Unwanted jewelry often piles up, regardless of how valuable or sentimental the pieces are. In this day and age, as easy as it is to sell your jewelry, it is even easier to get scammed. Precious metals and gemstones are among the most targeted by scammers; therefore, researching and getting some basic info on the buyer can help you avoid unnecessary obstacles.
First Step: Assessment
The first step you should take before you find a place to sell is figuring out what kind of jewelry you have. Understanding the metal your jewelry is made of, the potential gemstones (real or fake), age, and designer all play a role in establishing value. Knowing what you have on your hands and a ballpark value for your jewelry will ensure you don’t get trapped by unscrupulous companies.
When in doubt, get an appraisal for higher-end pieces. If you know you’re looking at hallmarked gold or something with diamonds, getting an honest gemologist or a reputed company like Luriya to look at your piece will enable you to get the most money. Luriya has trained professionals who will help you with selling jewelry.
Bear in mind, costume, and even handmade pieces of jewelry have a market. This is especially true if they are antique, vintage, or are made by a well-known designer. Most people are shocked that even junk jewelry sells online for artists needing pieces for their work!
5 Of The Best Places To Sell Your Jewelry
1. Jewelry Stores
Many local jewelry stores purchase beautiful pieces to resell and, often, offer the most money for your wares. It is worth keeping in mind that you will never get market value for your jewelry when going this route as the buyer also needs to make a bit of extra cash when they sell your jewelry again. Jewelry stores will more often than not only take precious metals and gemstones. Usually, this will exclude lower end pieces, even if they are solid gold or have diamond chips.
2. Pawn Shops
Pawnshops are often seen as a last resort when looking for a place to sell jewelry. You can look at any number of sources that explain how to get rid of your jewelry, and they will undoubtedly mention pawn shops. It is worth mentioning that pawnshops will only give you a small fraction of what your items are worth. It isn’t uncommon for a pawn shop owner not to disclose how much your items are valued. You will find many pawn shops test their jewelry on-site, and the owners will have a pretty solid understanding of precious metals and gemstones.
Only go this route if you are willing to take less than what your item is worth, or you need money quickly. There are unforeseen circumstances in life where you may need access to cash, so getting any amount for your jewelry is helpful.
3. Consignment Shops
Consignment stores work a bit differently than pawnshops or selling directly to jewelers in your area. The positive aspect of choosing a consignment store is that they often allow you to set the price, and you can have a say in what your item is worth. The real downside is the waiting period to get paid. You may find yourself waiting weeks for the right buyer to come along, and if you need the money right away, it could mean you need to explore other avenues.
4. Sell It Yourself Online
Perhaps the most often overlooked aspect of selling jewelry is choosing to sell it yourself. Online platforms such as Poshmark, eBay, Etsy, Mercari, and the Facebook Marketplace all allow you to take matters into your own hands. You can set your prices and wait for the buyer you want to sell to. This is probably the most advisable when dealing with heirlooms or other sentimental items. You may not wish to keep them, but you at least can ensure that they will go to the right home.
When selling on your own, make sure you do your research and know your jewelry specs. Online buyers expect you to know the weight, metal, gemstone, carats, and the designer when choosing to list anything.
5. Online Buyback Websites
Buyback companies exist online, and they want your silver, gold, platinum, and diamonds. If you have any damaged and considered scrap pieces, these places are willing to pay by the gram for your jewelry. This is a great way to sell off an entire collection, especially if you have no attachment to the pieces and don’t wish to deal with the hassle of sorting and researching each piece.
These companies also pay a fraction of what your pieces are worth. However, if you need money quickly or have certain jewelry pieces that are dated and hard to sell, this may be your best option.
The Final Verdict
Google is perhaps the most useful tool in determining how to find the best place to sell your jewelry. Whether you wish to sell to a local company or hope to get the most money for your items, you can narrow down your options.
Always get a second opinion when selling a collection. Even if they only pay a portion of what your item is worth, some companies will still pay more than competitors. Knowledge is key to ensuring you get close to what your collection is valued at.