Selling your jewelry can be a great way to make some extra cash, especially if it’s no longer part of your wardrobe.
Styles change, but that doesn’t mean you have to take a loss on the jewelry you do own. Knowing where to sell your jewelry to get the most for your rings, earrings, bracelets, and necklaces, however, can be a difficult task.
If you’re looking for places to sell your jewelry, you have the option of selling it in-person or online. E-commerce sales have really opened up a new market for selling jewelry, which is great if you’re trying to offload a few pieces. After all, how else could you make room for the new jewelry you want to wear?
At the same time, selling your jewelry in-person or online can be stressful, especially if you don’t know how to properly approach it. Our guide will compare and contrast for you the benefits of selling online versus locally, as well as provide you with actual websites where you can sell your jewelry right now.
We’ll also provide you with tips on how to get the most for the jewelry you sell, because a few minutes of research could translate to more money in your pocket.
Let’s focus first on the most important choice: will you sell your jewelry online or locally?
If you’re looking to make extra money these days, there are a vast number of opportunities to do so online. Selling your jewelry is just one of them. At the same time, taking your jewelry to a local jeweler can feel more secure if you don’t want your precious jewelry traveling through the mail.
One of the most common practices for selling jewelry has been to take it to your local jeweler or pawn shop to exchange it for cash and/or store credit. There’s nothing wrong with sticking with that tradition, especially if you’re concerned about the risks of selling online. Many jewelers perform free appraisals, and there are no shipping fees to deal with. You also have the option of visiting a few businesses in order to find the best price possible.
If you plan on selling your jewelry online, you will have to go through similar processes that you would with selling those pieces locally. You’ll need to provide proof of the jewelry piece, typically in the form of photos, and then ship the piece to the online jeweler for appraisal. You then have the option of accepting the offer or requesting the piece be shipped back to you.
Many jewelry owners consider the shipping part of the online selling process to be the most risky. However, you will have the added benefits of appealing to a wider customer base. Many online jewelers also offer consignment terms as well, so you can take advantage of these programs in order to get more for your jewelry. In fact, online jewelers like Worthy may be able to offer you more for your jewelry than you’d receive at a local jeweler.
Where to Sell Jewelry Online
Selling jewelry online isn’t only a viable option these days, it’s a rewarding experience that’s safe and secure.
More and more jewelry sites are popping up with the hopes of buying your jewelry. Here are a few credible sources you can visit to sell your jewelry online.
Worthy is one of the most popular places to sell your jewelry. For example, you may send your diamond or engagement ring and other jewelry using free FedEx shipping. Worthy uses expertise, technology and connections to get jewelry sellers the absolute most for their jewelry.
Your piece is graded and Worthy prepares it for auction. Diamonds are assessed by the GIA, which is the most rigorous in the world, whereas watches are evaluated by Central Watch in New York City.
Worthy will let you establish a minimum price and certain goods may be eligible for a price guarantee. Your seller fees begin at 18% for items selling for $5,000 and decrease to 10% if your item sells for more than $30,000. After your product has sold, you may use PayPal or a paper check to get paid.
They’re a big player in the field, and one of their advantages over a major auction house like Sotheby’s is that they may move faster (big auction houses can take up to 6 months) and charge more. Here, you only have to pay a fee if the item sells.
At Worthy, You can sell loose diamonds, rings, bracelets, necklaces, earrings, and watches.
You may be able to earn more than selling locally because you get access to a larger group of buyers. However, how much you make can be somewhat unpredictable as you won’t know if your auction will attract a few bids or become very competitive.
To get an idea of how much you may make at auction, look through recent listings to see how they compare against one another.
Worthy is an online luxury auction house, helping you get more for the jewelry you've outgrown. Led by the very best in the luxury goods market, they work together to bring the fairest market value for your valuable items while providing stellar service.
If you’re looking for an easy and straightforward way to sell your jewelry online, Cash for Gold USA makes the process simple. They purchase silver, gold, and platinum jewelry pieces, with a minimum karat of 8 karat.
When it comes to sending the jewelry in for appraisal, Cash for Gold USA offers free shipping through FedEx. The best part is that each package is insured for up to $5,000. This allows you peace of mind when shipping your valuable jewelry, because if there’s ever any issue, the insurance will cover the damage.
Cash for Gold USA advertises free appraisals within 24 hours of receiving your jewelry from FedEx. You then have the option of accepting their offer or declining it and having them ship it back to you. If you choose to decline their offer, they will return it to you for free, with the same insurance coverage. If you do accept their offer, however, you can choose payment through PayPal, a bank wire, or via a check.
For those of you selling diamonds specifically, Cash for Gold USA has a sister store, which is called Cash for Diamonds USA. They offer similar insurance and guarantees, with a focus on diamonds of course.
Again, you’ll receive free shipping to send your diamonds to Cash for Diamonds USA, with insurance up to $5,000. Their appraisal comes within 24 hours of receipt, with the payment options we described above if you accept. If you decline, return shipment is free.
