Everything Resellers Need to Know About Real Silver Jewelry! Part 1 - Episode #88

[00:00:00] Welcome to the Jewelry Resellers Podcast, your go-to source for all things shiny, sparkly, and of course profitable. I'm your host, Desiree, and I'll be your guide on this dazzling journey through the world of reselling jewelry. We'll be diving deep into the art and science of reselling, uncovering valuable tips, insider secrets, and sharing stories from successful jewelry resellers.

[00:00:25] We'll explore market trends, industry news, and even discuss how to find those hidden gems just waiting to be discovered in thrift stores, estate sales, and beyond. So if you're dreaming of turning your hobby into a hustle, or if you're a seasoned pro looking to stay at the top of your jewelry reselling game, join me each week for insights, stories, and more on the Jewelry Resellers Podcast.

[00:00:52] Hello, Jewelry Friends. Welcome back to another episode of the Jewelry Resellers Podcast. My name is Desiree, and I am your jewelry reselling bestie. Today, we're going to talk about everything resellers need to know as it relates to real silver jewelry. Now, I did the everything resellers need to know about gold jewelry. We did a two-part episode, or two episodes, as it relates to gold jewelry.

[00:01:21] What we need to know what we need to know for gold. Now, we're going to focus on what we need to know for silver, okay? Because I think this is one that a lot of us probably are more familiar with, and I know I have sold way more silver pieces than I have gold pieces, although I have sold some gold pieces as well.

[00:01:43] But I think this is really good, especially if you don't know a lot about silver. We're going to talk about as much as I think would be relevant to this topic.

[00:01:54] All right? So, I have a lot to cover. I have a lot of notes, and I think this is probably going to be a two-parter as well, just because I have been researching the past couple of weeks.

[00:02:04] And like I said, there's a lot. And it's funny, and I say this all the time, the more I learn, the more I realize how much I don't know.

[00:02:15] All right? So, I'm going to share with you everything that I know and everything that I have researched and discovered as it relates to real silver jewelry.

[00:02:24] And we're going to talk about all the things. All right? So, before we do that, you know, I always like to remind you to head on over to our website,

[00:02:31] which is JewelryResellersPodcast.com, because over there, you can get access to a free download that I created.

[00:02:40] And it's called the 20 Best-Selling Vintage Jewelry Brands that I think all resellers should know.

[00:02:45] So, whether you are just getting started or maybe you've been doing this for a while, I do believe that that list can help you.

[00:02:52] Because when I was putting it together, like I said, I have used my own experience and my own research.

[00:03:00] There were a couple of brands on there that I didn't know a whole lot about.

[00:03:04] So, I think it's a good resource and it's a great place to start, especially if you are just learning about vintage jewelry.

[00:03:11] All right? Now, the other thing I want to share with you is I have made this announcement in the newsletter.

[00:03:17] And that is I will be a speaker at the Boss Reseller Remix, which is happening here in Las Vegas in the spring.

[00:03:24] It happens in March of 2025.

[00:03:27] And so, if you would like to meet me, I would love to connect with you there.

[00:03:32] It's going to be a fun event for resellers.

[00:03:35] And there's going to be speakers on all kinds of topics.

[00:03:38] And so, if you are looking to connect with other resellers, it's not a jewelry reselling event, but it is a reseller-specific event.

[00:03:46] So, if you are a reseller in any way, shape, or form, you probably will enjoy this event.

[00:03:53] Like I said, I am going to be speaking and it's going to be a lot of fun and I would love to meet you.

[00:03:58] Now, I also have a discount code available.

[00:04:01] The tickets go on sale December 1st.

[00:04:03] So, when the tickets are available, I will be able to share a discount code with you.

[00:04:09] So, I can save you a little bit of money if you are planning to come to Las Vegas for the event.

[00:04:14] All right.

[00:04:15] I went two years ago, had a blast, met so many cool people.

[00:04:19] So, I am beyond thrilled, beyond thrilled to be attending again next year.

[00:04:28] All right.

[00:04:28] So, let's go ahead and get started with our topic today, which is everything resellers need to know about real silver jewelry.

[00:04:37] Now, we are going to cover, let me break this down because I don't want this information to be too overwhelming.

[00:04:46] And hopefully, you are just listening to this.

[00:04:48] Maybe you are watching it.

[00:04:50] But if you are just listening to this, don't worry because I think what I am going to need to do is create a blog post.

[00:04:56] Because there is going to be some things that I talk about in here that you probably will need to see the visuals for.

[00:05:02] So, I will have a blog post linked in the description of this video as well as the show notes if you are listening to the audio version.

[00:05:10] So, we are going to talk about the different types of silver.

[00:05:13] All right.

