Selling jewelry is a good way to make money or earn extra cash. However, profit is not just what drives people to put up their personal ornaments such as necklaces, rings, and bracelets for sale.
The reasons why people decide to sell their jewelry vary. Here are some of the things that motivate people to let go of their luxury accessories:
- The jewelry is associated to a bad memory such as a failed relationship with an ex-lover or a major conflict with a friend or family member.
- The jewelry doesn’t match the owner’s taste or preference. This is a common case among individuals who inherited jewelry sets.
- The jewelry was not used for years. Instead of just lying in storage, an owner may decide to sell a particular piece if he or she hasn’t worn it in a long time. It’s a good way to clear up space and at the same time, earn extra cash.
- The owner needs immediate cash because of unforeseen expenses or events. It could be unemployment, disability, or a death in the family.
Whatever your reasons are for deciding to sell your jewelry, you need to know the right process of selling them, so that you will get the best deal and avoid falling victim to scammers and con artists.
Deciding to put up valuable pieces for sale is not simply announcing to your peers that you’re selling jewelry and expecting an influx of offers to come in. It involves a process especially when you’re just about to enter the trade. To help you get started on the right track, here are eight important steps you need to go through.
1. Take an inventory of the pieces you want to sell.
Gather all the jewelry you want to sell and take an inventory of them. As you do so, examine your reasons and decide if you’re really willing to let go of those pieces. Once you’re sure about putting them up for sale, create a list and save the file in a secure place. This will help you stay organized and track sales better as you go along.
2. Take your jewelry for appraisal.
Appraisal is the process that will determine the worth or value of a jewelry. This is an important step you need to take because evaluation results will serve as your guide when setting prices for the pieces you’re selling.
The first thing you need to do is find an appraiser who will evaluate your jewelry. You’ll know that an evaluator is worthy of your time and money if he or she has the following qualities:
- Credentials – These refer to educational background, experience, proper technical know-how, and accreditation that reflect the quality of work and service of an appraiser.
- Good customer feedback – Know what customer’s are saying about an appraiser. Are they satisfied with the service? Was the appraiser involved in any form of dispute?
- Transparency – A good appraiser should disclose and explain the methodology used in the evaluation process.
- Independent – If you want an accurate and unbiased evaluation of your jewelry, ask the help of appraisers who work independently and are not affiliated with other jewelry businesses.
Prior to taking your jewelry for appraisal, you need to understand what to expect during the process. Basically, you will need to get in touch with the appraiser, set an appointment, be familiar with the methodology, and receive documentation after the evaluation.
If you’re doubtful of the appraisal results, you can seek a second opinion from a different evaluator.
3. Stay updated on the prices of gold, silver and other metals.
You always need to monitor the prices of gold, silver, and other metals that are found in your pieces, because it is another basis of how you will price your jewelry. Being updated also gives you a form of leverage, because price changes tell you whether it’s a good or bad time to put a piece up for sale according to its metal composition.
4. Determine how to sell your pieces.
There are several avenues to sell jewelry. The easiest and perhaps the most convenient way to do so is through online selling platforms.
When you choose to sell your items on online selling sites, see to it that you take nice pictures of your jewelry. Avoid any background clutter in your images and make sure that the piece is the focal point of the shot.
On the other hand, consider that online selling sites usually charge a commission fee each time you close a deal on their platform. More so, always be mindful of your security when dealing with potential buyers online. Don’t disclose your address, bank account number, and other important information to anyone you interact with on the platform. If a customer finally decides to buy your item, always opt for a meet-up and insist on cash payment.
Aside from online selling sites, you can offer your jewelry with firms that specialize in buying valuable items such as Biltmore. We make offers based on appraisals done by our team of professional evaluators. If you agree with our price, we can close the deal and pay your right away. Meanwhile, if you decline, we’re still glad to have helped you. If you want us to take a look at your jewelry, don’t hesitate to get in touch with us.
Aside from these two options, you can also consider selling your jewelry to friends or offering them to auction houses.
5. Stay organized.
Keep a record of every transaction that you had not just with your buyers, but also with appraisers you have worked with. All receipts, documentation, appraisal papers, correspondence with buyers, and customer feedback should be kept in a secure place.
6. Build relationships.
Good business is not just about generating profit; it’s about nurturing relationships with your customers.
Buyers are more inclined to purchase again with sellers they trust. So be honest with your dealings and only disclose truthful information about your piece. Yes, you need to highlight what makes your jewelry valuable, but you also need to inform them if it has any damages and missing parts.
7. Be an industry expert.
When you know what’s happening in the market, you gain more selling power.
Stay abreast and updated on the field of jewelry and other precious ornaments. Learn about the latest market performances of pieces that are similar to what you’re selling. Join forums and participate in online discussions to gain insight not just from fellow sellers, but also from buyers and jewelry aficionados as well.
8. Keep your jewelry clean.
No matter how valuable your jewelry is, you wouldn’t be able to attract buyers if it’s not clean and pleasing to look at. Yes, there may be signs of wear and aging for vintage pieces, but that doesn’t mean that you can neglect them and just let them collect dust and dirt. When jewelry is properly maintained, its best features are highlighted and its beauty is emphasized.
Selling your jewelry is a good way to generate cash, but you need to take careful measures in order to be successful at it. If you’re really decided to put your jewelry up for sale, make sure you start on the right track and follow the eight steps discussed above.