The one major difference with the Cash for Diamonds USA site is that you can sell them diamonds of any size and condition. This online retailer accepts diamonds that are broken, judging potential pieces on GIA appraisal standards. Specific characteristics include clarity, color, cut, and carat.
Note that Cash for Diamonds USA pays for material value, not market value. While your diamond might fetch a steep price if you were buying it instead of selling it, the material value may not be as high.
Many people prefer to sell their jewelry on consignment terms, which makes The RealReal a perfect candidate. This consignment site sets a price point based on what other types of similar jewelry have sold for in the past, giving you a competitive edge in the market.
As part of the consignment terms, The RealReal takes 30% of the profits for jewelry sales of $995 or more. Sales above $2,495 are split between you and The RealReal at 85% and 15% respectively. With these terms, it pays to sell a higher-priced piece of jewelry in order to take home a larger portion of the profit.
The downside of working with a consignment site is that the selling price will gradually drop if the jewelry does not move. This is meant to help attract buyers, but it can also increase your seller fees. Plus, the consignment terms are not a guarantee that the piece will sell, so you should take that into consideration before contacting The RealReal.
If you own a high-priced piece of jewelry, such as those over $2,000 in value, then Sotheby’s auction house is your best bet. This online jewelry auction site deals specifically in rare or valuable jewelry pieces and not all jewelry will qualify.
Sotheby’s requests that you send pictures of your jewelry to obtain a preliminary estimate. Then, a specialist will contact you in order to complete the appraisal and potentially the sale. If you do accept the offer from Sotheby, they will either auction the piece for profit or potentially contact a private party to make a deal.
Choosing to sell your jewelry locally instead of risking it with online retailers can be just as profitable. Here are a few places you can visit to sell your jewelry in person.
Most people think of visiting a local jeweler when they want to sell their jewelry. After all, it stands to reason that you’d get more for your jewelry there than you would anywhere else.
Jewelry stores are a great place to ask questions if you want to know more about what pieces you have and who made them, what they’re made from, etc. Many jewelers work with private parties as well, so your customer base can include those who appreciate what you currently own. Some jewelers will offer consignment terms, as well as cash and store credit for payment. You may even be able to trade your jewelry in for a new piece.
If you want to make money fast, pawn shops are the way to go. They typically purchase a wider variety of jewelry types and can offer both cash and/or store credit. However, they can also offer you less than you might get otherwise. Depending on where your local pawn shop is located, you may not feel comfortable bringing your high-priced jewelry along, too.
For gold-specific jewelry, gold exchange stores typically offer better prices than other jewelers. Many of these gold exchange stores advertise that they buy gold, whether it’s in a complete jewelry piece or as scrap material.
The price you’ll receive for your gold jewelry depends on the purity and weight of the gold, as well as the price of gold at the time of sale. For more information on how to sell your gold, check out our gold-selling guide.
Apps for selling your unwanted belongings, including jewelry, include popular names such as Craigslist and Facebook Marketplace. With these selling apps, be prepared to negotiate. You’ll want to include as much information as possible, but expect people to message you with questions. You’ll make more by selling your jewelry directly to a buyer on these selling apps, and many of them are free to list items.
Whether you sell your jewelry online or in-person, here are a few things you’ll want to do before obtaining an appraisal and more importantly, accepting an offer.
When considering a jewelry appraisal, it’s often a good idea to avoid taking the first offer you get. Visit a few places in order to compare appraisals and obtain the best price for your jewelry. Be sure to ask how long the appraisal is good for and if you can get written proof of it.
Knowing what you’re selling is the first step in negotiating a higher price out of the gate. Plus, you’ll have a benchmark with which to measure the appraisals you receive.
Characteristics you should research include clarity, weight, manufacturer, material, carat size, color, cut, etc. The more research you do, the better informed you’ll be when you’re negotiating.
Generally speaking, you can make more money from selling your jewelry online than you would at a local jeweler. However, the amount you make depends on a variety of factors, such as what pieces you’re selling, how valuable they are, how old they are, and what condition they’re in.
While there are some risks associated with selling your jewelry online, many people have successfully sold their jewelry to major online jewelers. Online jewelry retailers that offer insurance on any potential jewelry that they agree to appraise attempt to minimize the risk on your end, but it’s up to you whether or not you accept the potential consequences.
There are many factors that affect how much you’ll receive for your jewelry. However, generally speaking, your chances of obtaining a higher selling price for your high-end jewelry are higher with online retailers than local jewelers, simply based on the fact that the customer base is wider online than it is in your area.
There are many opportunities available to sell your jewelry, now more than ever. No matter if you choose to sell your jewelry in-person or online, it’s easy to take a few minutes to research what you’ve got in order to get more for your jewelry. We hope this article has helped you to find more opportunities to sell your jewelry, make room for your next piece(s), and even learn more about what type of jewelry you want to invest in next.
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