage pendant for that dinner party, buying jewelry can be an intimidating experience. Many shoppers find themselves at the mercy of the marketplace and end up paying more than they should as a result.
As with any type of purchase, the more you know about buying jewelry the better off you will be. Whether your jewelry shopping takes you to Seattle WA or Los Angeles CA, here are three practical tips you can use to get the most for your money.
Know the Market
No matter what kind of jewelry you are looking for or what kind of design you prefer, it is important to know the underlying market. If you are looking for a gold wedding ring or a sterling silver bracelet, the selling price will obviously be impacted by changes in the spot price of gold and silver. When you buy gold jewelry, for instance, you can expect to pay more when the price of an ounce of gold is riding high. When gold prices come back down to earth, the price of that gold jewelry should fall as well.
While it is impossible to predict short-term moves in the market for precious metals, knowing where those prices are can make you a smarter shopper. If the price of gold is down but the jeweler swears it is at an all-time high, you know you are dealing with someone who is less than ethical. The more you know about the market the easier it will be to choose a dealer you can trust.
Do Your Homework
Knowing the price of gold and silver is important, but it does not tell the whole story. The price of a piece of jewelry can be impacted by a host of factors, from the spot price of gold to the collectable nature of certain pieces.
The more you know about the market the easier it will be to get a good deal. Knowing the market and understanding the factors that impact pricing is always important, but it is even more critical when shopping for rare or vintage jewelry.
Take a Practical Approach
Buying jewelry is an emotional endeavor, but you do not have to let your emotions get in the way of your common sense. No matter what kind of jewelry you are shopping for, it is important to take a practical approach to the buying process.
Even if you are buying that most personal of all pieces of jewelry – the engagement ring – you should try to take a detached and practical approach to the purchase. There will be plenty of time for emotion later – when you present your bride to be with the ring you just bought.