Used Jewellery vs. New Jewellery: What Are The Pros & Cons?
Over the years, pre-owned jewellery has had many negative connotations, typically seen as low-quality, cheap and unreliable. However, the used jewellery market has really taken off in recent years, with a huge influx in the number of reputable online jewellers selling pre-owned jewellery.
As a jewellery retailer that sells a wide range of new and pre-owned jewellery, we’re often asked about the pros and cons of each. Therefore, we’ve put together this blog post to shine some light on the benefits of buying used jewellery and new jewellery.
You Are The First Owner (Pro)
Knowing that you’re the first and only owner of a piece of jewellery is a great feeling, even more so if your jewellery is custom-made or a rare piece. This new piece of jewellery marks the start of a new journey; you never know, it could end up being passed down through generations. Who knows what stories your new purchase will live to see…
Customisation Options (Pro)
One of the benefits of new jewellery that simply isn’t possible with pre-owned jewellery is the amount of customisation available. Whether you simply want to add some custom gemstones to a pre-designed piece or you want to create your own piece from scratch, the world is your oyster with new jewellery. Of course, if you only want to feature an engraving on your piece then this is still possible with second hand jewellery.
High-Street Mark-Up (Con)
Did you know that most high-street jewellers have a mark-up in excess of 300% on new jewellery? This means that your jewellery instantly loses value when you walk out the store, leaving you in a loss if you ever decide to re-sell your piece. This mark-up is even more significant with new diamond jewellery, typically losing over 50% of its value the second that you leave the jewellery store.
Get More For Your Money (Pro)
One of the key benefits of buying second hand jewellery is the price. Whilst new jewellery is known to have extreme mark-ups at high-street retailers this is rarely the case with pre-owned jewellery. This means that you can usually get a lot more for your money with pre-owned jewellery; instead of buying a brand new 6mm rope chain, maybe you can now afford a second hand 10mm belcher chain?
Better Investment (Pro)
As the mark-up on pre-owned jewellery tends to be fairly low it’s a lot more likely to retain its value over time, particularly if you're shopping for antique jewellery and know exactly what to look for. Combine this with the ever-rising price of gold and you may find that your piece has actually increased in value over the space of several years. Of course, if you manage to get your hands on a rare piece of jewellery then the price can increase significantly as long as it’s been maintained correctly.
A Piece Of History (Pro)
As any one piece of second hand jewellery may have had numerous previous owners, you’re essentially buying a piece of history. Of course, this is even more apparent with antique and vintage pieces that have been around for decades or even centuries.
One of the most common myths around buying used jewellery is that you’re sacrificing quality for a better price. In reality, this is never an issue if you’re shopping with a reputable supplier. Here at Hatton Jewellers, all of our second hand jewellery is hand-selected, before going through a rigorous inspection process by our specialist goldsmiths. From here, we refurbish and polish the products to ensure a high-quality, like-new finish. Ensure that your retailer is an ASSAY ASSURED jewellery specialist and you should be fine, however, you may also want to read some of their reviews on a credible site like Trustpilot for peace of mind.
More Sustainable (Pro)
The environmental impact of mining diamonds and gemstones is a serious issue, particularly in areas of conflict. When buying pre-owned jewellery, you can be 100% certain that you’re not contributing to the demand for new diamond jewellery.
Shady Sellers (Con)
As with any industry, the used jewellery market has its fair share of untrustworthy retailers. We always recommend shopping with a reputable jeweller rather than buying from the likes of eBay or Facebook Marketplace. But if you absolutely have to use one of these platforms make sure that you do your research. Even when shopping with a jewellery retailer it’s important that you do your due diligence; as we mentioned above, ensure they have an ASSAY ASSURED trustmark and make sure to check out some of their online reviews.
As you can see, there are benefits and disadvantages to both new and pre-owned jewellery. We always recommend taking the time to do your research before buying any piece of jewellery, but even more so if you’re buying jewellery online for the first time.
If you’d like to speak with one of our jewellery experts to discuss the best option for you, why not visit us at our store in Hatton Garden or drop us a message by using our live chat feature?