Selling some of your old jewelry is a great way to make some extra cash—especially if you own several valuable pieces. However, if you’ve never sold any of your jewelry before, there are several things that you need to consider. Check out these tips to learn more about selling jewelry so that you know what to expect.
Set Realistic Expectations
When you’re strapped for cash, it’s easy to get excited about the prospect of more money. But, you need to have realistic expectations before you start looking for someone to buy your jewelry. If you aren’t realistic, there’s a good chance that you’ll be disappointed with the outcome of the sale.
You can’t sell your jewelry for the appraised value that was given to you for insurance purposes. That value is based on the jewelry’s retail value—what it would cost for the insurance company to replace the jewelry in the event of a loss. The selling price of your jewelry is determined by several different things, including:
- Overall condition
Deciding How to Sell Your Jewelry
There are numerous ways to sell your jewelry, and each one has its own benefits and pitfalls. For example, the Internet makes it easy to sell your jewelry online—through online auction sites. However, when you sell your jewelry through an Internet auction site, you’re competing with a lot of other people trying to sell their old jewelry.
If you are trying to sell valuable jewelry, you should consider selling it at auction. People have used auction houses as a way to sell valuable jewels for decades, and it gives you several advantages.
- The auction house will appraise the jewelry before the auction, giving you a good idea of its worth.
- The auction house works as a middleman, so you don’t have to worry about finding the right buyers on your own.
- Auction houses earn money on a commission basis, so the auctioneer works hard to sell your jewelry at the highest possible price.
Pawn shops and local jewelers often buy jewelry as well. While it’s easier to walk into a store to sell your jewelry than it is to look for a private buyer, you have to remember that pawn shops and jewelry stores are trying to purchase jewelry at cost so that they can make a profit. Therefore, selling jewelry this way is better suited for pieces that aren’t overly valuable.
Selling your jewelry is a good way to make money, but it’s important to be realistic and choose the right selling platform. If you have jewelry that isn’t worth a lot of money, selling it via online auctions or local stores is a good way to get it sold quickly. However, if you’re looking for top dollar or have valuable pieces, trying to sell your jewelry at auction is probably your best bet.