There comes a time when you have no choice but to sell your precious jewelry. It could be because you need cash, or because you no longer use it, or the old jewelry is cluttering your drawers.
Some fine jewelry, like engagement rings or expensive watches, can be painful reminders of events long past or a lost loved one.
No matter the reason, it’s important that you find proper jewelry buyers since many people will try to lowball you on the price. There are multiple ways to sell your jewelry for maximum profit, and we’ll tell you all about them. First, let’s get into what you can do to prepare before you put the jewelry up for sale.
What Type Of Jewelry Can You Sell?
Not all jewelry is worth the effort you’ll put into selling it. When selling jewelry, consider the time and effort you’ll invest in the entire process. You should also consider the sentimental value of the piece. If the expected price doesn’t equate to all this, you should reconsider selling it.
Fine jewelry usually fetches a decent price, depending on the buyer. People commonly sell wedding rings, engagement rings, and other inherited pieces. Gemstones and gold jewelry have the highest chance of getting a good price. However, some buyers also like silver jewelry. When we say jewelry, we mean necklaces, bracelets, anklets, and other such pieces.
Jewelry from brands like Cartier and Rolex is worth more than normal jewelry. However, the final price is highly dependent on the conditions. Some people will pay thousands for vintage pieces. The rarity of the piece in question is also a huge factor.
Some places, like pawn shops and scrap places, accept unusual pieces like dentures and buttons. However, you’ll have to ask them; the price will depend on the melt value.
Prepping The Jewelry For Sale
The prepping process is important because it helps you get the jewelry in a presentable shape. Plus, it will help you find the fair market value for your pieces.
You must remember that the retail and resale value is different. A fair price may not be what you originally got for it. Additionally, it doesn’t consider any sentiments you might have for the jewelry you’re selling.
- Clean The Jewelry
If you’re selling pieces that have been sitting in the drawer for a long time, they might have accumulated some grime. You must clean this out before doing anything else. Remember not to use harsh chemicals as they can damage the jewelry.
Opt for a soft cloth or soft-bristled brush. You can use warm water and a gentle cleaner with those. Some precious gems like pearls shouldn’t be left in the water too long.
That’s because the water can damage them and ultimately hurt the resale value. You can also take them to professional cleaners if you’re unsure about doing this yourself.
- Find All You Can About The Piece
If you were gifted the piece, you probably don’t know its technical information. In such cases, you need to learn all you can about it. When selling jewelry, the potential buyers will ask plenty of questions you’ll need to answer.
Even if that isn’t the case, you need to learn all you can to get the best price from experienced jewelers. You need to know how much gold is actually in gold jewelry. The same goes for other metals like silver.
If you have diamond jewelry like a wedding ring or an engagement ring, you’ll need to find the grade of the diamond. Gems in jewelry can seriously affect its overall value. Depending on the state and rarity of the gem, your jewelry’s price can go up by millions.
- Get it Appraised
Even if you know everything about the trinkets, getting them appraised is an important part of the process. Professional jewelers can tell you all you need to know about the value of your jewelry. Three associations can help you get your jewelry appraised. These are:
- American Society of Appraisers
- International Society of Appraisers
- National Association of Jewelry Appraisers
We recommend choosing someone from these associations because they are held to international standards. Thus, you’re likely to get a good appraisal. Sometimes a jewel may look innocuous but can be worth thousands of dollars. A good appraisal can stop you from underestimating your property.
Please remember that appraisals usually figure out the retail value. Thus, you’re unlikely to get the price you got at the appraisal. However, you may ask the appraiser how much value you can get if you sell fine jewelry.
The appraisal reports are usually reserved for insurance purposes. The reports are extensive and explain the technicalities of the appraised item. They can cost you anything between the hundred-to-two-hundred-dollar range. Of course, the final price depends on your jewelry type.
- Jewelry Certification
If you’re selling diamond jewelry, it might be a good idea to get a GMI lab report too. A jewelry buyer may ask for a diamond grading report if you sell diamond rings or other gemstone jewelry.
Popular reports include reports from:
- International Gemological Institute (GMI)
- Gemological Science International (GSI)
- American Gem Society (AGS)
- European Gemological Laboratory (EGL)
GMI is the gold standard, and since they are a research institute, they aren’t going to have any bias while analyzing the gem. However, getting a report from GMI is going to cost you. The normal price ranges between fifty to two hundred bucks.
The reports detail the 4C’s of a diamond or other gemstones. These Cs include cut, clarity, carat, and color. Diamonds tend to have different colors, and their worth corresponds to the rarity of these colors.
Clear diamonds tend to be the most expensive ones since they are the rarest. Other colors include red, blue, and pink. Clarity refers to the lack of blemishes or inclusions in the stone. The clearer a diamond is, the more it’ll be worth in the diamond district.
