Every year people in America spend over $80 million on jewelry and watches. Jewelry makes a brilliant gift for birthdays, anniversaries, and other special occasions. Or you can buy it for yourself as a treat!
So what happens to all of this jewelry? You cannot wear all of it at once. Between 35 and 45% of Americans have precious jewelry just sitting at home collecting dust.
If you're looking to free up some space (and capital), then selling your old jewelry could be the perfect solution for you. However, the benefits of selling old jewelry aren't always purely financial.
Selling old jewelry can be a great way to create clarity in your home and your head. Want to know more? Then read on to find out how you can benefit from selling your old jewelry.
Selling Old Jewelry Helps to Clear Space
Since Marie Kondo's Netflix special aired in 2019, more than 1.2 million Americans have started following her on social media. And Kondo's philosophy for clearing your home based on what sparks joy for you has become extremely popular. Her philosophy focuses on clearing your home to clear your mind.
Whether you agree with Kondo's methods or not, making space in your home is great for keeping yourself organized. If you (like most Americans) have a limited amount of space, then this means that you will need to clear out your old things regularly.
Your jewelry is no exception. As styles and tastes change, you may find that you are wearing older pieces less and less. In that case, holding onto them won't serve any purpose.
If you struggle to decide which jewelry you should hold onto, try to think back to the last time you wore it. If you can't remember or envision a time that you'll use it again, it might be time to find the jewelry a new home!
It's a Great Way to Boost Your Income
Of course, whenever you sell jewelry, you also have the opportunity to earn money. How much you make will depend a lot on specific details about your jewelry. These details include, but aren't limited to:
Which materials the jewelry contains (such as precious metals or stones)
The age of your jewelry
The designer who made it
Any historical significance that it might have
Solid gold jewelry, for example, is sure to fetch a high price as gold's value tends to remain constant over time. Gold-plating, in comparison, can wear away when you take your jewelry on and off. Because of this, the price for the jewelry depends a lot on the condition of the plating itself.
Jewelry buying businesses that buy old jewelry make it quick and easy to get cash for your collection. So if you need some fast cash, then they can make a real difference.
Out With the Old and in With the New
Selling your jewelry doesn't mean that you can't enjoy a little bit of sparkle. As we say, your jewelry tastes may change and develop over the years.
If you are looking to update your jewelry collection, selling your old pieces can free up some space. Selling your jewelry can also give you a little money for your new purchases so that you can shop around for new items guilt-free!
Selling Jewelry Can Help Your Emotional Development
Many items of jewelry carry much sentimental value. If you got the jewelry as a gift from someone, it might remind you of the person who gave it. Or you may have inherited your jewelry from a loved one.
Having sentimental jewelry in your collection is no bad thing. However, if it acts as a painful reminder of something or someone, then this can put a dampener on how much you enjoy wearing it. Or you may find that you inherit several pieces from a loved one that you aren't going to wear.
In that case, selling on some of these pieces can provide a considerable amount of emotional release for you.
After all, each piece of jewelry is designed to be put on display and enjoyed. If you don't feel like doing this, selling your pieces can be a lovely way to give them a new lease on life. Your old memories can create new happy ones for someone else!
Selling Old Jewelry is Environmentally Friendly
We are currently facing a global climate crisis, and everyone needs to do their bit to tackle it. A big part of this involves reducing how much waste we produce, reducing the demand on manufacturers.
If manufacturers do not have to produce as many products as before, they will use significantly less energy, lowering pollution levels. In jewelry-making specifically, this decreases the demand for mining and transportation of valuable materials around the world.
People looking to buy gold or silver jewelry will be thrilled to find gorgeous pre-loved items while helping the planet.
This also means that your favorite items will not end up as part of a landfill site. This result is significant as the materials used in jewelry making will not break down over time. So if you dump the contents of your jewelry box, you can be sure that they'll stick around long after you're gone!
Holding onto Your Jewelry Won't Always Increase Its Value
There is a common misconception that buying valuable jewelry is an investment. While expensive jewelry should always fetch a reasonable price on sale, jewelry can take a long time to accumulate any serious value.
On average, it will take 30 years for your jewelry to accumulate any real value. Even after this period, jewelry that will appreciate generally is a designer brand or feature materials that will hold their value, like solid gold, silver, and precious gemstones.
On top of this, jewelry needs proper storage to protect the materials it uses. Without this, holding onto the jewelry could be a complete waste of time.
So unless you're in it for the long game, then cluttering up your home with old jewelry isn't going to reap substantial financial rewards. Clearing out your jewelry box often may be more lucrative in the long run.
