How to Sell Jewellery You No Longer Want

sell jewellery

There are many things around the home that we don’t want anymore. Jewellery is no exception, and there may be plenty of reasons to sell jewellery. While a lot of jewellery is passed down through families and has sentimental value, some simply doesn’t.

You may have bought a piece you loved 10 years ago but now you never wear it. Wedding rings and engagement rings following a marriage breakdown may become items you want to sell. Whatever the reason, there are ways to sell jewellery you no longer want.

Consider the intrinsic worth

Firstly, you need to determine what your jewellery is worth. It’s not a case of thinking about the original purchase cost and reducing it somehow, the way you would with a used car. Jewellery is a little different because you’re dealing with metals and stones whose value fluctuates.

When we talk about the intrinsic worth, that’s essentially the value of the metal. You would look at the intrinsic worth when dealing with old, extremely poor condition jewellery. If your jewellery isn’t really wearable, it may still hold some value for the metals alone. We won’t go into the formula here, but there are ways to calculate what your metal is worth, based on weight karats and a number of other factors. Ask a professional valuer if you’re unsure.

What is the condition like?

If your jewellery is still in decent condition and could be a wearable asset for someone, the price goes up. Rather than just worrying about the intrinsic worth, you can start to examine it as a whole piece. Designer jewellery, for example, may fetch more simply based on the brand or designer’s name.

When you sell jewellery, you need consider the condition, because like anything, that’s what people look at. So, in some instances, it may even be beneficial to have a piece restored before sale. If your jewellery is still beautiful, but needs a little TLC, have it polished before you try to sell. Obviously, the better you can make the piece look, the better chance of getting a good price.

Should you use a jewellery exchange to sell jewellery?

Exchange jewellers are a fast and easy place to sell jewellery. However, with the quicker transaction comes a lower price, generally. Exchange jewellers are very good at determining the value of a product, but remember they’re in it to make money. It’s a little like taking something to a second-hand store. They need to make profit on each sale, so they’re not likely to give you the full price you could get on the open market.

Try to sell jewellery privately

So, the other option is to sell privately. You should only do this, however, if you have a very good idea of what your piece is worth. If you don’t you could miss out on dollars. But if you’ve had a piece valued and are prepared to wait for the right buyer, you’ll get a much better return. You can use auction houses, online classifieds, or any other form of private advertising. This way, you get what the piece is actually worth.