Carat refers to the weight of the stone. The last characteristic of the stone is cut. Some cuts increase the jewelry worth more than others. For example, a round-cut diamond will be worth more than a cushion cut.
Getting an appraisal report and certification will help you understand the value of your jewelry. Thus, you can negotiate better to get competitive prices. However, you will have to mail the stone to the lab for the process to happen.
Places To Sell Jewelry Near You
If you’re looking for some quick cash, selling in local shops will be more beneficial to you. The whole transaction process is quite smooth. You can visit these places and walk out with your cash after a single appointment.
- Pawn Shops
If you need some quick cash and can’t wait to get your jewelry appraised, you can visit a pawn shop in your area. The folks there can evaluate the jewelry and tell you it’s market price.
We recommend researching a bit to find a good pawn shop. If the pawn shop has a good reputation, you’re more likely to get a good deal. Pawn shops are also a good place for those who don’t want to sell their jewelry but need the cash.
The brokers will appraise the piece and offer you money. You can leave the jewelry with them. Once you return the money with interest, they will return the jewelry. Of course, you shouldn’t let on that you’re having money problems.
Once a broker finds out you’re desperate for cash, they are more likely to screw you. Even if they don’t, you’re not likely to get a good price. So, if your piece is very expensive, we recommend opting for other methods for a better price. Alternatively, you can visit multiple shops to get the best price.
The good thing about pawn shops is that they don’t restrict themselves to necklaces or rings. They’ll buy anything as long as it looks decent. Some will even take damaged jewelry if it has value, like gold. Opt for a pawn shop if you have non-traditional or used jewelry like luxury watches.
- Not picky about jewelry
- Ready to offer loans with jewelry as collateral
- Quick transactions
- Extremely low prices
- Local Jewelry Store
If you’re selling diamonds and other gemstones, we recommend visiting a jewelry store. The jeweler there will have more experience in the jewelry industry and can probably offer you a better price for your pieces.
Just hop onto Google and look for local jewelry stores. For example, search for local jewelry stores in New York City if you’re trying to sell jewelry in NYC. Choose a store with good reviews, as stores with a good reputation are less likely to lowball you. You can also check the American Gem Society. They usually have a database of jewelry stores, and you can choose ones near you.
Depending on the store, you can visit or mail your jewelry for evaluation. Once there, the jeweler will appraise your products and offer a price. You can negotiate on this price till you’re satisfied.
You can exchange your used jewelry for other pieces if you don’t need cash. Of course, you might have to pay for any balance if the prices of the two pieces are disproportionate.
The not-so-nice part is that jewelry stores are selective about the pieces they accept. Depending on the condition and demand of the product, they may refuse to deal with you. Some stores can accept damaged pieces, but the prices will be nominal since they’ll offer you the melt value.
If you opt for national jewelry stores, you will get store credit. Thus, you can choose pieces in exchange for your jewelry. However, these stores are ideal for folks looking to get some cash.
- Better prices than pawn shops
- Quick transactions
- Picky about the jewelry they take
- Might offer credit instead of cash
- Gold Exchange Stores
Gold exchange stores will accept more than just gold. You can exchange your silver and diamond jewelry there too. Moreover, these stores will buy your jewelry even if it’s damaged. However, you can expect top dollar for your jewelry here.
Gold exchange stores usually buy your jewelry to melt it and make a new piece. So, you’ll get the scrap price here. So, if your jewelry has a lot of gold, you’ll get a higher price. Of course, the price also depends on the demand and going price for the metal.
Don’t restrict yourself to a single gold exchange store. There will be plenty of these stores in your neighborhood. Be sure to visit a few of them to get the best price for your jewelry. These shops are a good option if you can’t sit around to wait for good offers.
- Accept damaged jewelry
- Cash payout
- Easy sale
- Scrap prices
Places To Sell Jewelry Online
If you have the time and patience, you can list and try selling jewelry online. When selling something like diamond jewelry online, you can expect to face a bit of skepticism. Of course, some companies will be more welcoming towards you, but platforms like craigslist are worth a try. You can also go through these online jewelry stores list.
- Craigslist And Facebook Marketplace
You can put the jewelry up for sale on Craigslist. To do that, you’ll need to take some photos of the jewelry in question. Plus, if you have any authenticity certificates, now is the time to attach them. We recommend including all the information in the listing. A good listing will help you get the most money.
Of course, you’ll still get plenty of folks asking for this information. If you sell online through this platform, be prepared to negotiate. You’ll get plenty of offers. Once you find a legitimate buyer, finalize the deal.
While shopping on Craigslist, avoid adding your address to the listing. Don’t meet with the buyer at your home even when the sale is finalized. That’s because meeting with customers can pose safety risks if they try to rob you.