[00:05:13] Because there are a lot of different types of silver.

[00:05:16] We are going to talk about why resellers want to be knowledgeable and comfortable selling silver jewelry.

[00:05:24] Because it can be a very profitable item to resell.

[00:05:28] All right.

[00:05:29] We are also going to talk about how to identify real silver jewelry.

[00:05:35] And we are going to cover how to price silver jewelry for resale.

[00:05:43] Because I know that a lot of us get tripped up with that.

[00:05:46] But I still sometimes feel a little nervous about it because, you know, you never know.

[00:05:55] You never know like what somebody is willing to pay.

[00:05:59] Or it's like you don't want to overprice, but you don't want to underprice either.

[00:06:03] All right.

[00:06:04] So, we are going to talk about that.

[00:06:05] And I think that is probably going to be it for part one.

[00:06:08] Just because, like I said, I don't want to overwhelm you and put too much information in this episode too soon.

[00:06:14] All right.

[00:06:15] And then when we get into part two, we'll talk about tips and best practices as it relates to silver jewelry.

[00:06:23] We'll talk about cleaning, caring, and storage.

[00:06:26] And also some things that we want to avoid.

[00:06:29] Okay.

[00:06:29] So, that will be in part two.

[00:06:31] So, let's go ahead and get started with part one.

[00:06:35] Let me scroll back up here in my notes because, like I have, I want to say like 12 pages of notes here.

[00:06:44] I know.

[00:06:45] It's crazy.

[00:06:46] All right.

[00:06:46] So, let's talk about why resellers should add silver jewelry to their inventory.

[00:06:52] Now, a lot of us know that silver jewelry is very, very popular.

[00:06:56] And I think a lot of people like silver just because it seems to be more accessible than gold, you know.

[00:07:05] And it's kind of a trendy thing.

[00:07:09] And maybe it always has been.

[00:07:10] All right.

[00:07:11] But we're going to discuss all of that.

[00:07:15] All right.

[00:07:15] So, the first reason why resellers should add silver jewelry to their inventory is due to its versatility and appeal.

[00:07:24] Silver jewelry caters to a broad audience.

[00:07:26] From young fashion enthusiasts to seasoned collectors, the wide customer base increases your chances of making consistent sales.

[00:07:35] That's great.

[00:07:36] We also want to understand that there is opportunity for education here.

[00:07:42] Now, I'm not saying we have to teach our buyers everything there is to know about silver jewelry.

[00:07:47] But a lot of buyers are unaware of the value of silver jewelry.

[00:07:51] And so, this is an opportunity for us to communicate the value of the piece, right?

[00:07:58] And why it could, you know, demand a higher price point than something that is silver toned or silver plated.

[00:08:07] All right.

[00:08:08] Seasonal resilience, fashion trends, seasonality.

[00:08:12] Silver tends to kind of work well no matter what time of year, no matter what the occasion.

[00:08:17] And like I said, a lot of people are fans of silver jewelry.

[00:08:20] I have a very nice collection of silver myself.

[00:08:24] It's, I mean, I have everything.

[00:08:27] Rings, necklaces, earrings, whatever, bracelets.

[00:08:29] I have it all.

[00:08:30] I love silver.

[00:08:31] But I love gold too.

[00:08:33] All right.

[00:08:33] And it's also scalable.

[00:08:35] As your knowledge grows, you can easily scale your inventory.

[00:08:39] You can add higher value pieces, diversifying into related niches like silver, flatware, or even accessories.

[00:08:47] I know some people love to, they just love silver and they just pick it up whenever they see it.

[00:08:54] A thrift store, yard sale, estate sale, whatever.

[00:08:57] All right.

[00:08:57] So let's get into talking about the different types of silver.

[00:09:01] And I think this is probably going to be the most important part of this episode because we need to really be aware of the different types of silver.

[00:09:10] And I know it's a lot to learn.

[00:09:15] And I know a little bit about a lot.

[00:09:18] But I don't know a lot.

[00:09:21] All right.

[00:09:21] So when I was doing my research on this, like there were some things here that I kind of knew, but I didn't really.

[00:09:29] All right.

[00:09:30] So I'm hoping that this section is going to give you a lot of clarity.

[00:09:34] All right.

[00:09:35] So understanding the different types of silver and how to identify them for jewelry resellers.

[00:09:40] Understanding the types of silver is important and crucial to accurately source, price, and sell the item.

[00:09:49] All right.

[00:09:49] Let's get down to the different types of silver.

[00:09:53] Let's just jump right in.

[00:09:55] All right.

[00:09:55] So the first, I think this is the one we all know and love, sterling silver.

[00:10:00] All right.

[00:10:00] Let's talk about the composition of sterling silver.

