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How to Get the Best Prices for Selling Your Jewelry
Personal Finance

How to Get the Best Prices for Selling Your Jewelry 

Getting the Best Price for Selling Your Jewelry

Over the years, I have collected a lot of jewelry. Some pieces were passed down from family members, others given as gifts, and some were deals at estate sales that were too good to pass up. However, now my jewelry boxes are overflowing with accessories. It has become such a tangled mess that I can hardly even see what I have anymore. So, I decided to sort through my pieces and look into selling my jewelry. But, where and how do you sell your jewelry to ensure you get the best prices? After a little research, here are the most reputable places that offer fair prices.

Selling Your Jewelry Online

With the surge of e-commerce, I decided to look at the options for online vendors first. Not only do you gain access to a wider audience, but you can also reach people with specific interests.

CashforGoldUSA

You have probably heard or seen their ads because CashforGoldUSA has been around for more than 30 years. They have a longstanding reputation and an A rating with the Better Business Bureau. Along with their associated sites, CashforDiamondsUSA and CashforSilverUSA, you will get fast and fair quotes for selling your jewelry.

The reason they are so popular is that they guarantee payment within 24 hours and accept a wide variety of items. It’s a solid choice for unloading unwanted jewelry. Customers say they pay up to three times more than their competitors and offer an additional 10% if you ship within 7 days. However, they only insure items up to $5,000. So, if you have designer pieces, you will have better luck with vendors who deal in high-end jewelry.

Worthy

Worthy is a much better option when you are selling jewelry valued at over $1,000. So, if you have an engagement ring, diamonds, or signature pieces, you will get a better price here. The difference with Worthy is that you can receive multiple offers. The jewelry is put on an online marketplace where several vetted buyers can bid on your items.

The site has an A+ rating with the BBB and will insure items for up to $100,000 through Lloyds of London. While it can take some time to find a buyer, your patience could net you a higher profit for selling your jewelry.

Online Auctions

If you are trying to sell something truly unique and extremely valuable, an auction will fetch you the highest bids.  Famous auction houses such as Sotheby’s, Christie’s, Property Room, and Hibid will require you to send pictures of your item. And, if it meets their standards, they will help you put it up for auction or arrange a private sale. However, they maintain high standards which they rigidly enforce.

Selling Your Jewelry Locally Local Stores

For those who feel more comfortable dealing with vendors face to face, there are several local options for selling your jewelry.

Jewelry Stores

Jewelry stores offer good prices and the added convenience of same-day sales. Their employees can do appraisals and give more detailed information about the item with their specialized knowledge of the styles and materials they are made from. They are also likely to offer you more with trade-in credit since they view you as a potential customer. However, most stores will also pay the same day so you could walk away with cash in hand. Many large retailers have buyback programs, making it easy to sell your jewelry. But, make sure you review the terms and conditions in addition to their reviews before making any deals.

Pawn Shops

For decades, pawn shops have been the best option when you need cash fast. Since you can find them in almost every city, they provide an easy venue when you need funds now. Unfortunately, they won’t pay as much as other retailers. And, there are no guarantees on what each individual shop will offer you. You should do your research before you walk in the door, and only deal with reputable stores. Most are only willing to accept high-demand items like gold rings, necklaces, and diamonds. So, if you have rarer items, it may be worth your time to wait for the right buyer, if possible.

Local Marketplaces

The rise of local marketplaces means tons of online platforms connect you with people nearby. The best news is that many of them, like Facebook and Craigslist, allow you to advertise and manage postings for free. You can set your own prices and choose who you deal with. But, be warned that online marketplaces can be fickle. It’s a good idea to include an appraisal to improve your chances of selling by showing your credibility to potential customers.

What to Know Before Selling Your Jewelry

Before you sell anything, there are some important things you should know about the item you are selling and who you are selling to. Here are a few things you should consider before making any deals.

  1. Know the value of your jewelry. Make sure you know the current value of the metal and gemstone. The condition and rarity of your piece will affect the value as well.  You can also do an independent appraisal to make sure you get what its worth.
  2. Current and modern pieces are in high demand.
  3. Selling your jewelry for scrap is the fastest way to get cash.
  4. Vet jewelers and vendors before doing business. Read online reviews and ratings or check with the BBB to ensure you work with reputable vendors.
  5. Specialized retailers and jewelry stores will give you better prices.
  6. Haggling can get you a better price.
  7. Maintain realistic expectations of what your jewelry is worth.

It’s possible to turn your unwanted jewelry into cash. However, you want to be well-informed so you don’t sell your diamond-in-the-rough for peanuts.

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