More than 78 percent of full-time workers live paycheck to paycheck. And if you’re one of them, you’re always looking for ways to save money or make a little extra to pay the bills.
You don’t have time for another job. So, where do you start? Well, you can start by selling items around the house that you don’t need anymore!
You’ll declutter your home AND have a little extra money for your expenses!
And nothing is easier to sell than used jewelry. If you’ve never done it before, don’t panic.
We’ve put together a simple guide to selling used jewelry that will take the stress out of the process.
Take Your Time
There’s more to the value of a piece of jewelry than how much you’ll get when you sell it. Most pieces have emotional and sentimental value in addition to monetary value.
And just because you’re ready to sell in theory doesn’t mean you won’t regret the decision.
Take your time and make sure you’re ready. Inspect each piece and see if the sentimental value matters more to you than what you could get for it.
If it does, don’t sell the piece. Remember, once you sell it, getting your jewelry back is almost impossible.
Look at the Condition
It’s normal for most used jewelry to show signs of wear. And the more you wore an item, the more it’ll show. This impacts the selling price.
Before you decide on what to sell and how to sell it, inspect each item.
Look for loose stone settings, scratches, missing stones, and other issues. If everything looks like-new or in good condition, you’re ready to sell. If not, be ready to sell the pieces at a lower price or pay for repairs before selling them.
Clean Each Piece
Clean jewelry catches the light and looks nicer right from the start. The nicer it looks, the better price you’ll get.
Give each piece a good cleaning with a metal-specific cleaner. If the jewelry has precious stones in it, make sure the cleaner is safe for them.
If you use the wrong solution, you could damage the stone and make them lose their luster. For fragile items, warm water and a bit of dish soap can work wonders.
Let the piece sit for a few minutes and use a soft scrub brush to scrub the dirt away. For smaller pieces or detail work, use a toothbrush.
If this feels too daunting, consider taking your jewelry to a local jeweler and let them clean it. They’ll be able to get rid of all the dirt and buildup quickly, leaving the jewelry looking like new.
Get a Formal Appraisal
Any jeweler can give you an estimated value for your jewelry. They look at the types of metal, the stones, and the condition to determine the value.
Use this estimate to guide you in your sales. Remember, if you’re selling to a pawn shop or other retail outlet, you won’t get the appraisal value. They need to make money, too.
If you sell privately, use the value to set the price.
Remember, the value you give to an item may not be what it’s actually worth. And it’s best not to get your hopes up.
Go into the appraisal with an open mind and listen to their explanations. If you don’t agree with them, take the jewelry to another expert and get a second opinion. But no matter what, understand it may not be worth as much as you think.
Decide How You Want to Sell
Once the pieces are ready and clean, you need to figure out how to sell them. If you’re looking for fast cash, a pawn shop is a great option. They’ll give you cash up front.
But pawn shops often offer a lower price. This is because they have a lot of overhead and rarely sell items for full price to new buyers.
If you’re selling used jewelry to declutter your house and aren’t looking to make money immediately, consider selling to a jeweler or listing it for sale online. You’ll get a better price, but you will have to wait until a buyer comes around.
But what should you do if you have some incredibly valuable jewelry? Consider putting it up for auction.
At auctions, you’re free to set a minimum purchase price. If no one bids above that amount, you keep the jewelry and can try again. Keep in mind that all auctions charge a fee based on the purchase price.
There’s Hope for Damaged Pieces
Not all jewelry is in good enough condition to sell to a shop or a private party. But that doesn’t mean you can’t sell it.
There are tons of places that buy jewelry for the metal or stones. They don’t care if the piece is in good wearable condition.
But you’ll want to do some research before selling. Look into the current market gold and silver price. If it’s high enough for your needs, reach out to those companies.
They’ll melt down the jewelry and give you money based on the amount of pure metal they extract.
Most services do this through the mail, so you will have to wait for them to process your order and issue your payment. But they’ll accept your gold and silver jewelry no matter what condition it’s in.
Selling Used Jewelry Is Easier Than You Think
Selling used jewelry doesn’t have to be a tough process. As long as you research the jewelers and stores in your area and take the time to get each piece ready, you’ll get a fair price.
But there’s always more you can do to save money and make more on the side. Check out our latest posts for more helpful tips on increasing your income month after month.