Introduction – So You’ve Got Jewelry
Not all of us may have the luxury of saying “I’ve got diamonds to sell”, but if you are reading this, chances are, you do!
Many people sell their unwanted or unused jewelry for a profit, and they have done it in a ton of ways!
Whether it is the old ex’s engagement ring or the old silver chain your grandfather once wore, don’t fret! This guide will you get you started on just how to sell your treasures, and more importantly, how to sell them for more money than you had hoped!
Chapter 1 – Looking at What You Have
How do you know if something you have may be worth selling? Is that cocktail ring of your grandmother’s really worth the bundle you are hoping for? Is that “I do” ring really an “I don’t”? When it comes to looking at what jewelry you have, it is important to figure out first and foremost, if there is any value at all.
The following covers a few ways you can look at the major players in the jewelry game and how much they are worth. If your item does not fall into the category under this list, you might consider doing more research, or not selling at all.
If you are looking to sell diamonds, these gems are valued based off of the number of points they have. To give a generalized idea, each point will be worth about $1-$4 dollars. This probably doesn’t mean much to you at this point, so let’s look at another way of analyzing. The average 14K diamond ring goes for around $50-$150, depending on the metal that is used with it, and the quality of the diamond. If your ring is generally untouched and flawless, you can expect to get somewhere around the 150 range. If not, take into consideration it may not be worth what you want to sell it for.
If it is colored stones you have, keep in mind that those do not sell as well as a traditional diamond. You will likely be making even less than the price of the average diamond ring. We specialize in buying diamonds
If you do not have diamonds or valued stones, you may be able to sell your gold and other scrap metals at a decent price.
To get a rough ballpark estimate of the value of the gold in your jewelry, you can do a few things. First, check the price of gold. You can the number of the stocks of the newspaper or take a look online. These prices fluctuate daily, so don’t be upset if the price switches up on you.
Next, check the weight of your item and the number of karats. Obviously, the more gold that is on your item, the more it will be worth. Also, you’ll want to make sure that your item is pure gold. If you look on the rim of your item and see letters such as EP, GEP or P, this tells you that the item is plated in gold, not solid gold. If this is the case, don’t panic! It may still be worth something, just not as much as a solid gold item.
When you are done determining all these factors, you can use them to calculate how much your item is worth selling. A good way to do this is to go online and enter the values into a gold calculator, that will tell you just what you have on your hands in regards to your jewelry.
If the value of the gold is more hassle than it is worth, consider selling multiple pieces of gold together.
Ok, it is not gold, but it is the next best thing! How do you know if your silver is worth anything?
You will need to look for the same items, and you did for your gold jewelry – the price of silver, weight, is it only silver plated – but with a little variation.
On silver items, in order to see how much silver is really present, you will need to look at the number inside the piece of the jewelry near the clasp. Accurate numbers are around .925 or .999, and will tell you exactly how much silver is in your item. Take this number to your online calculator, factor in the price of silver, and, voila! You will have another rough ballpark estimate of what your piece is worth.
To be general, it is said that a basic chain made out of silver is worth about $10. This is not as exciting as the profits you may reap from gold or diamonds, but if you are able to sell a few silver items, you may be able to make a few extra dollars along the way.
Many pawnshops and buyers do not deal with silver, simply because not much profit can be made off of it, and the time spent may not be worth it on both ends. This is something to keep in mind if you have a lot of it to sell.
Often times, me neglect to consider platinum, but it is actually, often times, worth more than silver!
You can find the amount of platinum in your jewelry in the same ways you check for gold and silver – the writing inside the item and entering its values into an online calculator.
On average, a women’s ring that is solid platinum can go for about $150.
Other Gems and Metals
Because this is not an in-depth guide, if your item does not fit into one of the above categories, you may need to do some more research on your own, or go straight to contacting an appraiser to estimate it’s value.
After you’ve taken a look at how much your jewelry might be worth, is it worth continuing the process? You may have discovered that your item is only plated in a metal or a cheaper diamond than you thought. In this case, maybe you can find something else that is more worth your time.
If you are happy with the value of your selection, you can keep reading!
Chapter 2 – Determining Price
So now that you have determined value, what will you set your price as?
Before you start selling your jewelry, always have a set price in mind to go off of. Think about the true value of the piece, but also, the highest price people are willing to pay for an item like yours.
If you looking to save some time and sell quickly, you can get in touch with an appraiser or pawnshop that will set the price for you. They will buy it from you there and you will avoid the hassle of marketing and other situations. This is a good option if you don’t mind how much money you will get, as these individuals will be looking to buy low so that they can sell later to make a profit.
If the price is a primary factor for you, you may want to stick to selling to the public. They are more willing to pay a high price than any jewelry guru or pawnshop.