[00:10:03] So we all know that it's 925, usually marked 925.

[00:10:07] All right.

[00:10:07] So it contains 92.5% pure silver and 7.5% of other metals, typically copper.

[00:10:17] All right.

[00:10:18] Now, this blend enhances the durability while maintaining the beauty of pure silver.

[00:10:26] Now, what are the features of sterling silver?

[00:10:29] Well, it's strong, it's scratch resistant, and it's ideal for everyday wear.

[00:10:34] It's most commonly used in fine jewelry, flatware, and decorative items.

[00:10:39] All right.

[00:10:40] So let's talk about how to identify sterling silver.

[00:10:44] Again, I think a lot of us already know this, but if you don't, you're going to look for hallmarks

[00:10:50] or stamps that say 925.

[00:10:54] Sometimes it will say sterling or ster, S-T-E-R.

[00:11:01] Sometimes you'll even see SS.

[00:11:04] All right.

[00:11:05] That's not as common, but I have seen that too.

[00:11:09] Now, the thing is, not all silver, sterling silver, is marked.

[00:11:15] Okay.

[00:11:16] So you can't rely on stamps and hallmarks alone.

[00:11:20] But you can test the piece if you think it could be real silver.

[00:11:26] So you can conduct a magnet test, kind of like how we talked about with gold.

[00:11:31] Sterling silver is non-magnetic, so it should not be attracted to a jewelry magnet.

[00:11:37] All right.

[00:11:38] So that's one test.

[00:11:39] You can also perform an acid test.

[00:11:41] Again, we talked about this with real gold jewelry.

[00:11:45] There's little testing kits.

[00:11:47] You can buy them on Amazon.

[00:11:48] As a matter of fact, I have some linked in the description of this video, as well as on

[00:11:53] the resources pages of the website, jewelryresellerspodcast.com.

[00:11:59] If you aren't familiar with them, they're not that expensive.

[00:12:02] And I think they're good to keep on hand, especially if you're going to be doing this a lot and you're

[00:12:08] going to be moving into some of these silver or gold pieces.

[00:12:13] I think having the little testing kits are a good idea.

[00:12:16] But remember, you have to be careful because it can damage the piece.

[00:12:20] It can scratch it.

[00:12:22] Okay.

[00:12:22] So you have to be very, very careful.

[00:12:24] All right.

[00:12:25] So that is sterling silver.

[00:12:27] This is probably, like I said, the one that we all are most familiar with.

[00:12:33] All right.

[00:12:34] Next up, there is fine silver.

[00:12:36] All right.

[00:12:37] Fine silver is 99.9% pure silver, making it more soft and more malleable than sterling silver.

[00:12:46] All right.

[00:12:47] The key features of this is that it is hypoallergenic, making it a good choice for people who have metal

[00:12:53] allergies.

[00:12:55] Now, fine silver is less common in jewelry because it is so soft, but it can be used in higher

[00:13:05] end or custom jewelry made pieces.

[00:13:10] That's probably where you are going to see the pure silver.

[00:13:15] All right.

[00:13:16] So how do we identify fine silver?

[00:13:19] You're going to look for stamps such as 999.

[00:13:24] All right.

[00:13:24] And if I can find a chart for this, I'm going to put a chart in the corresponding blog post.

[00:13:29] That way we can screenshot that or take a picture of that and have it on our phones.

[00:13:36] So when we're out and about and we see a jewelry piece that is stamped 999, we'll know, oh, that's

[00:13:42] something I definitely want to look into or I want to pick up.

[00:13:45] All right.

[00:13:46] The other way that fine silver is marked is sometimes it will literally say fine silver.

[00:13:53] Right.

[00:13:53] The words will just be stamped out on it.

[00:13:56] Fine silver has a more polished look, reflective finish.

[00:14:02] Oh, fine silver has a more polished and reflective finish compared to sterling silver.

[00:14:07] So it's much more bright and shiny.

[00:14:10] I have seen some fine silver pieces.

[00:14:14] I've never sold any, but I have seen them at estate sales and things like that.

[00:14:19] And it's very beautiful.

[00:14:20] It's a very lustrous, bright silver.

[00:14:23] If you look at it, you may almost think it looks fake.

[00:14:27] At least that was my reaction when I saw it in person.

[00:14:30] All right.

[00:14:31] So next step is silver plated.

[00:14:36] All right.

[00:14:36] So we're familiar with silver plated too as jewelry resellers, because I think a lot of us tend to come across silver plated jewelry pieces when we are outsourcing.

[00:14:45] All right.

[00:14:46] So let's talk about the composition of silver plated jewelry.

[00:14:49] Silver plated jewelry has a thin layer of silver applied over a base metal, such as brass, copper, or nickel.

