Using Your Gold and Jewelry For Cash

by | Sep 15, 2020

Today, you could be out there buying every jewelry that pleases your eyes, and that is normal. We all like and love these valuables. However, it reaches a point where for whatever reason, you do not need the jewelry anymore, or circumstances are forcing you to discard them. That is life, and it can happen to anyone.

 

Some of the main reasons why people sell their jewelry include:

  • Broken relationships or divorce (simply to discard the memories)
  • You just don’t like that jewelry anymore
  • The jewelry is broken, and you can’t fix it, or an earring lost its match (can be sold as scrap)
  • You are broke or has a financial emergency and selling the jewelry for cash is an easy way out

Selling your old but valuable jewelry is a great and quick way to earn some fast cash. The only challenge is getting a buyer who recognizes its value and pays for the price it deserves. There are numerous ways and steps you need to follow to ensure that your jewelry sale is a perfect deal — all is explained below.

 

1. Prepare Yourself Emotionally to Part With the Jewelry

Jewelry with Emotional Value

One thing about jewelry is that they usually come with some attached emotions, and it might be hard to part with them. You must evaluate every piece of jewelry you intend to sell to ensure that you won’t change your mind at the last minute after going through the entire process of looking for a buyer and such.

The emotional value of the item should not surpass the cash value you could have received from selling your jewelry. However, you cannot ignore the emotional attachment. Also, you must be realistic with the value of the jewelry you are selling. You cannot attach the sentimental or emotional value expecting the buyer to feel it as well — chances are, they won’t be moved.

Do not sell when you are still angry with the jewelry giver either; you might end up regretting after selling it much lower than it is worth, just to get rid of it. The point is, be emotionally stable and ready to part with the jewelry to avoid making hasty and regrettable decisions.

 

2. Do an Appraisal to Understand What You Have Got

Jewelry Appraisal

This is very important. Before you rush to look for a buyer of your gold necklace or diamond ring, get to know its real worth. Your granny could have mentioned that it is quite valuable having been passed from one generation to another, but what is its physical quality and genuineness? Look for a jewelry appraiser, and if possible, get a person who is not in the business of buying and selling jewelry — their opinion is unbiased.

A qualified appraiser will brief you on the condition of the jewelry piece while highlighting its positive and negative characteristics and the impact on the jewelry value. They will also tell you how much it might be worth in the market at that particular time.

Jewelry appraisal costs money, but it is all worth it to avoid making losses or not selling at all due to overpricing. However, if you do not have the cash for appraisal, you can approach several pawnbrokers or diamond buyers for evaluation and then evaluate their opinions.

 

3. Decide on Where and Who to Sell Your Jewelry To

Selling Jewelry on Craigslist

You must be very careful when selling your jewelry to avoid the numerous cons in the market today. You can get cash for gold through different ways or sell to different people — either to the public or to the jewelry industry. Remember that when choosing the buyer, you consider not only the highest bidder but also the safety and time taken to settle the deal.

If you choose to work with someone in the jewelry industry, ensure that their Better Business Bureau rating is high enough to earn your trust. As long as you trust them, this is the safest and quickest way to sell your jewelry. However, the price is usually lower than that offered by public buyers because they intend to make some profits from reselling.

If you opt for the members of the public, they will pay more because they have no access to wholesale prices. The only shortcoming is that you are likely to be conned if you are not careful. Here are some options on where to sell jewelry.

  • Friends: You may have that friend who has always eyed your diamond necklace, and since you are ready to discard it, approach them. Agree on the price, which should be higher than what a jeweler would offer but less than the market price for a similar brand new piece. However, be careful not to lose your friend trying to mix friendship with business.
  • Pawnbroker: Selling your jewelry in a pawn shop is a sure bet for quick cash, and the good thing is that pawnshops are available in almost all cities in America. However, be careful with pawn shops to avoid getting intimidated and sell jewelry much less than it is worth.
  • Local jeweler: selling to a local jeweler is easy and straightforward. You most probably know them, and they know a lot about jewelry. They come with low risks of fraud and can also pay more than most online buyers.
  • eBay: eBay is a perfect option when you want to reach an international audience. The only shortcoming is that it might take long before your jewelry sells, and there are listing fees involved. Selling online also requires shipping and good pictures to impress a potential buyer.
  • Craigslist: Craigslist is much better than eBay since you do pay any fee, and once a buyer is interested, you can agree to meet and settle the transaction. Make sure you meet in a public place and, if possible, carry a friend along. Finally, cash payment is the best option; otherwise, a check might bounce, and you lose everything.

 

4. Protect Yourself and Your Jewelry

Most people lose their jewelry because they left the option of recovering a stolen item open. Anything can happen along the way, and it is good to have some evidence that you are the real owner of the lost or stolen jewelry. In this case, document your jewelry with pictures before sending them off to anyone.

Also, if you are selling to a company, check their goods return policy to safeguard your items. You can never be too careful when it comes to your valuables — fraudsters are busy taking advantage of the loopholes you left open.

 

The Bottom Line

If you have already decided to get rid of your jewelry for whatever reason, make sure you get the best deal out there. And whether it was appraised or not, you need to ensure that its worth is what a buyer pays for. 

Do not skip any of the steps stated here, but you can use the options outlined based on urgency and cash value you expect from a potential buyer. About where to sell your jewelry, going for a local jeweler should be your first option — they always come with a better deal and personalized services.

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