How To Sell Jewelry: What You Need To Know
The best thing about precious jewelries is that they are both fashion items and investments. The fact is, if in case you are short of cash, or just to make room for new items, you can post them in the market and sell them.
If you want to know how to sell jewelry, there are two basic things that you must do: know its prevailing value and look for a willing customer. Know more about this below:
An appraisal is an expert estimate of the jewelry you are selling. The appraised value is dependent on the specifications of your jewelry, like the actual amount of gold that is in it, and the prevailing market value, especially if yours is a designer item.
A resale appraisal checks the fair market value of your jewelry. To simply put, the fair market value is an estimated amount wherein in average, a buyer and a seller will both agree on, assuming that they are both knowledgeable about the items’ specifications. This is the kind of appraisal you will want to get if you have the intention to sell or resale an item.
Not all types of appraisal are relevant in selling a jewelry. For example, an insurance appraisal is a requirement in getting a jewelry insurance. Jewelry insurance are commonly availed for high-value and/or sentimental jewelries (ex: engagement/wedding ring). However, relying on this appraisal type alone is not the best way to resale jewelry. They are often a bloated value compare to the actual item’s selling price.
If you have no idea where to get a resale appraisal, you can search one nearest to you in the National Association of Jewelry Appraisers page. Your appraiser must be in-the-know to the prevailing market trends and can ultimately give you a ballpark figure of how much you can sell your jewelry.
Looking for a Buyer
After you decide how much you are willing to sell your item based on its appraised value, you are now ready to look for potential buyers. Estate jewelries can be sold by auction houses. This method is of much sophistication, you can even get an asking price higher than what you are asking. However, note that the auction houses charge from 10% - 50% of the selling price depending on the service they provided. Make sure to check into these details first.
A straightforward way to get cash out in doing how to sell jewelry is going directly to jewelers or pawnshops. They can either give you a price offer, or they can propose to sell the item for you. The downside is, they might lowball you. But if you need a fast cash, this is a way to go.
Through the power of the internet, of course, you can also look for potential buyers online. You can have it posted on online jewelry-selling websites, or simply post it on your social media. Here is a tip in meeting a potential buyer: for security purposes, do not meet them in your home. Meet him/her in a public place that has some security (ex: restaurants or malls). Bring a companion especially if you do not know the buyer personally.
Doing how to sell jewelry takes knowledge. Know what you are selling and know the kind of transactions that you should expect in dealing with potential buyers. Whatever you choose to do, take every step with precaution and be smart with each deal.