Where Should I Sell My Jewelry?

If you are asking yourself the question, “Where do I sell my jewelry?” fear not! You’ve come to the right place. In this article we will be discussing the pros and cons of the most popular selling outlets as well as the best place to sell your unwanted or old jewelry.

Why Should I Sell My Jewelry?

People sell jewelry for several reasons—inheritance, emergencies, unforeseen disasters, divorce, or even just to pay the bills. Whatever the case, it’s important to be an educated seller. Before you scour through your jewelry box, it is important to understand the value of your jewelry and have documentation available to back it up (to learn more, see our post on How to Sell a Diamond in 5 Steps). Also keep in mind, although you may have paid a lot for your piece, the resale value may only be 30% of what you paid when you sell. But, that doesn’t mean you should settle for any selling outlet—you should explore all your options and get several quotes before you make a decision.

Selling Outlets Examined

Pawnshop

A pawnshop is often the first place people consider when looking to sell valuables like an engagement ring, wedding ring, or wedding band. A large appeal is how quickly you can receive payment. They have money, are willing to buy, and can pay in cash instantly. However, if you’re trying to get the most cash possible for your jewelry, reconsider this option. Remember that their job is to acquire your items in a way that assures a profit for them. They also need to acquire them at cost low enough to rationalize their own low resell price. Because of this, you won’t be getting the best price for your jewelry.

There’s also no guarantee that the individual providing assessment specializes in diamond value, so they may or may not know what they’re looking at. Without a gemologist on staff, a pawn shop will use a simple testing process to determine if the stone is real or not. They will also measure the size and do a quick visual inspection to come up with a price. Again, this will most likely result in a low asking price.

Before you sell, make sure that you have documentation that shows the value of your diamond. Doing so will help minimize potential confusion and allow you to make an informed decision. If you’re unsatisfied with the quotes you receive, look elsewhere.

Pros: Quick payment, easily accessible.

Cons: Most likely low offer, no guarantee of a qualified gemologist on staff.

Auction

Selling your jewelry at a local or national auction house like Sotheby’s or an online auction like worthy is a safe alternative that will most likely be quick and hassle-free. This is because the auctioneer will do the work in selling the piece of jewelry on your behalf.

But, this option also has its downsides. In some cases items could sell for more, but overall, auctioneers tend to look out for themselves first. People attend auctions for a chance to get a deal, and it’s the auctioneer’s job to make that deal happen. They start prices low, to create excitement and also have low reserve, or even no reserve. This means that if a buyer bids at a low price, the seller cannot reject the bid. The end price is unknown, providing yet another risk.

In order to see if this would be a good option for you, look into the organization and ensure it has a good reputation. Have an understanding about what will happen if your item doesn’t sell, and if any fees or extra charges could be incurred. Find out about what the organization does to promote the auction beforehand to ensure you’ll have some interested buyers. You also want to look for an organization that offers a free collection service. Free valuations are also a plus, but view this as an additional opinion on top of documentation you already have.

Pros: Quick and hassle free, little work involved on your part.

Cons: End price is unknown, no guarantee your item will sell.

Offer Up

Classified advertisement websites have an understandable appeal. It’s easy to set up and you have a wide, local audience to sell to. Although this audience will be very price sensitive, they know what they’re looking for. You should receive a lot of interest through this platform.

However, let’s state the obvious: there’s a huge risk of who you are selling to. You need to look out for fraud, robbery and worse–there have been several stories of people being harmed over perceived valuables.

As a general rule of thumb, don’t give out personal information, such as your home address, and always bring someone with you to meet potential buyers, in a public place. When someone you don’t know is looking at your high end jewelry, keep a good eye on them to ensure they don’t switch it for a fake. Always recheck it after they hand it back. Avoid checks of any kind, which could be fake, and only accept cash for the transaction.

Take extra steps of precaution, but if you can avoid these websites, do so–not only to get a fair price, but to ensure your own safety.

Pros: Local audience, little setup, potential for a lot of interest.

Cons: Can be risky.

EBAY

Similar to Offer Up or Craigslist, a website like eBay brings you a greater audience to sell jewelry online to. Through eBay, you can showcase your item with a description and pictures. You’ll need to spend time researching other sellers to see how you compare, and you must also make sure your item stands out for people to find. But, all in all, there is no guarantee that your item will sell. And if it does, you most likely won’t get the most cash for your diamond jewelry, diamond ring, gold jewelry or other designer jewelry.

First, there’s the high quantity of unqualified buyers that you’re presenting your sale to. These individuals will lack the necessary knowledge to understand the true value of your jewelry, making it unlikely to receive interest for a high price tag. The risk of dealing with a stranger is also still prevalent.

Second, the buyer will be going off a description and screen images without seeing the piece in person–this immediately diminishes the true value of your jewelry in the eyes of the buyer, putting you at a disadvantage. It’s also important to keep in mind the final offer does not account for selling fees from both eBay and paypal which ultimately lowers the price you will receive for your item.

Pros: Global audience, little setup, potential for a lot of interest.

Cons: Can be risky, unqualified buyers, seller fees.

PROFESSIONAL DIAMOND AND JEWELRY BUYER

Selling through a professional diamond buyer has the most advantages. First, because you’re dealing with a reputable organization, you have some peace of mind when it comes to safety. Second, the process will most likely be easy and fast because buying diamonds is the nature of their business. Their experience will make the situation less stressful for you.

Furthermore, you’ll be dealing with professional jewelers who understand the worth of your jewelry. GIA Graduate Gemologists have the most prestigious credentials in the industry, as well as extensive knowledge of gemstones and diamonds, and will be your best bet in getting a better price for your jewelry.

Pros: Reputable jewelry buyers, usually have trained Gemologists on staff, high offers.

Cons: One offer, requires more upfront work.