Did you recently come across some old jewelry and are looking to make a profit? Did you inherit some from a deceased relative and want to get rid of the ones that don’t have nostalgic meaning? If so, then you need to find the best way to sell inherited jewelry.
Doing so will help you find the best fit for your situation. Rather than merely giving it away or holding on to it for too long, you can make a nice amount of money selling jewelry.
See below for some of the key steps to take to sell inherited jewelry that you’re never going to use for yourself.
1. Perform Some Research
First things first, before you take the jewelry into a store or get it appraised (more on that in a second), you’ll want to take the time to learn how much your diamond is actually worth.
This way, a jewelry expert can’t try to out-hustle you when you go to sell it. This will also give you a firm idea of the asking price you can set for it.
There are multiple ways to find information on the diamond you’re holding, but the best is to take it to the Gemological Institute of America. They can place a proper price on your diamond(s) by weighing them, measuring them, and grading their clarity.
Too many people make the mistake of having their diamond inspected by the very party they’re interested in selling it to. Putting yourself in that position is essentially asking to get low-balled.
You’ll also want to research the piece itself. Look at the piece’s overall condition, the metal it’s made of, its weight, the designer, and so on.
2. Take It to Get Appraised
For those of you that are unfamiliar with the term, a diamond jewelry appraisal is when you get the value of your jewelry piece in a document. People use this to both insure their jewelry or use it as a guiding light when they intend to sell the jewelry.
Having a diamond appraisal when you’re looking to sell is the equivalent of having a pre-qualified car loan before shopping for your new car. It helps ensure that you find the price that you need.
Without an appraisal, the buyer might try to low-ball you or convince you that your jewelry piece isn’t worth as much as you had hoped.
The documentation holds the buyer accountable. You have a reasonable proof for the dollar amount that you’re asking for. The interested party can either meet that price or you’ll look elsewhere for someone to buy it.
Some of you might think it isn’t that big of a deal, but think of it this way: if you sell 5 jewelry pieces you’ve inherited for $100 less than each of their value, you’ve missed out on an extra $500. It adds up quickly!
3. Find the Right Situation to Sell
There are many different options out there to sell your jewelry, so it’s important to consider what’s most important to you.
Are you hoping to sell the jewelry for as much as possible? Do you just want to sell it as quickly as possible and get a fair price? Your answers will determine the route you should take. See below for more information on each.
A. List Your Jewelry Online
For those of you that are simply hoping to sell your jewelry as quickly as possible, yet receive a fair price, this is a great option. The selling process is convenient and you can gain access to a wider amount of interested people.
By using sites like eBay or 1stDibs, you’ll be able to control the entire selling process as well as the offers you receive.
This is a great option for jewelry pieces that aren’t exceptionally valuable. Many people browse around eBay for such items, so you’re bound to get a few offers. Worst case scenario, you take the item off and go about selling the jewelry another way!
B. Visit a Pawnbroker
While this can be a great way to sell your inherited jewelry or old jewelry you have laying around the house, it’s not a viable way to find the value of your pieces.
A pawnbroker will always try to low-ball you on the value of jewelry (or any item, for that matter), to benefit their business. Remember, they have to resell the jewelry too. To resell it for a reasonable price, they need to buy it for as little as possible.
There’s nothing wrong with selling to a pawnbroker if you’re looking to make whatever you can off of certain jewelry pieces. But do not sell them a highly-valuable piece.
C. Visit a Jewelry Shop
For those of you that have had your diamond appraised and are looking to make as much money as possible off your inherited jewelry, you need to take it to a jewelry store.
This is the best way to make the most money from the sale. You can use the appraisal in order to get the proper amount that you’re looking for.
It’s also the best spot to conduct negotiations on price. If you consider yourself to be a great price-haggler (or know someone who is), then this is the route for you to take.
Find the Best Way to Sell Inherited Jewelry for Your Needs!
Now that you have seen an in-depth guide on how to figure out the best way to sell inherited jewelry for your situation, it’s time to get to work!
Start things off by getting the value of each piece you’re wanting to sell. Even if it’s only $10, that money will add up in a big way over time.
Be sure to browse our website for more articles on how to sell jewelry, as well as many other articles that you’ll find helpful.