[00:14:58] Okay.

[00:15:00] The key features of silver plated jewelry, it's much less valuable than sterling or fine silver due to the small amount of actual silver on the piece.

[00:15:11] It can tarnish more quickly as the base metal is exposed over time.

[00:15:16] And I think we've all seen that silver plated jewelry pieces that have a lot of wear and sometimes it looks brown or just rusty looking.

[00:15:25] In general, I'm going to say it's best to avoid silver plated jewelry because you're not going to get a whole lot of money for it.

[00:15:33] It's not a type of silver that is high in demand.

[00:15:37] And the condition just isn't that great.

[00:15:41] It's not a jewelry or it's not a type of silver that is going to stand the test of time.

[00:15:49] All right.

[00:15:49] And so if but if you're selling like those fast, fast fashion, you know, jewelry pieces, it might work with your particular business model.

[00:15:58] But when we are outsourcing in general, unless the piece is like something unique or brand new and spectacular and looks amazing, I probably would not pick up silver plated jewelry pieces.

[00:16:12] Like I said, it would definitely be an exception and not the rule.

[00:16:16] All right.

[00:16:16] So let's talk about how to identify silver plated items.

[00:16:20] All right.

[00:16:21] Usually there's nothing on it.

[00:16:22] There's no type of stamp or marking depending on the type of jewelry it is.

[00:16:27] If it's made by a particular designer or brand, you might see you might see a marking on it.

[00:16:35] I remember a while ago I had some silver plated Disney jewelry and it wasn't marked silver plated, but it had I think it had Disney or something on it.

[00:16:46] Right.

[00:16:47] So it wasn't it wasn't like a very expensive high end piece, but I sold it on eBay and didn't I don't even think I knew it was silver plated.

[00:16:57] But after the fact, after I sold it, I realized it was.

[00:17:01] But, you know, sometimes things like that people will buy.

[00:17:05] And I think the draw for that was because it was Disney jewelry, not necessarily because it was a silver plated piece.

[00:17:12] All right.

[00:17:13] So usually there's no hallmark, no stamps, no markings on silver plated jewelry.

[00:17:18] Every now and again, you might see EPNS, which stands for electro plated nickel silver.

[00:17:26] All right.

[00:17:27] Or you might see a silver plate.

[00:17:30] Now, I have seen the stamp silver plate on like teapots and those trays and stuff at Goodwill or thrift stores, wherever.

[00:17:42] I have seen silver plate on those types of things, but I haven't really seen silver plate stamped on jewelry.

[00:17:49] All right.

[00:17:50] So you want to look for wear spots where the silver layer has rubbed off.

[00:17:54] We kind of talked about that revealing a different colored base metal underneath.

[00:17:59] You also, you know, you can do the acid test if you are not sure if your silver piece is silver plated or not.

[00:18:08] All right.

[00:18:09] So those are some ways that you can identify silver jewelry.

[00:18:13] But, my friends, that's not all.

[00:18:16] Because here's the thing.

[00:18:18] As jewelry resellers, sometimes we will come across coins or we will come across other things.

[00:18:24] And so I decided to throw this in here, too, because you never know.

[00:18:29] You might stumble across a silver coin when you're outsourcing.

[00:18:37] All right.

[00:18:38] So let's talk about coin silver.

[00:18:41] And, yes, that's actually what it's called.

[00:18:43] It's called coin silver.

[00:18:44] C-O-I-N.

[00:18:45] All right.

[00:18:46] So the composition of coin silver is 90% pure silver and 10% other metals.

[00:18:51] It was historically made from melted silver coins.

[00:18:55] All right.

[00:18:56] Now, the key features of coin silver is that it is less common today, but it is valuable for vintage and antique jewelry collectors.

[00:19:05] Here's where that comes in.

[00:19:07] All right.

[00:19:08] So you want to look for hallmarks or stamps such as 900-900 or the words coin silver.

[00:19:17] All right.

[00:19:18] That might be stamped on it.

[00:19:19] Now, usually you will find coin silver in antique pieces.

[00:19:26] I don't think I have ever come across coin silver.

[00:19:31] Maybe I did and I just didn't know because that's entirely possible.

[00:19:36] But usually it is in, according to my research, in antique pieces, especially from the 19th and 20th centuries.

[00:19:45] All right.

[00:19:46] So pay attention because you never know.

[00:19:49] You might stumble across this and that would be amazing.

[00:19:52] All right.

[00:19:53] The next type of silver we're going to talk about is Mexican silver.

[00:19:56] Now, I know a lot of us are familiar with Mexican silver.

[00:20:00] I am not an expert.

[00:20:01] I have sold some Mexican silver pieces, but I don't know a whole lot.

