Question about acquiring estate jewelry

[ColinMartin]

Hi Everyone. Been reading this forum for years and need advice.

I've been wanting to open an estate jewelry store for some time now. I have many years of retail jewelry experience so this is a move motivated by passion. But I have no idea where to find estate jewelry I can acquire for resale. For the life of me, I've looked at pawn shops, estate jewelry auctions and sales, thrift stores, garage sales and even put ads out to look through people's used stuff, but I never really find anything that isn't already marked up at full retail. Does anyone have advice of where they find such pieces??

Btw, I'm 3/4 of the way through my GIA G.G. diploma. I'm confident that I can spot plenty of real and unique jewelry and have the gemological equipment to identify it. Thank you for your time!

 

[YadaYadaYada]

Pawn shops seem to be where I find the most promising items for resale. That means however that you will probably have to venture into some of the grittier neighborhoods because that's where people are mostly pawning and not buying. You still have to play the game though and get them down as low as you can, that means not rocking any major bling of your own and possibly walking out the door if they don't want to play ball and possibly going back another day to try again.

I aim for 20-30% off their asking price, sometimes you just have to ask and other times they make you work for it.

 

[Matilda]

hi! so I will second what @StephanieLynn said...grittier neighbourhoods. and dress LOW PROFILE. blend in or look unassuming

my mother was an antiques dealer and I often helped her source her items. It is a fun exciting experience. As you intelligently are acquiring a GIA certificate you will be able to know more than the sellers, at least most of the time. It is important with antiques to really learn how to spot a good piece and not give the game away...poker face haha! Also my mother was nervous at first but quickly gained confidence when she realised she was mostly choosing the correct items therefore progressing her career.

best of luck on your journey ! I am sure you will find it fulfilling, albeit nerve racking at times at the start!!

 

[Matilda]

oh also I forgot...

you will gradually build up connections and find that you start to use a few sellers.
though I wouldn't trust them fully they will be helpful; as you want to buy more consistently (in order to sell), they will start to work with you. They will like having a "regular" buyer, especially as in these areas their average clientele may not be keen to buy so much and so often. win win for you and them basically

 

[Bron357]

It’s a tough market these days because both sellers and buyers have access to eBay and places like Gumtree /Craigslist to sell their unwanted items.
People are also far more educated than previously thanks to the internet so someone unwittingly selling a gold ring with gemstones for $10 isn’t common.
I still can find bargains on eBay and at local auction houses but I’m just buying for me. It’s not like I can find 10 items or more a week at a great price. It requires a lot of looking and seeing if I “get lucky”.
Personally I can’t see a “stand alone” bricks and mortar antique jeweller store as a commercial proposition. And you should include “vintage” as well. Antique stuff can seem old fashioned and worn, vintage sounds more trendy.
Firstly, a lot of people like “new” jewellery, they don’t like the idea of secondhand stuff. Secondly, it’s hard to find quality, broad appeal pieces in large numbers. Thirdly, turnover in any antique store is slow, your overheads are high - stock, rent, staff, insurances and a wet and cold week might mean 10 customers only in the door.
You might need to “value add”, that is selling as well online with a website, using eBay and using Etsy. You might seek out people to sell with you in consignment. You take a smaller profit but you get more stock.
I think to be successful you really need great marketing tools - trust me decent photos and concise critical information make a huge difference. As does knowing market trends, even looking at recycling out of favor styles. Turning brooches into pendants, using gold watch bands with a brooch to make a bracelet. Knowing what gems are popular now, what isn’t.
I can tell you strands of cultured pearls are out, natural pearls are in. Certain brands of vintage costume jewellery ie Chanel are hugely sought after but average stuff is worth $2. People aren’t really wearing watches anymore, charm bracelets are coming back. Art Deco and Art Nouveau styles are in, Victorian out of favour. People are now loving OEC diamonds, even in low colour. Band style rings and statement rings are in, recycled pieces are very in. 1960s style is popular, 1970 - 1990 avoided like the plague. Coloured gems are in but Synthetic are not ok.

 

[ColinMartin]

Thank you all for your advice and help. It sounds like a lot of work and I'm up to the challenge. Lots of great ideas to consider and implement.

 

[Matilda]

I'm glad you are feeling excited! @Bron357 is right about customers today. My mother last sold antiques 10 years ago or more. She also sold items for the home which allowed her to offer variety. She ended up with loyal customers. I will say that her passion for history and antiques was what ultimately brought her success...so I do think your personal love and fire will work in your favour!

 

[Sirenagirl]

I'm so excited for you!!! Sorry I don't have a background to help you further. But I truly wish you the best!!

 

[denverappraiser]

Go to shows. The Vegas show in the middle of the summer is good for antiques for example.