Selling old or unwanted jewelry for cash may sound like an easy prospect, but going into it blindly could leave you with less money than your valuables are actually worth. As with any transaction, it’s important to educate yourself and know what to expect from the process. Before you part with your valuable items, take a look at our simple guide to successfully selling your jewelry.
Maximize Your Profit with the Right Pieces
While plenty of jewelry can get you a few dollars, there are certain items that net the best payouts. The following are a few general rules that can help you determine which of your pieces would be the best to sell:
- Gold jewelry generally pays more than other metal jewelry.
- Jewelry with gemstones is usually worth more than jewelry made from metal only. The value of gemstone jewelry also varies by type, carat weight, clarity, cut, color, rarity and other unique characteristics.
- Of course, diamonds usually sell better than things like turquoise or cubic zirconia. However, some especially rare gemstones like muscovite or alexandrite can bring in thousands per carat.
- Naturally, luxury brand items (like a Rolex watch or Cartier diamond bracelet) will be valued higher than other items.
Do Your Research
If you have a very special piece of jewelry that you want to make sure you get a fair price for, you may want to spend some time researching the piece and others like it. Do you know the brand name? How old is the piece? Does it have any unique materials, marks, or other characteristics that make it one-of-a-kind? Are you sure you’ve identified the gemstone properly? Going in with a better idea of what you have can also help you estimate how much jewelry you may need to sell together to achieve your cash goals.
If your jewelry is especially valuable and you’d rather entrust some of this research to a professional appraiser, consider taking your jewelry to a jeweler or appraiser who doesn’t typically buy or sell used jewelry (you want the appraiser’s opinions to be unbiased). He or she should be able to give you a fair appraisal and a good idea of what your piece is worth before you take it to the buyer. To get the best figures, take your jewelry to several such appraisers and calculate an average value.
Sell in Person to Reputable Pawn Shops
When you first set out to sell your jewelry, you may be tempted to list it on Craigslist or in a Facebook “for-sale” group. While this might be a feasible option for some items, going this route to sell your valuable jewelry is a potentially dangerous choice.
Unfortunately, the anonymity of the internet and the ease of creating fake profiles can present a serious risk to those trying to sell valuables online. Strangers online could be setting you up for theft by fraud (or worse). Never get involved in a jewelry transaction with someone you can’t fully trust.
When it comes to getting the best cash value for your jewelry, local pawn shops are a safe, reliable choice. Jewelry stores are typically in the business of selling new jewelry and buying old jewelry only to be disassembled and melted down, so you’re not likely to get a very good return on your sale.
At a pawn shop, the goal is to be able to resell the jewelry or use it as collateral. Generally, a pawn shop like GEM Pawnbrokers in New York will offer you the highest value for your jewelry pieces.
Carefully Clean Your Jewelry Before You Take It In
Once you’ve identified the pieces you want to sell, it’s time to give them a nice shine so that they have a beautiful appearance when you take them to the pawn store. If you take your jewelry in dirty or discolored, it’s possible that it will appear much older or in poorer condition than it actually is (both of which can affect its value). Before cleaning, make sure you know what kinds of cleaning solutions, brushes, and other tools are safe to use on your jewelry so that you don’t accidentally damage it in the process.
Go in Without Expectations and Be Willing to Compromise
While you should have some idea of what you have and how much it might be worth, remember not to harbor unrealistic expectations. You might come away from an internet search believing that you have a rare piece of Tiffany jewelry, while the pawnbroker may immediately identify it as a fake. Or, you may simply have misjudged the value of your jewelry as a result of wishful thinking. It’s important to strike a balance between accepting too little and expecting too much.
It’s also a good idea to be willing to compromise with your pawnbroker. While a decent pawn shop will do their best to offer you a fair price based on market values and demand, you may be offered less than you were hoping for. Consider all of the aspects that go into the offer you’re getting, talk it out with the pawnbroker, and be willing to strike a deal as necessary.
Be Emotionally Prepared to Sell Special Jewelry
If you plan to sell a piece of jewelry that holds special meaning for you and/or your family, you’ll want to make sure you’re really ready to part with it. If you were previously married and are selling an engagement ring and wedding band, for example, it can be difficult to prepare yourself for the emotions that are still attached to the jewelry.
Ultimately, you’ll want to come to a point where you accept that the significance of the jewelry is in the past, and you are truly ready to let go. If you can’t get to that point, you may not be ready to sell that particular piece.
Where Can I Sell Jewelry for Cash Near Me?
If you live in New York, you’re never far from one of GEM Pawnbrokers’ many locations. With more than 24 locations across the state, we have been one of the area’s most well-loved pawn shops for more than 70 years. We perform secure, professional appraisals on all pieces and provide our customers with cash loans of up to $1 million, available instantly. Whatever jewelry you have to sell, we’ll make the highest offers to help you get the money you need.
To speak with a professional pawnbroker about the value of your jewelry, visit us at your local GEM Pawnbroker location. To learn more about our services or ask any general questions you may have, call us today at (718) 596-5626.
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