Things to consider when building your jewelry collection (Part I)
And the first, though perhaps the most daunting, is one we should address upfront...
In my recent post, "The Beauty of Collecting," I promised to dive into each factor to consider on your collecting journey. So let's tackle the first one head-on: budget. And in order to dive into the big (or not so big) bad budget, there are a few questions you need to ask yourself:
What's my current financial situation? Your jewelry budget should be realistic and aligned with your overall financial goals. And remember, just because you can't afford that special something now doesn't mean you'll never get it. Good jewelry isn't going anywhere, and there will always be something out there for you. So, resist the urge for instant gratification. Trust me, good things come to those who wait. The best things, in my experience, are worth the wait.
What’s the purpose? Are you looking for everyday pieces, or do you prefer saving your best for special occasions? (Although, I don't believe in saving jewelry for special days—I think every day is special. But that's just me.) Maybe you're eyeing jewelry as an investment. Whatever your reason, it'll influence how much you're willing to spend.
What are your priorities? Are there specific types of jewelry or materials that speak to you? Knowing your preferences will help you manage your budget more effectively.
Quality or quantity? Decide whether you'd rather have a few high-quality pieces or a larger collection of more affordable ones. Quality pieces will cost more upfront, but they'll last longer and hold their value over time. More on that in a later post.
If you fancy the Tiffany & Co. Paloma Picasso bombe ring above it is available in a size 5.25 here at Broken English!
Once you've answered these questions, it's time to take action.
Do your research! I've mentioned this before, but it's worth emphasizing: research is crucial. You don't know what you don't know, and unless you've spent years in the second-hand jewelry business, there's likely quite a bit you're unaware of. So, take the time to research the market and understand the price range for the type of jewelry you're interested in. Check out similar pieces from reputable sellers to gauge what you can expect to pay. Websites like 1stDibs and auction sites like Doyle and Sotheby’s (past results) as well as their buy-now selection, along with second-hand markets such as The RealReal and Vestiaire, can be invaluable resources. And remember, if you need guidance on pricing or recommendations for reliable dealers, don't hesitate to reach out—I'm here to help!
Consider the future investment potential: If you view jewelry as an investment, factor in its potential resale value and long-term appreciation when setting your budget. Remember, not all jewelry holds its value equally. For instance, lab-grown diamonds, as discussed in my newsletter "The Diamond Debate," may have different market trends compared to natural diamonds. Therefore, it's essential to research the market trends for the specific types of pieces you're interested in.
Lastly, don't forget about maintenance. Budget for cleaning, repairs, and insurance to keep your collection in top shape. Jewelers Mutual is an excellent resource for insurance, by the way.
I hope you find this helpful friends. Remember, I'm here to help you on your journey. It brings me so much joy to assist you in any way I can!
xx Veronica
The hardest part of being a jewelry lover: "What's my current financial situation?"