If you are interested in jewelry as a long-term investment, you can find out more about this here.
Most Buyers Offer a Price-Match Guarantee
If you are looking to sell your old jewelry, then you have a couple of options. Before we take a look at them, let's take a moment to talk about one essential thing: a price-match guarantee. Finding a seller who offers this will ensure that you get the best possible price for your jewelry.
A price-match guarantee is a promise from a buyer that they will match any competitors' price offers on your jewelry. This guarantee means that if you receive a better offer elsewhere, you can ask them to match or out-bid this.
If it makes sense for the business financially, they should gladly offer a price-match guarantee up to a certain number. This guarantee is an excellent way to measure the quality of the buyer you're speaking to regarding your sale.
This guarantee is significant if you are selling your jewelry online. The last thing you want is to send your precious pieces off to a buyer and hear nothing back. This issue with online selling is why at American Gold & Diamond Buyers, we'll only buy things from the people we meet in person at our showrooms or events.
Selling your jewelry can come with many benefits. However, if you want to get the best possible price for your pieces, you need to know what you're doing. Let's look at some of the things you should keep in mind before selling your jewelry.
Familiarize Yourself With Your Options
If you are planning to sell your old jewelry, then you have a few options. Of course, you could sell it yourself privately using websites like eBay. However, these sites will not value your items for you, and you need to set a price on your own.
Because of this, many people choose to use businesses that specialize in buying jewelry and other valuable items, like gold and silver.
Pawnshops are common in America and offer you the option to repurchase your jewelry in the future potentially. They will exchange goods for cash on the same day and then sell them on (often for a higher price.)
However, this isn't the best place to get a reasonable price for your jewelry. Pawnshops don't generally have jewelry specialists working in them. They also like to drive a hard bargain, so they are less likely to offer you a good deal.
Consignment shops work like pawnshops but, rather than buying your item, they'll sell it for you and take a commission. This commission can be up to 40% of the sale price. You also do not get to set the sale price, so you have little control over how much you receive for your jewelry.
You can also take your old jewelry to a jewelry store. They will value your items and may want to buy them from you, but because jewelers make their living on buying valuables at low prices, their offers might not be good enough for you to accept.
Your final option — selling your jewelry to actual jewelry, gold, and silver buyers — is probably the best way to get a reasonable price for your jewelry quickly.
Gold buyers are professional jewelry buyers who can accurately value your items. They also will explain to you their entire process and show you how they come to their valuation.
This process and transparency mean that you are more likely to get a fair and honest price for the jewelry that you are selling.
Shop Around for Offers
Most people don't know how to value their jewelry, which means that you won't always know what a reasonable offer is and what isn't. Of course, you might know how much you paid for it when you first bought it. But most offers will come in well below this price. Also, if you've had your jewelry appraised, don't expect to get that number or anywhere near it, to be truthful. Nobody has paid the appraisal amount, and this always causes much confusion. It is strictly for insurance purposes only and not for determining actual market value.
Shopping around for offers will help you compare different prices and find the best one around. If you see someone who offers a price match, you'll need to shop around to make the most of this offering.
Do Your Research
Doing a little research into your jewelry will also make sure that you're getting a fair price for it. To do this, you should find out as much info as possible about your pieces, such as the materials, weight, and age.
You can then use this to find similar pieces for sale. Most jewelry buyers won't offer you the retail price because there would be no money to be made for them.
However, their offer should be around this ballpark, so it can be a helpful way to determine if you are getting a fair price.
Give It a Clean
Most jewelry buyers have the expertise to clean up old jewelry easily, provided that it isn't damaged or broken. However, they may charge a little for this service if they're going to resell it and not melt it down, which could mean that you get less money for your items.
On top of this, cleaning your jewelry will also show jewelers that you've been taking good care of it, which can help increase their offer.
Have a Look at Buyer Reviews
As with any buying or selling, it's crucial to check out exactly who you speak to before selling your goods. That's why looking at reviews from previous customers can be helpful. At American Gold & Diamond Buyers, we have nothing but five-star reviews.
These reviews tell you a lot about the quality of service a buyer offers and whether or not they offer a reasonable price.
Get a Great Price for Your Old Jewelry Today
As you can see, there are plenty of great benefits to selling old jewelry. Selling old jewelry is a brilliant way to give your jewelry box (and the pieces in it) a new lease of life and give you a great payday. So what are you waiting for to sell?
If you're looking to sell your old jewelry, get your offer for a free quote today. We're happy to help!