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Selling Jewelry

Revere Jewels wants to remind you that we offer the best prices around for you to either purchase jewelry or sell jewelry. A popular transaction these days is for those who have come out of a bad marriage or bad engagement period to want to get rid of their engagement ring because it is too painful to keep. Especially in the time of a divorce cash flow issues can really be a problem as almost all assets and currency get tied up in the review process.

Sometimes the situation is different; a friend of mine just recently got dumped a month before her wedding and the groom-to-be just took off leaving her and her family in a great deal of debt having already paid for almost all of the wedding. At least she had her engagement ring, which was worth a pretty penny, to sell to help offset the cost and debt of the wedding that was not to be.

She came to Revere Jewels and we provided her with top dollar based on the value of the ring (not because she was a friend I can promise you). If you find yourself in a similar situation please do come to Revere Jewels, whether our actual physical location or online, so that we can do the same for you.

In some jewelry news Elizabeth Taylor’s jewelry and jewels are being exhibited around the world, with a portion of the proceeds of admission to the exhibit going toward the Elizabeth Taylor AIDS Foundation (their website here http://www.elizabethtayloraidsfoundation.org/) before the high profile auction that will take place in December in New York (also through Christie’s). For more information on when and where the collection will be exhibited visit http://www.christies.com/events/?event=elizabeth-taylor-world-tour.

Elizabeth Taylor unfortunately passed away at the age of 79 on March 23 of this year and although she was famous for her string of lovers over the years she was equally famous for her strings of pearls and various other jewelry that she bought or was given over the years. The jewel collection has been valued in the past at in excess of $30 million and will be quite the site to behold if you should get a chance to see the exhibit in your area. Elizabeth Taylor had a keen eye for jewelry and truly understood her gemstones. Nancy Schoenberger, who wrote a book on the marriage and love of Richard Burton and Elizabeth Taylor called “Furious Love: Elizabeth Taylor, Richard Burton, The Marriage of the Century,” said of Ms. Taylor, “She grew up surrounded by beautiful things and was always drawn to jewelry as a young girl.”

Among the collection are some extremely valuable and interesting items such as a 50-carat pearl known as “La Peregrina,” given to her by Burton in 1969, that was once part of the crown jewels of Spain. In an excerpt from an article on CNN.com, which you can view in full here http://edition.cnn.com/2011/09/23/world/europe/elizabeth-taylor-jewelry-exhibition/?hpt=ieu_bn3, ‘Keith Penton, head of the jewelry department at Christie’s in London, said that Taylor’s taste in jewels was “extraordinarily refined. She really understood her gemstones [and] she had a passion for design and workmanship, quite a rare combination.”

If you needed more incentive to sell your gold or silver jewelry an added benefit is that you will not have to declare the sale as income on your taxes. The IRS does not consider selling gold as income but there is a 15% capital gains tax on jewelry if you have owned that piece of jewelry for more than a year as it is considered a collectible like stamps are.

What that essentially means is that if you bought a ring for $100 and then sold it for $200 you would technically owe the IRS $15 if you should choose to report it, because the tax is on how much money you make on the sale not how much money you sell it for (which can be a huge difference in your favor).

That is our round up on jewelry news for the week. Keep checking back at Revere Jewels for more information very soon.