[00:20:06] Right.

[00:20:07] So this is something where I need to learn more myself.

[00:20:10] So let's talk about the composition of Mexican silver.

[00:20:14] All right.

[00:20:15] It varies widely, but sterling silver is common.

[00:20:19] Older pieces may be slightly lower in purity, like maybe 90%.

[00:20:26] Now, some of the key features of Mexican silver are unique handcrafted designs, often vintage or artisanal.

[00:20:37] All right.

[00:20:38] Popular makers include Taxco artisans.

[00:20:41] And I have sold some Taxco pieces.

[00:20:43] I had a beautiful Taxco bracelet that I was debating whether or not I was going to keep, but I did end up selling.

[00:20:50] All right.

[00:20:51] So how do we identify Mexican silver?

[00:20:54] We want to look for the hallmarks like Mexico silver.

[00:20:58] Sometimes you'll see it'll say MEX 925 or something like that.

[00:21:04] Or sometimes it'll just say MEX because I've seen that too.

[00:21:07] It'll say 925.

[00:21:09] Or it might say Sterling Taxco.

[00:21:12] And the Taxco is T-A-X-C-O.

[00:21:16] Sometimes it will just say Taxco.

[00:21:19] I've seen that too.

[00:21:20] Or S-T-E-R, Taxco.

[00:21:24] All right.

[00:21:25] So pay attention to those.

[00:21:27] And if you see that, that's a good sign.

[00:21:32] All right.

[00:21:32] Now, some vintage pieces may lack markings, but they do exhibit quality craftsmanship.

[00:21:38] All right.

[00:21:39] So this is something that we need to really pay attention to because sometimes these designs will be, will not be marked at all.

[00:21:47] Sometimes the designer or the artist won't even sign their piece.

[00:21:51] And they could be these beautiful, elaborate pieces that very well could be sterling silver or Mexican silver.

[00:21:58] And so you want to make sure you take the time to examine it closely and do any type of research that you may need to do.

[00:22:05] All right.

[00:22:06] So, yep.

[00:22:09] So that's all I got for Mexican silver.

[00:22:11] Next up is nickel silver or German silver.

[00:22:14] Now, I had never heard of this.

[00:22:16] All right.

[00:22:17] So nickel silver contains no silver at all.

[00:22:21] It's made from a blend of nickel, copper, and zinc.

[00:22:25] So be very careful if you have a piece that is nickel silver and you use the word silver in your listing or in your description or as a keyword because there is no actual silver in nickel silver or German silver.

[00:22:43] So we have to be very, very careful.

[00:22:45] I don't know if I would even, if I would even call it nickel silver, I probably would just call it a silver tone necklace, whatever.

[00:22:55] All right.

[00:22:55] Just because I would hate for someone to think there was actual silver and then it's not, you know, but some buyers know that, right?

[00:23:05] But I'm not going to take a chance and assume that they all do because I didn't know.

[00:23:11] All right.

[00:23:11] So the key features of nickel silver or German silver are that it is often used in costume jewelry due to its silver-like appearance.

[00:23:21] All right.

[00:23:22] So remember, I probably would use the words silver tone.

[00:23:25] I wouldn't say nickel silver, although maybe somebody knows what that means.

[00:23:31] All right.

[00:23:32] It has a brighter, shinier look compared to real silver.

[00:23:35] And I think we kind of can, like, we kind of can recognize that where sometimes the silver is just so bright that it looks fake.

[00:23:45] You know, sometimes when you see like the gold, it's so yellow and bright that it just looks fake.

[00:23:49] All right.

[00:23:50] So I'm assuming that's what they mean by this here.

[00:23:53] All right.

[00:23:53] So how do I identify nickel silver?

[00:23:56] Well, sometimes it's marked nickel silver.

[00:23:59] It's also marked alpaca, which I have sold alpaca pieces before.

[00:24:05] And some people actually like alpaca.

[00:24:08] It doesn't have high value, but there are people who specifically like it.

[00:24:13] All right.

[00:24:14] Sometimes it'll be marked German silver.

[00:24:17] All right.

[00:24:17] So pay attention to that as well.

[00:24:19] A magnet will often attract the base metal.

[00:24:23] So if you do the magnet test on nickel silver, it will attract.

[00:24:30] All right.

[00:24:31] So the other type of silver we want to talk about is tribal or coin silver.

[00:24:34] And this is non-standard purity.

[00:24:37] I'm telling you guys, there's so much I did not know about silver.

[00:24:40] All right.

[00:24:41] This is often a lower purity of silver, 80% or less.

[00:24:45] And it's typically made or typically handmade in regions like India, Nepal, or Africa.

[00:24:51] All right.

