Do you have preowned jewelry you want to sell? Styles change, situations change and you might have jewelry that doesn’t fit into your current life. If you do, there are several things to take into consideration. Preowned jewelry is similar to other preowned products, like cars, furniture, or clothing. People won’t spend as much on used items as new ones, regardless of what it is or the condition. Preowned items don’t come with warranties like new items. Typically, preowned jewelry sells for 40-60% less than new, depending on the condition, the market prices of the raw materials like metals and gemstones, and consumer demand. Does that surprise you? Many people think that jewelry always increases in value. I’m not sure where that idea came from, because if it did, why wouldn’t everyone invest in jewelry and not the stock market or real estate??
It’s important to understand that the price guideline of 40-60% off a new price is what you might get if you are going to sell it yourself, like on EBay or Craig’s List. Selling it yourself directly to a consumer will get you the most money because you are doing all the work and taking all the risk of time, effort, safety, etc.
If you aren’t selling it directly to a consumer, then you need someone to sell it for you. There a few ways to do this. You can sell it to a business that buys jewelry for immediate payment. By selling it this way, you get your money up front and the buyer takes the risk on how they are going to sell it. Someone buying jewelry to resell and giving you immediate payment has to consider how long it will take them to get their money out of it. They will look at the components and gauge their worth if the piece doesn’t sell and has to be taken apart. The labor to make the piece isn’t factored in (like when it’s sold brand new), in case they can’t sell it as a finished piece. Because you are getting your money immediately and passing all the work and risk on to someone else, you typically get the least amount of money. It’s quick and easy.
You can sell it on consignment. There are consignment shops and websites that will pay you once the item is sold. They have the expense of researching, documenting, marketing, and finding a buyer for the item. Most consignment options do not charge an upfront fee, but will charge more for the item than what they will pay you to cover those costs. Consignment options will not usually guarantee to sell it within a specific time frame, so you can’t be sure when you can get your money. But consignment is a good option if you aren’t in a hurry because there is no risk or financial outlay for you to sell it, and you receive more than a quick cash sale because you as the seller are taking the time risk.
Depending on the item, you might find a broker to sell it for you. A broker is someone with connections and knowledge of the marketplace who will find a buyer for you, who is not usually a typical consumer. Since they are not buying it outright, it can take more time than an outright purchase, but since the broker is actively working on your behalf, it typically takes less time than waiting to sell it on consignment. You may not get as much money as selling on consignment, but you will probably get more than a quick sale. Brokers are usually interested in larger, more expensive jewelry, like engagement rings or colored gemstones, or jewelry from well known designers. Like consignment, you will pay a fee to sell through a broker.
If you are in the market for a new piece of jewelry, you may be able to trade your old jewelry for something new. The amount you would get in trade can be influenced by what you want to buy, as well as the factors previously mentioned. Be careful that the selling price of the new item isn’t inflated to give you a fake higher trade amount.
These are the most common ways to sell jewelry. The type of jewelry you have to sell as well as the time frame you have to sell it will determine what your options are. I always tell clients it’s not the commissions or fees they pay to sell their jewelry that’s important. Focus on the net amounts, compare, and then make the best decision to benefit you!