Meet the potential buyer in a public place like a restaurant or the buyer’s bank. Only accept cash to limit risks of fraud. If possible, take a trusted person with you. That ensures protection, and the second person can offer a fresh perspective. They may help you identify a con even if you miss the signs.
The Facebook Marketplace is another place where you can try your luck. The process and risks are the same as Craigslist. However, you also have the chance of hitting the jackpot and finding a good buyer.
Some experienced jewelry buyers may wander the site and come across your listing. If you find a good potential buyer, you have the potential to get more than what your local stores would offer you.
- No middleman
- No commission fees
- Might get good offers
- Can be a fraud
- Online Jewelry Stores and Companies
A few online companies offer to buy gold and other jewelry from you at reasonable prices. Of course, you must do thorough research because there are plenty of scammers in the name of diamond buyers. If you’re considering the option, look up the company.
Visit their Yelp, Better Business Bureau, and Trustpilot pages. See the reviews there and opt for companies that have good reputations. There have been horror stories about companies receiving the gems for appraisals and not returning them.
If you choose to sell unwanted jewelry to online buyers, you’ll have to send it in a package to the company. Take pictures of the jewelry before sending it to identify any damage afterward.
Send the package via insured delivery so that you know when the company receives the package, and you don’t lose any money if the package is lost. Before sending the package, read the fine print on the website. Look for the waiting period after an offer is made, how they’ll finalize the deal, and how long the payment will take.
After the company receives the jewelry, they’ll appraise it. They might send it to a lab to get an accurate idea of the value. Afterward, they’ll make you an offer based on that appraisal.
Alternatively, the company may auction the item and give you the money. However, in this case, they’ll deduct a commission. On the plus side, you have a higher chance of getting a good price.
- Potentially good prices
- Smooth transaction
- Bigger buyer pool
- Long process
Should You Sell Your Jewelry Online Or Locally?
Taking your jewelry to a local store is traditional and safe. The folks there are likely experienced and will offer you a decent price. However, you do need to be a good negotiator. This method is suitable for folks looking for a quick payout.
Depending on the store, you’ll either get money or store credit. You can store credit to get a different piece. It also saves you from having to mail your jewelry and all the risks that come with that. So, if you’re someone who doesn’t like waiting for a while or doesn’t trust the online process, opt for local stores.
However, if you’re more tech-savvy and don’t mind waiting, go for online buyers. When you sell your jewelry online, you can access a larger pool of buyers. These folks are experienced and sometimes pay big bucks to get their hands on a rare item. Just be sure to get independent appraisals and use those reports.
Of course, when selling stuff online, you must ensure a few things for your safety. If you’re posting ads online, don’t include your address. If your buyer is shady, they might use the opportunity to rob you or worse. Meet in public places and let someone know where you’re going.
If you’re mailing your jewelry, use insured delivery methods to recover potential losses. Choose a reputable company with good reviews. If you have a direct buyer, you can opt to sell via consignment.
In this method, you send the package, and the buyer submits their payment via escrow. The deal is done as soon as the consignment company clears the jewelry, and you get your payment. Of course, you have to pay a commission to the company.
Getting The Best Prices
You can do several things to ensure you get the best price for your jewelry. Start by having your jewelry cleaned. You can do it yourself or hire a professional. Next, you can get independent appraisals to find the actual value of the jewelry.
- Get Multiple Quotes
Once you have the appraisal value, contact multiple buyers. Get their offers in writing to get an idea of the market price and the competition. Afterward, you can choose the best price and accept that.
Getting multiple opinions ensures the buyer doesn’t give you too low a price. If you want, you can tell them you’re getting the quotes for someone else. That helps ensure that they give you their best offer.
- Keep Track of Current Prices and Demand
Gold prices keep fluctuating. So, keep an eye on gold and silver prices to ensure you can negotiate better. Keep an eye on demand too.
Recently, there has been a trend of avoiding diamond engagement rings. That’s because diamonds don’t have a good resale value, and more people are opting for lab-grown diamonds. Keep things like this in mind when you decide to resell your jewelry.
To Conclude: What’s The Best Place To Sell Used Jewelry?
That sums up our guide on where to sell jewelry near you. We have added tons of tips on the places to sell your jewelry and how you can get a good resale price.
Be sure to get an independent appraisal. Sometimes you think a gem isn’t worth much, but it can be a rarity worth a lot of money. You can also have a look at best men’s jewelry brand, if you are interested.
Depending on your situation, you can opt to sell the jewelry in your local shops or through online channels. Whatever you choose, be sure to get multiple quotes. That will help you secure the maximum price. Additionally, you need to negotiate well to get a good bargain.