[00:24:52] So I have purchased silver from India on Etsy.

[00:24:56] And I mean, it's so affordable.

[00:25:00] So I'm wondering now that I've learned this, if this is what I got.

[00:25:07] Because it says 925, but how do I know that it actually is?

[00:25:12] I probably need to do some testing or something.

[00:25:15] All right.

[00:25:16] So the key features of tribal or coin silver, it's unique handcrafted designs,

[00:25:21] and sometimes it has cultural significance.

[00:25:24] It may have some uneven finishes or visible imperfections.

[00:25:29] Now, here's the thing with silver.

[00:25:31] A lot of people don't mind that it's got some flaws or some imperfections or whatever scratches.

[00:25:39] A lot of people like that about silver.

[00:25:41] They like to see a little bit of tarnish.

[00:25:43] They like to see, you know, some banged up pieces here and there.

[00:25:48] All right.

[00:25:48] So if you do have a piece that isn't pristine and flawless, don't worry.

[00:25:52] There's people who actually prefer their silver to look a little beat up.

[00:25:56] So let's talk about how to identify tribal silver.

[00:26:02] All right.

[00:26:03] It may lack standard purity marks, but often exhibits traditional craftsmanship.

[00:26:09] So it probably won't be marked, but it will look like it's very well made or it's a very elaborate,

[00:26:17] you know, custom design type piece.

[00:26:20] All right.

[00:26:20] Acid tests can help determine purity when it comes to tribal silver.

[00:26:25] So again, you can use one of those little test kits to see if that is the type of silver

[00:26:30] that your piece is made of.

[00:26:33] All right.

[00:26:34] So that's what we've got.

[00:26:35] Let me go over this list again because I know it was a lot.

[00:26:39] So the different types of silver.

[00:26:41] We talked about sterling silver.

[00:26:43] We talked about fine silver, silver plated, coin silver, Mexican silver, nickel silver.

[00:26:54] And tribal or coin silver.

[00:26:58] All right.

[00:26:59] So hopefully you can, you'll remember all of that.

[00:27:03] Or, you know, sometimes even just hearing it here on this podcast.

[00:27:07] Now you're aware of all the different types of silver that could be floating around when

[00:27:11] you're out there sourcing.

[00:27:13] So some of the tools that you will need for identifying silver, a jeweler's loop.

[00:27:18] Now, I think all jewelry resellers should have this.

[00:27:21] I don't think it's only, you know, relevant to silver.

[00:27:25] I think just in general, we all need to have a jeweler's loop, which is that little magnifying

[00:27:30] glass thing.

[00:27:31] Sometimes mine has a little light on it.

[00:27:34] I keep one in my purse.

[00:27:35] So when I'm out unexpectedly and I come across something, I can look at it.

[00:27:40] You also want to have a digital scale because to weigh pieces, silver is often sold by weight.

[00:27:46] The acid testing kits, like we talked about, the jewelry magnets.

[00:27:51] I've talked about that before.

[00:27:53] And a silver polishing cloth.

[00:27:55] All right.

[00:27:55] That's how I like to take care of my jewelry with a silver polishing cloth.

[00:28:00] Okay.

[00:28:01] Okay.

[00:28:01] Okay.

[00:28:01] So now that we've talked about the different types of jewelry, or the different types of

[00:28:07] silver, what I want to move into next is how to price real silver jewelry for reselling.

[00:28:19] All right.

[00:28:20] Now, of course, you're going to do your research.

[00:28:22] You're going to look at the comps.

[00:28:23] You're going to look at what similar pieces to yours have sold for on eBay, Etsy, Worthpoint,

[00:28:31] whatever.

[00:28:32] All right.

[00:28:33] And we're going to price our pieces competitively.

[00:28:35] But what happens if you have some amazing piece and there's nothing like it and you have

[00:28:40] no idea what you should price that piece at?

[00:28:44] All right.

[00:28:45] So I'm going to do my best to help you figure this out because for the most part, I'll say

[00:28:57] probably for about 90% of the silver that you're selling, you'll be able to find comps on other

[00:29:02] various platforms to figure out a price.

[00:29:04] But in the event you can't, we're going to see these steps here so we can help price our

[00:29:11] silver jewelry items.

[00:29:13] All right.

[00:29:13] So number one, you're going to determine the type of silver.

[00:29:16] Like we just talked about all those types and you know that sterling and fine are going to

[00:29:20] command the highest price.

[00:29:21] All right.

[00:29:22] So sterling, fine, right?

[00:29:25] Those are typically used in jewelry pieces.

[00:29:29] And then we also have plated silver.

[00:29:32] All right.

[00:29:32] So we know that's probably not going to be that valuable and not going to be anything special.

[00:29:37] All right.

