When eBay first arrived, many people started to sell their unwanted items online. It was a huge novelty to be able to sell items at auction from the living room, and without ever entering an auction house.
Many people then realized the potential for running small and medium-sized businesses online through the platform. And, of course, many imitators and similar other websites sprung up. Many of which specialize in certain areas such as crafts, or electrical goods.
Having a clear-out can still be a quick way to bring in some extra cash. Going through the attic or basement can reveal many forgotten toys, gadgets, and other items that are worth money.
Going through a jewelry drawer or box could be even more lucrative. Many people hoard jewelry over the years. Pieces get passed down, and sometimes completely forgotten. Perhaps they have slipped out of fashion, or they simply weren’t to your taste.
Selling them on could be a way to bring in some extra money. After all, the global jewelry market is worth around $228 billion, according to Statista. While your jewelry drawer is unlikely to be harboring billions, it could still have a surprising amount of value stored away.
Can you make money from selling your jewelry?
The truth is, you can make money from selling just about anything if you know how to go about it, and understand your market.
Over the last couple of years, you may have wondered how can you make extra money? The internet is packed with articles and directions for making money from home, or as a side-gig.
Indeed, this article proposes to do exactly the same, except that this one is purposely directed simply at jewelry. Finding a niche is one way to make a successful small business. However, in this case, you aren’t looking to build a business necessarily, but instead just sell off unwanted, or unloved pieces of jewelry.
Why would you want to sell your jewelry?
For some, their jewelry is all-important. Each piece can have sentimental value, some of them may be inherited, and others gifts from loved ones. In many cases, the jewelry in your collection may have come from your partner, and some pieces have serious significance.
It is due to the importance of some of these pieces that many would find it hard to understand why you would want to sell any of your jewelry. However, reality happens.
If you need to raise funds in a hurry then you will need to find something that can be made liquid quickly. Jewelry is something that would be sold easily to pay off debts, to raise funds for another type of purchase, or just to get some quick cash.
Nevertheless, if you wanted to sell engagement ring then you would want to find the place offering the highest amount. Selling an engagement or wedding ring is going to be an emotional moment, at least you will want to realize as much potential financially as possible.
How can you sell your jewelry?
There are many ways to sell jewelry, either on the net or offline. There will be some determiners for which method will suit you.
If you are looking to sell an expensive piece such as an engagement ring, then you should look online for reputable specialty jewelry sites. These will be used by professional jewelers and collectors who will then bid on pieces that are listed. This way you may receive a good offer for your ring.
If however, you are looking at clearing out a jewelry drawer of mixed pieces, then you may want to look at other options.
Auction them separately, or as a job lot
This could be done either at a local auction house or through a website. Obviously, eBay has been mentioned, but there are other options too.
Auctioning means that you are inviting competition in. If you can get two or more interested parties involved, then you may receive a good sales price.
Private listing
You can use craigslist, although this may not be the best-recommended option. You should take care when selling through such lists as there are some known scams, and you won’t have the protection that an auction site will provide.
Sell to a local store
This could be an independent jewelry store, an antique shop (if suitable), or some other outlet. Expect the buyer to want to make a profit, so you won’t receive as much as you may hope, but you may still be pleasantly surprised.
Take to a gold-for-cash buyer
These exist online, and in brick-and-mortar locations. They offer to buy gold and jewelry by weight and will provide instant cash, but at low rates sometimes.
Set your own store up online
If you have ever wondered how to launch a business when you don’t have any money, then look at what you have in your home to sell. Your jewelry drawer is your stockroom. With this, you could bring in some extra revenue, and it can be a one-off sale, or you could use the returns to reinvest in more jewelry.
What type of jewelry sells well?
Gold. Gold always sells extremely well. It has been popular since jewelry first existed, and even beyond that. Gold rings, chains, watches, and more, all sell very well across the world.
Diamonds of course are also extremely popular, and so are engagement and wedding rings. Engagement rings are very popular sales items, and perhaps even more so than wedding bands. After all, not everyone makes it from the engagement to the aisle.
Engagement rings sell well online, and there is a niche area for these on certain jewelry websites. Again, if you have an engagement ring in that collection of yours, think seriously of selling that through a specialist dealer instead of just auctioning it.
Will you receive the full market value for your jewelry?
The first thing you should do before you start to consider selling your engagement ring, or other items of jewelry, is to get a valuation.
Cash for gold shops will give you a valuation based on them making a profit. Some less reputable antique shops will only give a valuation if you agree to sell the item to them, making the valuation pointless in the extreme.
Take your items to a reputable jeweler and see if they are willing to give you an estimate. When you sell the items, whether you get close to the true value may depend a little on luck, and your marketing method.
According to the ICSID, the average American household spent about $650 on jewelry back in 2018. This figure is highly likely to have risen over the last few years. Clearly then, there is a market for all manner of jewelry, and the secondhand market is no different.
Summary
You could potentially be sitting on a nice investment in your jewelry drawer without you even knowing it. There will no doubt be pieces that you couldn’t bear parting with. There may be some pieces that you once never considered selling but now find yourself wishing to sell on.
Items such as engagement rings can bring out emotions when there is a need to sell. This is why it is worth getting a valuation first before considering the best way to sell. Using your head instead of your heart could lead to a surprising windfall from your jewelry drawer.
