Before selling your jewelry, it is a good idea to understand the different options available.
If you have gold jewelry that you no longer wear, inherited jewelry, or vintage pieces that you are ready to sell, there are several options in Winnipeg.
The best choice depends on what you have.
A broken gold chain may be best sold for its gold value, while an attractive vintage ring, gemstone piece, designer item or antique piece may be worth considerably more if it is sold as jewelry rather than simply for scrap.
Consignment Versus Selling Outright
When you sell jewelry outright to a dealer, gold buyer or estate jewelry store, you receive an offer and are paid for the item immediately.
With consignment, you retain ownership of the jewelry while the store displays and sells it on your behalf. If the item sells, you receive an agreed percentage of the selling price.
Consignment may result in a higher return, but there is no guarantee that the item will sell, and you may have to wait several months.
Here are some Winnipeg businesses worth considering.
A&A Jewellers
196 Henderson Highway, Winnipeg
A&A Jewellers sells a selection of vintage, antique and estate jewelry, including gold rings, earrings, necklaces, brooches, gemstones and diamonds.
A&A also offers jewelry consignment, making it a good option for attractive pieces that may have more value as jewelry than they would simply as gold.
Their estate jewelry inventory includes pieces in 10K, 14K and 18K gold.
If you are considering consignment, ask what they believe the piece should retail for, what percentage you will receive when it sells and how long the consignment period lasts.
Gold Time Horology
723 Borebank, Winnipeg
Gold Time Horology is another Winnipeg business to consider when looking to sell jewelry on consignment.
In addition to watches and horology-related items, Gold Time Horology sells selected pieces on consignment.
This may make them a worthwhile option for quality gold jewelry, estate pieces, watches and other higher-value items that could benefit from being marketed to customers specifically interested in fine jewelry and timepieces.
Before consigning, ask about their current commission rate, how they determine the asking price, how long the consignment period lasts and whether there are any fees if the item does not sell.
It is also worth asking what types of gold jewelry they are currently accepting, since consignment needs can change depending on their existing inventory.
THINGS Boutique
913 Corydon Avenue, Winnipeg
THINGS is operated in support of the Royal Winnipeg Ballet and sells a variety of quality consigned items, including jewelry, antiques, silver and collectibles.
Jewelry valued at $30 or more may be accepted on consignment.
At the time of writing, consignors receive 60 percent of the final selling price and THINGS retains 40 percent.
Smaller items such as jewelry are normally consigned for approximately four months.
Because THINGS attracts shoppers interested in vintage and unique items, it may be a good option for wearable gold jewelry, vintage pieces and attractive estate jewelry.
So Over It Contemporary Consignment
394 Academy Road, Winnipeg
So Over It specializes primarily in designer and luxury consignment.
This may be an excellent option if you have jewelry by a recognizable luxury or designer brand, such as Tiffany & Co., Cartier, Birks, David Yurman or similar higher-end makers.
Their commission structure varies according to the selling price and type of item.
Designer authentication may also be required for certain pieces, and authentication fees can apply.
For ordinary unsigned vintage gold jewelry, there may be better options elsewhere, but So Over It is worth considering for luxury and designer pieces.
Dominion Antiques & Auctions Sales LTD.
424 Graham Avenue (inside Bison Books), Winnipeg
Auction is another option that can work well for certain types of gold and estate jewelry.
Dominion Antiques & Auctions Sales LTD. regularly handles jewelry, sterling, antiques and other estate items and has held auctions specifically featuring jewelry and fine antiques.
This may be a particularly good option for antique, vintage, signed, gemstone-set or unusual gold jewelry that could attract multiple interested bidders.
The advantage of auction is that competitive bidding can sometimes push the selling price above what a dealer might be willing to offer outright.
The disadvantage is that the final selling price is not always predictable.
Before consigning jewelry to auction, ask about the seller’s commission, any additional listing or photography fees, the buyer’s premium, whether a reserve or minimum selling price can be placed on the item, and whether the piece will be included in a jewelry-focused auction or a general estate auction.
It is also useful to ask what similar pieces have recently sold for.
For higher-quality vintage or estate jewelry, Dominion may be worth comparing directly with jewelry-store consignment.
Selim’s Estate Jewelry & Antiques
801 Corydon Avenue, Winnipeg
Selim’s has been a longtime Winnipeg destination for estate jewelry, antiques, watches and other special pieces.
They buy estate and antique jewelry and may be particularly worth visiting if you have unusual, older or higher-quality jewelry.
Antique gold rings, gemstone jewelry, older lockets, brooches and distinctive vintage pieces may be of particular interest.
Ask whether they are interested in purchasing the piece outright and whether consignment is available for certain items.
Universal Gems
955 St. Mary’s Road, Winnipeg
Universal Gems buys, sells and appraises estate jewelry, precious metals, diamonds and coloured gemstones.
One advantage of visiting a business such as Universal Gems is that they can help determine whether a piece has value beyond the gold itself.
For example, an older ring containing a quality diamond or gemstone may be worth considerably more as a complete piece of jewelry than it would be based solely on its gold weight.
Formal appraisals are also available.
A formal appraisal may not be necessary for every piece, but it can be worthwhile for jewelry that appears unusual, valuable or difficult to identify.
Watson Workshop
Pembina Hwy, Winnipeg (Opening soon!)
