Selling Jewelry in NYC: What a Madison Avenue Buyer Looks At

Madison Ave Gold Buyers is a jewelry buyer on Madison Avenue in Midtown Manhattan, with over 15 years buying from the public. We buy gold, diamonds, colored stones, estate and antique jewelry, gold coins and watches, and we pay cash. We test and weigh every piece in front of you, explain what we are looking at, and make an offer you are free to take or walk away from. This page is the starting point: it explains how we value jewelry and points you to the page for your own kind of item.

What we buy

Jewelry covers a wide range, and different pieces are valued in different ways. Below is what we buy, with a link to the page that goes into each kind in depth. You do not need to sort anything beforehand. Bring a mixed lot and we will go through it piece by piece.

• Gold jewelry and scrap. Chains, bracelets, rings, single earrings and broken pieces, valued by their gold content. If you want to walk out paid in cash, the cash for gold page explains how that works.
• Diamonds. Loose stones and diamond jewelry, graded on their own merits. See diamond buyers, or, for a ring you are selling after an engagement or marriage, engagement ring buyers.
• Estate and antique jewelry. Inherited lots and mixed collections go to estate jewelry buyers; older period pieces with hallmarks or a maker’s mark go to antique jewelry buyers.
• Gold and collectible coins. Bullion and numismatic coins are priced differently from jewelry, so they have their own page at gold coin buyers.
• Watches. High-end brands such as Rolex, Patek Philippe and Cartier are covered on luxury watch buyers, while everyday and vintage watches go to watch buyers.

How a jewelry appraisal works

Every piece is appraised in person, at our counter, while you watch. Nothing is taken out of sight and nothing is sent away for a decision. The point is that you can see how we reach a number, so the offer is something you can judge for yourself rather than something you have to take on trust.

1. We look at each piece. A mixed lot is sorted into gold, stones, watches and coins, and anything worth more whole than for its metal, such as a signed piece or a collectible watch, is set aside.
2. We test the metal. Gold is checked for its karat and weighed, so the metal value rests on what the piece actually contains rather than on what is stamped on it.
3. We examine the stones. Diamonds and colored stones are looked at under a loupe for the qualities that set their value, and any grading report you brought is read against the stone.
4. We explain and make an offer. We tell you what each piece is, what the number is based on, and give you a figure for the whole lot or piece by piece, whichever you prefer.
5. You decide. If you accept, we pay you. If you would rather keep a piece or think it over, that is the end of it, with no pressure and nothing owed.

What decides what your jewelry is worth

There is no single formula, because a gold chain, a diamond ring and a watch are each worth money for different reasons. These are the main things that set the value of each kind of piece, and each has a page of its own that goes further.

Gold and the metal itself

Gold jewelry is valued on how much gold it contains, which comes down to purity and weight. Purity is measured in karats out of 24, so 24 karat is pure gold, 18 karat is 75 percent gold, 14 karat is about 58 percent, and 10 karat, the lowest that can be sold as gold in the United States, is about 42 percent. Weight is read in the troy system the trade uses, where one troy ounce is about 31.1 grams and divides into 20 pennyweights. The offer then tracks the live spot price of gold, which is quoted per troy ounce and set against public benchmarks such as the LBMA Gold Price. The gold buyers page works through karat testing and weighing in full.

Diamonds and colored stones

A diamond is valued on the stone itself, described by the 4Cs: color, clarity, cut and carat weight. These are the four characteristics the GIA uses to grade every diamond, on a color scale that runs from D to Z and a carat that is a unit of weight, with one carat equal to 200 milligrams. GIA is an independent nonprofit that grades stones but does not buy, sell or trade them, which is why its report is treated as a neutral description. If you have a report, bring it. The diamond buyers page explains how a stone is read under the loupe.

Watches

A watch is worth what the market will pay for that exact piece, so the first things we note are the brand, the model and reference number, and the serial number. Condition then moves the figure: scratches on the crystal, a worn bracelet, deep nicks and a faded dial lower it, while a clean, well-kept watch brings more. The original box, papers and any service records matter too, because they prove what the watch is. A Rolex or other high-end brand is covered on luxury watch buyers, and a plainer or vintage watch on watch buyers.

The piece as a whole

Not every item is worth only its materials. A signed piece by a known maker, fine craftsmanship, or an antique in good condition can be worth more kept whole than broken for its gold or stones, and we set those aside rather than weigh them in with the scrap. Inherited collections are handled on the estate jewelry buyers page, and older period pieces on the antique jewelry buyers page.

What to bring

You do not need to prepare anything, but a few things help us give you an accurate figure and keep the sale straightforward.

• The pieces themselves, in whatever state they are in. Broken, tangled or missing a stone is fine, and you do not need to clean or sort them first.
• Any paperwork you have, such as a diamond grading report, a watch’s box and papers, a receipt or an older appraisal. None of it is required, but it can raise an offer by proving what a piece is.
• Government-issued photo identification. New York law requires a licensed buyer to record the seller’s name and details on every purchase, so we will ask to see your ID when you sell.

Why sell with a Madison Avenue buyer

Our showroom is on Madison Avenue in Midtown Manhattan, easy to reach by subway, bus or on foot. We have spent over 15 years buying gold and jewelry from the public, which means we see enough pieces to recognize and value an unusual item correctly. Every appraisal is free and in person: the metal is tested and weighed and the stones are read right in front of you, and cash is paid on the spot when you accept.

We buy directly, for our own account, rather than taking your piece on consignment or sending it away for someone else to decide. That keeps the whole thing to a single visit and keeps the offer between you and us. You are welcome to get other offers and come back. More about the business is on the about page.

Questions worth asking any jewelry buyer

Whether you sell to us or to someone else, a few questions tell you quickly whether a buyer is being straight with you.

• Are you licensed to buy second-hand jewelry? A business that buys used jewelry and precious metals in New York City must hold a Secondhand Dealer license from the Department of Consumer and Worker Protection.
• Will you test and weigh my gold in front of me? You should be able to watch the karat test and read the weight on the scale yourself.
• What is the offer based on? For gold, the answer should come back to purity, weight and the current spot price; for a diamond, to the 4Cs; for a watch, to the brand, model and condition.
• Is there any pressure or any fee to decline? A free appraisal means free, whether or not you sell, and a straight buyer will not push you to close on the spot.

There is one more protection built into New York law that works in an honest seller’s favor. A licensed second-hand dealer generally cannot sell, melt or refine anything it buys until 15 days have passed, and it has to keep a record of each purchase and the person it bought from. That waiting period and paper trail exist to protect sellers and the public, and they are a sign you are dealing with a licensed buyer rather than a pop-up operation.

Questions people ask