[00:29:38] You also want to assess the weight of jewelry.

[00:29:40] Like we talked about, a lot of silver is sold by weight, especially if you're selling it,

[00:29:44] you know, for scrap or for melt.

[00:29:48] But you want to make sure that you weigh the piece and that will give you an idea of what

[00:29:55] you can research and how much it's worth.

[00:29:57] All right.

[00:29:58] And you also want to take into account any non-silver parts.

[00:30:02] Now, I know that might be difficult to do because if it's all together, it's not like you can

[00:30:07] take it apart and weigh it separately.

[00:30:09] But if you can see other things on there, then you want to take into account that the

[00:30:13] weight of the piece, obviously not all of it is the silver.

[00:30:18] All right.

[00:30:19] Number three.

[00:30:20] Now here is where things are going to get a little bit difficult for me to explain because

[00:30:27] there's a formula to calculate the melt or the scrap value of silver.

[00:30:33] All right.

[00:30:34] There is a formula.

[00:30:35] So I know a lot of us jewelry resellers, we sell some of our, our silver pieces or silver

[00:30:43] jewelry that may be broken or damaged or old, whatever the case may be.

[00:30:47] We like to save that up and then we sell it for scrap.

[00:30:51] And there's a way that you can figure out approximately how much is worth.

[00:30:55] All right.

[00:30:56] So I'm going to have this formula in the corresponding blog post so you can actually get the visual

[00:31:03] and see it.

[00:31:04] But here is what the formula is.

[00:31:07] You're going to take the weight in grams.

[00:31:09] You're going to multiply that by the purity percentage.

[00:31:14] You're going to multiply that by the current silver price per gram.

[00:31:21] All right.

[00:31:22] And I know this is confusing.

[00:31:23] I'm really bad at math.

[00:31:25] I'm not good with calculations, but I am just reading my notes from what I found.

[00:31:31] And like I said, I will have a visual for you in the blog post.

[00:31:35] So the example they have here is weight 20 grams.

[00:31:38] The purity is nine, nine to five.

[00:31:41] The current silver price, let's say is 75 cents per gram.

[00:31:44] So when you multiply the grams, the weight, the purity, nine to five times 75 cents per gram,

[00:31:55] that 20 grams of silver would have a melt value of $13.88.

[00:32:02] Okay.

[00:32:03] So, but you always have to check the current price of silver when you are doing this formula.

[00:32:09] Now you guys may not even want to do this, right?

[00:32:11] Like sometimes we just send our stuff to the refinery or we go to the, you know, we buy gold and silver place or the pawn shop, wherever.

[00:32:21] And we just, whatever they tell us, that's what we take.

[00:32:23] All right.

[00:32:24] But I know some of us actually, you know, you guys are probably smarter than me when it comes to this stuff.

[00:32:29] And you may want to actually know how to figure out the value of your scrap, you know, your scrap silver, you know, and see what it's worth.

[00:32:36] Because sometimes it may not be worth taking in for $13, but you may save up a bunch and you may get, you know, a couple hundred dollars or something like that.

[00:32:45] All right.

[00:32:46] So you also want to evaluate the market value.

[00:32:49] Again, this is where your comps are going to come into play.

[00:32:52] You're going to look at, you know, what similar pieces are selling for.

[00:32:58] And that way you can gauge kind of a range of how much you want to ask for your particular piece.

[00:33:06] All right.

[00:33:10] And I think that is it.

[00:33:12] Oh, no, no, no.

[00:33:14] You're also going to take into account any additional costs.

[00:33:17] All right.

[00:33:18] So maybe sourcing.

[00:33:20] I don't know if you had to drive somewhere.

[00:33:22] If you had to repair or clean the piece, you want to make sure that you take, you know, pricing.

[00:33:28] Take into account that as it relates to your pricing.

[00:33:31] Again, I think these are going to be pieces that are going to be something extraordinary to where it's actually worth, you know, doing that.

[00:33:40] You know, because not for the most part, a lot of us are probably not going to do that.

[00:33:44] But you never know.

[00:33:46] You might.

[00:33:46] You might do that.

[00:33:48] Right.

[00:33:48] And then you also have to take into account your selling fees.

[00:33:51] So if you're selling on eBay, Etsy, wherever the case may be, then you want to factor in those costs as well.

[00:33:58] But we do that anyway.

[00:34:00] So that's not anything out of the ordinary.

[00:34:04] All right.

[00:34:04] So you also want to think about your profit margins.

[00:34:07] All right.

[00:34:08] So when it comes to selling jewelry, and I think I may have touched upon this a little bit in the Jewelry Metrics That Matter podcast episode.

[00:34:20] And if you haven't seen or watched that or listened to that, I will link it.