When selling used, try to catch that person’s eye by selling low. People who are purchasing jewelry, in general, will not be willing to pay as much as they would with new jewelry. Not only would they be taking a chance on the quality of the item, but also, they will not be getting a money back guarantee or a warranty on their item. For this reason, resist the urge to jack the price up to what you think it should be. It may seem more productive, but in reality, you might just sell nothing at all!
Another important thing also to consider is what you would be willing to pay if you saw your jewelry for sale. If you saw the scratch or the wear of your piece, would you pay top dollar for it? Used? Be honest with yourself about its value, and be sure you are not marking up the price for other reasons, such as emotional distress or the own value you put on the piece.
Check common auction and internet sales sites such as eBay and Amazon for pricing. What does something similar to your item sell for? Also check out online and in-store jewelry retailers for prices and see how your piece lines up. Don’t forget to factor in the wear and tear of your jewelry as well. If your jewelry has a little more than just a niche or a scratch, you may want to consider marking it down remarkably, so that you will be able to make some sort of profit. Again, resist the urge to sell high!
Chapter 3 – Where to Sell
You’ve determined that your item is worth something, you’ve determined what that price is – next, you need to figure out just where to sell your treasure chest!
There are tons of places to sell your used items in general, such as online classifieds, craigslist and even the newspaper. eBay and Amazon are an option and are considerably safer and more reliable than other classified sites. Try checking local newspapers and Yellow Pages for frequent buyers and sellers of jewelry as well. (Looking at these can also aide in pricing), and in pawn shops around your town.
For a safer, but also more money consuming route, you might try a site called “I Do…Now I Don’t.” You are able to list jewelry just as you would on eBay, but when a seller buys, the diamond is actually sent to the site first to get appraised. Once the appraisal process is complete, the site takes 15% of your sales and proceeds to send you the rest of the money.
If You Are Going to Sell Online
If you do choose to sell online, consider a few things while you post your items.
Be sure your photographs of the items are clear and easy to view. Be sure they display the entire item, not just part of the item and include multiple photographs if necessary, In regards to the description, be as detailed as possible. Be clear with customers about the item, so that they are confident that if they buy it, they will know exactly what they are getting into. Be accurate when discussing things like weight, color, size, karats, and metals, so that people can find exactly what they are looking for.
Aside from these methods, depending on your situation, you decide you want to take a more direct approach to choosing a place to sell.
You may want to have a dealer sell the diamond for you. He will sell to the public for a profit and may pocket about 25-40% of the earnings. The upside of this is that the job is done, and if your piece of jewelry is worth enough, you may not even notice.
You can take this route with an appraiser as well, who will first appraise your piece, and then proceed to buy it. You will need to find a good appraiser for this process to ensure you get the most of our your item.
Looking for an Appraiser
Remember to think about a few things when picking your appraiser.
First and foremost, you want to make sure that the estimate fee you receive for your jewelry is not based on the final appraisal of your jewelry. Appraisers can easily rip you off or change prices to make a profit often your item.
Next, be sure that the appraiser tells you the reasons why he is valuing your appraisal at what it is. If he is not explaining step-by-step his thought process behind the decision, he may be aiming to feed you a lower price. With this, also have him explain the grading system in which he bases his decisions off of. This is to save you from being fed a lower price.
In general, you want to make sure that the member answers any questions you may have about your jewelry or the value of your jewelry in general. If he is not kind and respectful of your decision, maybe it is time to find another appraiser or sell for yourself.
To find someone you might trust a little more, you can consider checking out Better Business Bureau’s column under American Gem Society. The individuals listed are known to be trusted, ethical and quality jewelry professionals.
Cash For Gold Websites
Of course! How could we leave out cash for gold websites!
With these, you might find a select few are reliable, but be sure to check online for reviews and reputations behind each site. There can be many negatives to these sites.
Often times you may have to send in the gold beforehand in order to get a quote. You may not be too trusting of this. In addition, they are known to offer far less than what your stash may be worth.
Be sure to look into this before you take a step forward – things to consider for this avenue.
Regardless of what avenue you might take, or what works for your situation in particular, ensure that whatever the process, you consult somebody you trust.
You can use one or all of these selling methods as you choose to depend on your situation.
Chapter 4 – Other Things to Take into Consideration
You may have counted out a few things when selling your diamonds. Below are a few things to keep your head on a swivel.
The Emotional Value of the Jewelry You are Giving Away
The emotions that go with letting go of your pieces could play a big factor in the success of your sales. Consider how you may feel when selling these items, and if you want to truly let them go. If you are, then go for it! If, however, you might regret the decision later, maybe it’s time to rethink. Maybe these items were given to you by a special member of the family, or are from a painful emotional situation in the past. Are you hanging on to them to hang on to them? Or, are these items worth more to you?
Take Photos of your Jewelry