Learning how to sell jewelry can be challenging, especially if this is your first time doing it. You deserve a fair price, whether it’s an engagement ring or an old gold chain. However, where do you turn?
If you wish to sell your jewelry, it’s wise to focus on certain aspects of the business you choose, such as:
- Easy-to-use websites
- Location of the jewelry buyer
- Ratings from the BBB (Better Business Bureau)
- Online jewelry store reviews from past customers
This guide focuses on how and where to sell jewelry for the best results. Let’s learn more!
How to Get the Most Money When Selling Jewelry
Many people think their only option is an online jewelry buyer, and this is one of the most popular choices. Usually, they offer a higher price than a traditional jeweler and will provide free shipping. You also get full insurance and don’t have to leave your home.
However, there are other ways you can sell your jewelry and precious metals, including:
- Local jewelry stores
- A jewelry buyer on an online marketplace, such as Facebook Marketplace
- Consignment shops
- Auction houses
- A local jewelry buyer you find in the newspaper
If you decide not to sell the jewelry to an individual, here are a few things you should understand:
Reputation
When you sell jewelry online, it’s important to focus on the company’s reputation. It should have these qualities:
- A+ rating from the BBB
- High ratings on Trustpilot
- Founded at least 10 years ago
Payment and Pricing
If you sell jewelry online, it’s crucial to get a fair price. Companies should offer these perks:
- Highest price guarantee
- Payment within 24 hours
- Various payment methods
Insurance and Safety
Those who sell jewelry online also need to focus on safety and insurance. Here are things to consider from the company:
- Insurance of up to $100,000
- Buys silver, gold, and platinum jewelry, along with scrap gold, coins, and watches
- Free and secure FedEx package or mailer sent to your house
- Ability to retrieve the item if you don’t accept the company’s offer (for free)
Things to Know Before You Sell Jewelry Online
It’s important to research your products before you look for a jewelry buyer. While the pieces might have sentimental value, they may not get you a higher price. Instead of walking in without knowing anything, come to the negotiation table with confidence.
Here are a few tips to help sell your jewelry for the highest price:
Special Features
Does your piece have any special features? Is there anything that makes the diamond engagement ring stand out from average items? When you sell jewelry, take note of the designer and artist, looking for rarities that will help get a higher price.
Get Competitive Offers
When it’s time to sell your jewelry, make sure you get a fair price. It’s wise to request three offers from different buyers and companies.
Since you’ve done your research on old jewelry, you can use the information you receive from potential buyers to negotiate the best price possible.
Research Prices and Market Value
Before you sell your jewelry, understand the market value for similar pieces. Though this requires research, it will help you get a fair price when offloading your items.
Sell Diamond Jewelry
It’s essential to educate yourself when you decide to sell diamond jewelry. Know the stone’s value and focus on the cut, clarity, and carat.
Be aware that there’s a significant difference between what you paid for the piece versus the resale value.
You might plan to sell estate jewelry because the piece had a previous owner. In many cases, this person has passed away, making the item more of an heirloom. However, this isn’t always true.
Sell Silver Jewelry
Silver jewelry isn’t as valuable as gold, though it’s still considered a precious commodity. Be aware of this when it’s time to sell.
If you plan to sell your jewelry, understand the prices of precious metals before doing anything else. You’ll learn what silver goes for at that moment and can get the fairest price possible.
Sell Gold Jewelry
Gold jewelry is usually melted down for scrap unless it’s a brand name. Therefore, it’s sold at or above melt price. You’ll want to research this number before trying to sell anything.
There are online calculators that can help you determine the scrap gold’s melt value. You’ll need this information:
- Total weight of the scrap gold
- Gold purity amount
- Number of karats of gold
- Spot price of gold that day (per Troy ounce)
Where to Sell Jewelry
When it’s time to sell your jewelry, there are a few places you can go, such as a:
- Consignment shop
- Auction house
- Pawn shop
- Local cash-for-gold store
- Local jewelry store
- Professional online jewelry buyer
- Online marketplaces
Let’s look at each one of these options more carefully to learn about them:
Professional Online Jewelry Buyers
Online jewelry buyers are often considered the best solution when you want a fair price. You can sell jewelry of all sorts, including:
- Diamond jewelry
- Fine jewelry
- Gold jewelry
- Silver jewelry
Whether you have earrings, chains, necklaces, or rings, these companies will buy them and usually provide decent prices. Likewise, you’re not obligated to use their services; they will return the items if you don’t accept the offer.