[00:34:25] But there's low margin, high volume, and then there's high margin niche market.

[00:34:34] Right.

[00:34:34] So you can have a low margin.

[00:34:36] But if you sell hundreds and hundreds of pieces, you can make money that way.

[00:34:41] You totally can't.

[00:34:43] Or if you're going to have a higher margin and you focus on really unique, hard to find pieces that can command top dollar, you can do that too.

[00:34:52] Or you can do a combination of the two.

[00:34:54] You don't have to be locked in one way or the other.

[00:34:57] Okay.

[00:34:58] So think about your pricing strategy as it relates to silver jewelry, because I think there's a lot of money to be made and there is a lot of silver out there.

[00:35:09] Right.

[00:35:09] It's just a matter of, you know, how educated are we willing to be so we can tap into those resources, opportunities and deals when we see them.

[00:35:24] Okay.

[00:35:25] Now, the other thing I want you to think about, and I probably should do a podcast episode on this as well, is having pricing tiers as it relates to your inventory and as it relates to your particular buyers.

[00:35:43] All right.

[00:35:43] Because I know me.

[00:35:45] I have a wide variety of buyers.

[00:35:47] Right.

[00:35:48] I have like the everyday buyer who's looking to buy piece, you know, one piece here or there.

[00:35:52] We have collectors who are looking for something very, very specific.

[00:35:57] Right.

[00:35:57] High end typically.

[00:35:59] Or something very, very rare as it relates to vintage and antique pieces.

[00:36:04] And then there are also some of us who do wholesale or bulk buys or have wholesale or bulk buyers, I should say.

[00:36:12] Now, I don't have that.

[00:36:13] I have sold bulk lots to other resellers, but that's not typically what I do, although I have kind of considered maybe moving into that, moving into that, that business model.

[00:36:29] I haven't quite decided yet, but remember, there's all types of ways that you can make money with this.

[00:36:35] All right.

[00:36:36] And I know this isn't silver jewelry specific, but it's just something I want you to think about.

[00:36:40] Okay.

[00:36:41] Because if you are going to be sourcing a lot of silver pieces, then you definitely will have a very different pricing tier or pricing structure as opposed to someone who does not sell real silver jewelry.

[00:36:56] Okay.

[00:36:57] So you want to keep that in mind.

[00:36:59] And there are buyers out there who are looking for real silver.

[00:37:02] All right.

[00:37:03] There's no shortage of that.

[00:37:04] And I know there's a lot of it on eBay, but there's still a lot of money to be made.

[00:37:09] All right.

[00:37:10] I know people doing it.

[00:37:11] I've done it.

[00:37:12] I don't do it all the time, but I just know that silver, silver can be where it's at.

[00:37:18] All right.

[00:37:19] So, and also be willing to negotiate, right?

[00:37:22] Depending on what you're selling, depending on what your buyer wants, you know, there's always room for offers and negotiation.

[00:37:27] All right.

[00:37:30] So that is what I have for you as it relates to real silver jewelry in part one.

[00:37:44] Now, I feel like that was a lot of information, right?

[00:37:48] I feel like it was, it was a lot.

[00:37:51] And so I want to make this not too long of an episode because that way, if you want to go back and listen to it again, you can do that without feeling like there's just so much information.

[00:38:03] All right.

[00:38:04] Because I, I have studied this for going on two weeks now and I still, um, I'm still learning when I look back at my notes.

[00:38:14] All right.

[00:38:15] So that's going to be the end of part one.

[00:38:18] All right.

[00:38:19] In part two, we are going to talk about, uh, tips for selling real silver jewelry.

[00:38:27] Like I talked about, we're also going to talk about the care and storage of real silver jewelry.

[00:38:32] And then we're going to cover things that we want to avoid when sourcing and selling real silver jewelry.

[00:38:41] All right.

[00:38:42] So I hope you enjoyed this episode.

[00:38:46] I hope it was helpful.

[00:38:48] I hope you got, um, something out of it that will give you more confidence as it relates to selling real silver jewelry.

[00:39:00] Okay.

[00:39:01] Because I knew about nine to five, but all of those other things I really didn't have a whole lot of knowledge about.

[00:39:07] So I know I have learned a lot just by researching this episode.

[00:39:12] And if there is something that I did not cover that you would like me to talk about in an upcoming episode, please don't hesitate to reach out to me.

[00:39:21] You can either leave a comment on this video or on Spotify.

[00:39:25] If you're listening to the audio version, or you can head on over to the website.

[00:39:30] There is a contact page and you can fill out the contact form or you can email me directly.

[00:39:36] All right, friends.

[00:39:37] So I want to thank you so much for spending this time with me and I will check in with you again for part two.