To get the most out of your unwanted jewelry, you need to know what the jewelry is worth and where you should sell it. You also need to know yourself. “How much effort do you want to put into selling your jewelry?”
What You Need to Do When Selling Your Jewelry?
- Get it appraised
- Check the condition of the jewelry
- Make sure it's clean
Get it appraised
To truly know the value of what you are selling, you should get an appraisal by a member of the American Society of Appraisers, the International Society of Appraisers, or the National Association of Jewelry Appraisers.
Members of all three groups have to adhere to standards and ethics. Appraisals range from $150 to $350 per hour.
There's also some ways you can get it appraised for free, but it won't be as accurately estimated.
To give you an idea, a simple diamond ring might take about an hour to appraise, whereas one with multiple diamonds and an elaborate setting might take more than three hours. Some appraisers charge by the item, but under no circumstances should an appraiser charge you a percentage of the item’s value.
Some people reason that they can skip the appraisal if they believe their jewelry isn’t worth much. If you are certain what you have is not valuable, you can go ahead and seek offers for it.
An appraiser can also tell you whether your jewelry is best sold as-is or for scrap. Some jewelry by well-known designers is more valuable intact.
Please note: Once you have your appraisal in hand, keep in mind that you are unlikely to get that price. Appraisals, often conducted for insurance purposes, determine the retail replacement cost of your jewelry, not the resale price.
Check the condition of the jewelry
Condition is a major determining factor in the price received for your jewelry. Damaged and broken jewelry many times justify the restoration costs but most of the time damaged jewelry is only valued at its intrinsic worth.
Jewelry repair in many instances is counter-intuitive. I have seen jewelry that has been mangled in such a way that the cost of restoration is minor and easily justified.
On the other hand what appeared to be an insignificant problem rendered the jewelry unrestorable. Jewelry repair is one area you don’t want to be a “do it yourself”. Let professionals do it, or it could end up costing you a ton of money.
Make sure it's clean
Jewelry looks its best when cleaned. Properly clean your jewelry before showing it around. If you do not know the 100% correct way to clean your piece of jewelry, let a professional jeweler clean it for you. Some jewelry stores may even clean it for free
Please note: the wrong cleaning can damage and even destroy jewelry. If you are unsure of how to clean the jewelry or gem, let professionals do it.
Ways to sell your jewelry
- Selling online
- Online consignment shop
- Selling in person
- Have your appraiser act as a broker
Use caution if you want to sell your jewelry online. Many review sites receive a lot of complaints about online buyers who offer lowball prices, fail to return jewelry if you reject their offer, or don’t send a payment for your items.
- Online is a great place to sell unique jewelry like men's pinky rings.
- If you choose to try an online jewelry or gold buyer, check its reputation with the Better Business Bureau.
- Also, read the fine print of its website so you understand what you’re getting into.
- Look for things like how much time you have to respond to an offer before the buyer considers it a done deal and how long it will take for the buyer to pay you.
- Take photos of your jewelry before shipping it.
- And send it insured with a delivery method that proves the company received it.
Sell via an online consignment shop
This can work well because individuals typically pay more for jewelry than professionals do. Just make sure any added profit is not eaten up by the commission you must pay.
Selling in person
Selling your jewelry in person to a local shop may still be the best way to get the most money out of it. Here, too, you have lots of options, including coin shops, pawnshops, consignment shops, and jewelers.
The American Gem Society provides a list of local jewelers who buy jewelry.
Have your appraiser act as a broker and help you sell your jewelry
If not, he or she may be able to refer you to a broker. Look for someone with years of experience and deep connections that will bring you, buyers. Some brokers charge a flat fee. Others charge 10 to 60 percent of the sales price, depending on how much work is involved.