An estate sale takes place after a death. If the person was wealthy or a collector of antiques, then their estate will most likely be professionally valued and disposed of at auction, by a qualified valuer and auctioneer. But more often, the people holding the sale will be family members who may have little idea of the real value of what they are selling. These sales are often run just like a garage sale, with items marked at incredibly low prices. You can walk away with jewelry for just a few dollars.

It's true that there is always a chance that a valuable piece will be hidden among the costume jewelry and well worn pieces. Of course the dealers know this too, and they know what they are looking for. They are always the first on the doorstep at estate sales and garage sales and if there is something valuable that they can sell for a good profit, they will recognise it and buy it first. Half the thrill of going to estate sales is the hope of finding a precious gem, but don't be too disappointed if you don't. There are bargains to be found among the more humble pieces too.

You may be able to find fashion jewelry from a different era. If you're into the sixties, mini-skirts and The Beatles, you may find just the jewelry you need to complete your look and you can be sure that none of your friends will be wearing quite the same thing.

Even if the jewelry is neither valuable, nor to your taste, you can carefully take the pieces apart and save the stones, beads, chains, settings, fastenings and other findings. If you make jewelry for giving as gifts or to sell on a market stall, you can end up with unusual findings at far below wholesale price.

So, next time you pass an estate sale, look for the diamonds in the rough, the hidden value in the jewel box. And you never know, one day you might be the one who gets lucky and finds that huge sapphire that no-one else noticed.