When money is needed fast, people sometimes turn to pawning or selling items of value. The cost of living crises and rising inflation have resulted in millions of people looking for side gigs and ways to increase their income.
It is so common now that many apps are dedicated to helping people sell pre-loved clothing, electronics, and almost any other products you can imagine. When someone is in debt, raising funds quickly is often critical. Selling used clothing can be a handy side hustle, but it won’t necessarily bring in funds swiftly.
Jewelry, however, is a high-value item that can clear some debt and provide some much-needed distance between you and your creditors.
In 2021, the average consumer debt was $96,371 in the US. That was a rise of 4% from the previous year when Covid arrived. By Q2 of 2022, the state’s total outstanding consumer debt was at a record high of $16.5 trillion.
That represented a staggering rise of $2.64 billion from 2019’s total debt. Of course, the pandemic helped push millions of people further into financial distress, and most are still struggling to find a way out.
Why Sell Jewlery?
Simply because jewelry is likely to bring a significant amount of money in. Selling smaller valued unwanted items will take longer and form a slower revenue stream.
For example, you could set up a shop on eBay and list 20 or 30 pre-loved items, such as handbags and garments. These may steadily sell and bring in various returns. Or, you could sell one piece of jewelry with which you can face parting ways and bring in hundreds or thousands of dollars in one hit.
What Are The Best Ways To Sell Your Jewelry?
The channel you choose to market your jewelry will depend somewhat on the piece’s type, style, and value.
Antique jewelry may be better off at auction, whereas other pieces of jewelry may be sold through a different type of specialist. For example, a loose diamond may need to be valued and sold to a private dealer, but you could sell a ring to a local jeweler.
It would be worth reading a guide to selling a loose diamond if you have any of these gems. This is because they can be a little trickier to sell, especially if they are high in carats.
The value of diamonds can fluctuate, and the rarer the diamond, the higher the value. Statistics show that in 1960, 1 carat equaled $2,700. This then increased to $30,925 by 2016. However, this valuation doesn’t consider the diamond’s color, clarity, and cut.
Fortunately, some websites that buy or facilitate jewelry sales also offer valuations and grading reports. Worthy.com, for instance, will supply you with a complimentary diamond grading report from a reputable lab. This is one way to sell diamonds and other pieces of jewelry.
Sell Your Loose Diamonds Online
Two reputable websites linked to diamonds are Worthy and The Diamond Oak. The former is useful for diamonds below 1.2 carats, while The Diamond Oak can assist with heavier stones.
Worthy is a unique auction platform where professionals in the jewelry business search for items to buy. It is a proven way to sell loose diamonds, rings, necklaces, and other pieces.
The Diamond Oak will buy loose diamonds directly. They will make an initial estimate based on your photos and information, then follow up with an offer once they have examined the actual gemstone in person.
How To Sell Other Pieces Of Jewelry
It is more likely that you have rings and necklaces than loose diamonds just sitting around in your jewelry box. Worthy is still highly useful for selling other jewelry like an engagement ring or a broach.
Your item will be insured when you send it for valuation, and you can then choose whether to list it on the auction site. In 2021, 9% of the listings on Worthy were jewelry, with diamond rings making up 82% of these auctions. Loose diamonds were the next biggest seller at 6%.
Other Channels Online For Selling Jewelry
There are many private jewelry buyers, shops, and other auctions where jewelry can be listed and sold.
If you try and list on a site such as eBay, you should get a valuation done independently first. This will not only give you a clearer idea of the value of your piece, but it can help the item sell. You can find an appraiser through the National Association of Jewelers. These appraisers will carry credentials such as being a GIA Graduate Gemologist, so you know they are reputable.
Do Jewelry Shops Buy Pre-Loved Pieces?
Many jewelry shops will buy diamond rings as well as sell them. Armed with your appraisal, you will be in a better position to negotiate. It is very common for jewelers to buy back engagement and wedding rings.
While you won’t see the full value, this can be a quick and efficient way to sell jewelry.
If speed is of the essence, finding a local buyer may be a good choice, and jewelers are not the only option.
How Can You Sell Your Jewelry Quickly?
Apps and websites that offer assistance in selling jewelry are very useful, but they will still take time from listing to the actual sale. If you need money quickly, conducting transactions in person is usually best.
There are recommended steps to get out of debt, including targeting high-interest debts first. Selling gold could bring in much-needed money to clear a particularly troublesome debt.
If your jewelry is gold, you could look for one of the money stores offering to buy gold for cash. These buyers are not interested in your jewelry’s history or appearance. They simply want quality gold that will be melted down, and they will pay cash for it.
Another option is to look at pawn shops if you want money quickly to pay bills or clear a debt.
Are Pawn Shops A Good Option?
There will always be a debate about whether to pawn or sell, but there are some advantages to pawning jewelry.
It should be clear to anyone considering pawning jewelry, especially diamonds and gold, that you won’t get anywhere near its actual value.
Nevertheless, pawning might be an answer if money is needed quickly to pay a bill, and the owner believes they will be more liquid the following month. The benefit of pawning an item is the ability to take it back by repaying the initial loan plus a fee or interest before the redemption period ends.
Where Will You Receive The Most For Your Jewelry?
It perhaps depends on what the piece entails. Yet, Worthy and buyers such as The Diamond Oak offer a good chance to get a sensible price for your items. Worthy will take an 18% cut from anything that sells below $5,000 and 10% for anything above.
One thing to understand is that anyone you sell to, barring a collector, will be trying to make a profit on your items. Jewelers will polish and clean your ring and sell it to someone else, unclaimed items at pawn shops will have a markup and be sold on, and gold that is melted down will sell for more than you received.
Getting a valuation is vital to getting anywhere close to your piece’s true worth. Armed with this knowledge, you can approach different buyers for offers and take the best one.
There are many options for selling jewelry today, and special pieces may do better at an auction or an antique shop. Most, though, can be sold online to a dealer or through a site such as Worthy.
Make sure you gather different offers before you decide if you want to see the best return on your sale. If you just want speed, go to a local jeweler, and if you want the chance to get your ring back, even a pawnbroker may be worthwhile.