Top Errors to Avoid When You Sell Your Jewelry

Selling your jewelry can be a convenient way to make some cash or pare down your collection, but how do you do it wisely? No matter whether you’re selling a family heirloom, an engagement ring, or just a bunch of unwanted jewelry, you want to feel confident that you’re getting a fair price. 

To get the best deal you can, it’s important to avoid common mistakes. In this post, we’ll cover the mistakes that people commonly make when selling their jewelry, as well as some selling jewelry tips to help you get the best value.

Not Doing Your Research

One of the biggest mistakes you can do when selling jewelry, is not doing your research. As real property, jewelry does appreciate and depreciate and it is important to know the market trends when selling. Whether you are selling gold, diamonds, or vintage pieces, it’s important to know the worth of your jewelry before you come to buyers.

Selling Jewelry Tip:

Do research on what your jewelry——at current market rates of gold and diamond——is worth. Furthermore, do some research online (or talk to a few jewelers) to get a rough idea of the value of your piece.

Not Getting Multiple Appraisals

Another big misstep is taking the first offer you get. As tempting as it is to just “sell”, please note that there are many different jewelry buyers out there, and what they choose to pay you for when it comes to your jewelry is not a hard science, because it also is dependent on their overhead, their knowledge of the market, and business practices.

Selling Jewelry Tip:

Get several quotes from various jewelers or gold buyers to make sure you are receiving a fair offer. A reputable appraiser provides you a professional valuation that can steer you away from lowball offers.

Failing to Consider the Type of Buyer

Jewelers, pawn shops, private buyers and online have their ranges of buyers in jewelry. Each buyer has different pros and cons for your piece. For instance, if you have high quality items, you may get the best deal at a jewelry store or with a legitimate dealer, while pawn shops may provide the lowest quote to re-sell for their investment at minimum expense.

Selling Jewelry Tip:

Think about the kind of buyer your jewelry appeals to the most. When it comes to valuable or sentimental pieces, jewelry buyers or trusted dealers may give you the best form of selling, while online options could be best for selling less valuable jewels.

Not Understanding Jewelry Grading

If you’re selling fine jewelry, especially diamonds or gemstones, you’ll want to know how grading functions. Take, for example, diamonds which derive much of their value from the Four Cs: Cut, Colour, Clarity and Carat weight. Failure to understand the ways in which your jewelry is graded could make you subject to unreasonable offers.

Selling Jewelry Tip:

Have your diamonds or gemstones graded by a professional before you attempt to sell them. You will be able to understand its value and have leverage in negotiations if you know the grade.

Neglecting to Clean and Care for Your Jewelry

One common error: attempting to sell jewelry to the buyer without cleaning or repairing it in advance. Though it may sound like an extra-plenty-thing to do, dirty, tarnished, or broken jewelry can drop the value of the piece. A little attention to some cleaning (which is actually polishing) your jewelry can be the difference in price point you can get back.

Selling Jewelry Tip:

When selling your gold to a gold buyer, only clean it with a gentle cleaner (no harsh chemicals) and get any minor repairs made. This is a subtle way to emphasize the looks and quality.

Conclusion

If you do it right, selling jewelry is a relatively easy and straightforward process. Avoiding these mistakes will help make sure that you sell your pieces for the best price. Take your time to shop around, get several appraisals and choose the right buyer for your jewelry. With the following selling jewelry tips, you can approach the selling journey with confidence, knowing you are getting the most for your useful assets.

FAQs About Selling Jewelry

1. How do I know how much my jewelry is worth?

The best way to know your jewelry’s worth is by getting it professionally appraised by a trusted jewelry expert.

2. Can I sell jewelry online?

Yes, there are reputable online platforms where you can sell jewelry, but be sure to research each site and read reviews before listing your items.

3. Should I clean my jewelry before selling it?

Yes, cleaning your jewelry can improve its appearance and increase its perceived value, but avoid using harsh chemicals.

4. How can I avoid lowball offers?

Get multiple appraisals and research market prices to ensure you know what your jewelry is worth before accepting an offer.

5. Is it worth selling my jewelry to a pawn shop?

Pawn shops may offer lower prices compared to jewelers or online buyers, but they can be a quick and easy way to sell jewelry.