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| Gems & Jewelry |
A Fresh Market for Stale Stones
Jill Newman
01/01/2004
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"There has been a stigma with selling personal jewelry," says Del Gatto, who founded SellJewelry in 1998 in partnership with two jewelry industry veterans and the backing of the venture capital firm New York Community Investment Co. Not until April 2001, however, did he begin advertising his company nationally in business publications such as the Wall Street Journal. Through his company—the only national firm dedicated to the purchase of fine jewelry—Del Gatto endeavors to alter people’s attitudes about selling these precious assets. To accomplish this, he and his staff have created an environment of discretion and ease. Clients are brought into private rooms to meet with experienced appraisers whose mission is to offer them the best price possible for their pieces. Once clients accept an offer, they are immediately presented with a check—with no commission charge or fees deducted.
"I never knew a place like this existed until a friend of mine came here with her grandmother’s necklace and made
a killing," said a well-heeled, 40-
something woman, while waiting in SellJewelry’s New York reception area for her appointment. Once ensconced in a private showroom, the woman (who wishes, understandably, to remain anonymous) presented the appraiser with a gold and diamond Verdura necklace, a gift from her husband. After careful inspection with his loop, the appraiser offered the client several thousand dollars for the necklace. She immediately accepted the offer and was presented with a check moments later. "I never liked the necklace," she said with a satisfied smile. "Now I’ll have to explain to my husband where it went."
While Del Gatto builds his reputation by offering clients the best price for their jewelry, he cautions that the public should not expect to get the appraisal value, or even close to the retail value, for their jewels. Jewelry appraisals often are inflated, he says, for insurance reasons. Moreover, SellJewelry does not have hard and fast rules as to what percentage of retail it customarily pays its clients; the variables are far too numerous. Signed pieces, for example, have more value than similar unsigned jewelry items. Certain trends, such as the current demand for diamond chandelier earrings, will also drive up the price of an item. And common, unbranded merchandise, such as commercial pearls, will bring little reward or satisfaction to the seller.
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