Watson Workshop, formerly associated with Roger Watson Jewellers, offers jewelry services including appraisals, restoration, custom jewelry and goldsmithing.
Because they have experience with jewelry and gemstones, they may also be worth contacting when looking for advice regarding an estate piece.
It is a good idea to call first and ask whether they are currently purchasing or consigning estate jewelry.
Pawn Shops
Pawn shops are another option for selling gold jewelry in Winnipeg.
Most pawn shops offer two choices. You can sell your jewelry outright for cash, or you can use it as collateral for a short-term loan and reclaim the jewelry after repaying the loan and applicable charges.
The main advantage of a pawn shop is convenience. Jewelry can usually be evaluated quickly and, if you accept the offer, payment can often be made immediately.
However, convenience does not necessarily mean that you will receive the highest price.
Pawn shops need to purchase items at a price that leaves room for their expenses, resale risk and profit. As a result, the amount offered may be considerably less than what the jewelry could eventually sell for at retail.
For attractive vintage, antique, diamond or gemstone jewelry, it is a good idea to get quotes from an estate jeweller, consignment store or auction house before selling to a pawn shop.
For broken jewelry or pieces that have little value beyond their gold content, compare the pawn shop’s offer with a dedicated gold buyer.
Gold Buyers
Another option is to sell jewelry directly to a gold buyer.
Winnipeg Gold Buyer, Canada Gold, and Gatewest Coin (my go-to) are examples of businesses that purchase gold jewelry based primarily on its weight, purity and the current value of gold.
This can be a very good option for broken chains, damaged jewelry, mismatched earrings, plain pieces or jewelry with little resale appeal.
However, be cautious about immediately selling attractive vintage or antique jewelry for scrap.
A beautiful 14K vintage ring may contain $200 worth of gold, for example, but someone may happily pay $400 or $500 for it as a wearable vintage ring.
Once it is melted, that additional value is lost.
Know Your Gold Value First
Before consigning, auctioning or selling valuable gold jewelry, consider getting at least one quote based purely on the gold content. You can also weigh your gold on a small scale and look up the current prices (I use Gate West Coin’s website for the current value they are paying) to get an estimate of the “scrap value” for just the gold.
This gives you a minimum value to work from.
For example, if a gold buyer offers you $200 for a ring, you now know that any other selling method needs to provide a meaningful return above $200 to make the additional time and effort worthwhile.
If a consignment store believes the ring could sell for $500 and you receive 60 percent, your return would be $300.
In that situation, waiting for a consignment sale may make sense.
If the same store believes the ring will sell for only $325, your 60 percent would be $195.
In that case, taking the $200 immediate gold offer could actually be the better choice.
Auction adds another possibility.
If an auction house estimates that the ring could sell for $400 to $600, the final result may be higher than a dealer’s offer, especially if two or more bidders want the piece.
However, seller commissions and other fees need to be deducted before comparing the final return.
Questions to Ask Before Consigning or Auctioning Jewelry
Before leaving jewelry with a consignment store or auction house, ask:
What percentage of the selling price will I receive?
What price do you intend to list or estimate the item at?
How long is the consignment period?
Can the store reduce the price without contacting me?
Are there scheduled markdowns?
Are there administration, appraisal, listing, photography or authentication fees?
What happens if the item does not sell?
How and when will I be paid?
Is the jewelry insured while it is in the store or auction house?
Do I need an appraisal before consigning it?
If it is being auctioned, can I place a reserve or minimum selling price on it?
Different Pieces May Need Different Selling Methods
There is no single best place to sell every piece of jewelry.
Attractive vintage gold jewelry may do well through an estate jewelry store or consignment shop.
Rare, unusual, signed or highly collectible pieces may be good candidates for auction.
Designer jewelry may be better suited to a luxury consignment store.
Fine diamonds and gemstones may warrant professional assessment before being sold.
Broken or damaged gold jewelry may be best sold directly to a reputable gold buyer.
Pawn shops may be convenient if immediate payment is important, but they are not necessarily the best choice for maximizing your return.
You can also consider selling jewelry yourself through online marketplaces. Doing so requires more work, but it allows you to keep a larger percentage of the selling price.
Do Your Homework Before Selling
Gold jewelry has both material value and, in many cases, resale value.
The biggest mistake may be assuming that an older piece is worth only the value of the gold it contains.
Vintage styling, craftsmanship, gemstones, maker’s marks, age, rarity and current fashion trends can all affect what someone is willing to pay.
For higher-value pieces, consider getting more than one opinion before making a decision.
There is nothing wrong with asking a gold buyer or estate dealer:
“What would you pay me for this today?”
Then ask a consignment store:
“What do you think this could sell for on consignment?”
And for an unusual or potentially collectible piece, ask an auction house:
“What would you estimate this would sell for at auction, and what would my net proceeds be after fees?”
Those answers can help you decide whether convenience, immediate payment or a potentially higher selling price is most important to you.
Please note: Business policies, commission rates, locations, auction fees and consignment terms can change. Contact individual businesses directly to confirm their current policies before bringing in jewelry.
Final Note
If you are not sure what to do, please give me a shout. I would love to help you out. I also buy vintage jewelry outright (I buy, sell, collect), so I can help make it easy for you!
Angela G. Gentile, Winnipeg
Angela G. Gentile 