Many people inherit jewellery from family members and sometimes there is great sentimental value attached to these pieces. For sentimental jewellery, you should consult a jeweller on a regular maintenance regime for the pieces so that they can be enjoyed and passed down to future generations.
If your emotions are tied to the loved one who gave you the piece, but not necessarily to the design, gemstones and metals can be used in new designs on which you and your Goldsmith can collaborate.
This can be a great way to remember someone, but allow you to express your own style at the same time through the jewellery you wear. Redesigning can be anything from just changing a setting, making a pair of earrings into a pendant, or a complete overhaul, where stones are cut out, and the metal is melted down to be used in a new piece. When reusing metal remember that a jeweller must add at least 50% new metal to old metal for the best working qualities. This can shift you to a lower percentage for higher karats of gold.
In some cases, the metal simply cannot be reused, but a Goldsmith can sell the material at market value and apply this as a credit to a new design. Goldsmiths will not be willing to do this without the understanding that they will have an order to work on after.
If you do not want to have something made after selling your gold, look for a jewellery store that advertises that they buy gold. They will not buy the goal that market price as they will need to make a profit from selling it at market price.
’20 Tips on maintaining our Jewellery’, Gillian E. Batcher, 2013