Local Jewelry Store
Sometimes, people have an emergency and are in urgent need of cash, so the best jewelry buyer is one that has fast turnaround times. Typically, a local jeweler will give you a fair price and money in hand before you leave.
Start your research by asking friends and family members for a reputable jewelry buyer. You can also check ratings from Yelp, Google, and the BBB to find a trustworthy option.
While you could walk into the local jewelry store to get an appraisal or estimate, it’s usually best to call and make an appointment beforehand. The professional will help you understand the value of the items before making an offer.
Though you’re in a rush, it’s still best to get several offers before you accept anything. Let the local jewelry store employee know you’re planning to ask around. This will help you weed out pushy salespeople.
If you have the original jewelry box, bring that with you. It will have plenty of information to help the jeweler understand your items.
Typically, local stores will help with:
- Broken jewelry
- Diamond jewelry
- Gold jewelry
- Silver jewelry
- Estate jewelry
- Old jewelry
- Designer jewelry
- Fine jewelry
Local Cash-for-Gold Store
You might have old jewelry that isn’t worth very much as is, but you can still sell it for scrap gold. Many in-person and online gold buyers take the broken jewelry and dental fillings and provide a fair price. It’s still important to get a few quotes, and be aware that precious metals (other than gold) will likely have lower offers.
Pawn Shop
Pawn shops are suitable if you require quick cash for your precious metals and fine jewelry. However, don’t be surprised when you receive an offer for about 30 percent of the item’s retail value.
If you plan to sell estate jewelry, make sure you research the current price of silver or gold. You should also get a few estimates before settling on an offer.
Sell Jewelry on Consignment
Those who aren’t in a rush to sell estate jewelry might consider in-person or online consignment. Some will offer cash when your items sell, but others give you credit to spend with that brand.
Sometimes, high-end consignment shops will sell fine jewelry. You can try to work out an arrangement with one of them.
However, you want to avoid online clothing consignment shops, such as Mercari and Poshmark. They only deal with clothing and won’t help you sell your fine jewelry.
Auction House
Auction sites will also buy fine jewelry, which can be great if you have anything from luxury brands like these:
- Rolex
- Tiffany
- Harry Winston
- Chopard
- Cartier
- Bvlgari
Typically, diamond jewelry sells better than other items at an auction house, but you can test the waters with whatever pieces you have.
Online Marketplaces
Most people decide to sell jewelry online through a marketplace, such as Facebook Marketplace, TheRealDeal, Etsy, and eBay. This can work out well, but you’ll need to know how to market your products to get a fair price.
Since you probably don’t have much fine jewelry to offload, using an online marketplace might be too time-consuming. You’ll need to clean up old jewelry to make it look new again and take plenty of good-quality photographs.
Usually, online marketplaces are best suited for rare items, so your average estate jewelry might not sell well (or at all.)
Why You Won’t Get the Most Cash from a Pawn Shop or Local Jeweler
You will probably get more cash for your items from an online jewelry buyer. Pawn shops and local jewelers won’t offer high prices for these reasons:
- High Commissions – Pawn shops often buy all types of gold/diamond jewelry but offer less cash because they pay high commissions. You would get a better deal from a local jewelry store.
- Time-Consuming – It takes longer to sell estate jewelry on Etsy or eBay, which requires marketing and photography to get the best results. Unless you have many products and build a platform, offloading a few pieces is difficult.
- Less Competition and High Overheads – A jewelry store often has a higher overhead for staff, advertising, and rent. There’s also less competition than with an online buyer. Therefore, you might not see as much money when you sell your jewelry this way.
Selling gold jewelry doesn’t have to be difficult if you research your options. Be patient and get the best price possible.
Final Thoughts on How to Sell Jewelry You Don’t Want
Do you want to sell your jewelry because you no longer wear or want it? There are many options available, but a jewelry store might be your best bet. Abercrombie Jewelry offers expert appraisals for precious metals and gems.
Selling jewelry just got easier because it buys gold and other precious metals, as well as precious stones. If you have gold jewelry you no longer need, schedule your appointment today.