Lots of Canadians have pieces of jewelry laying around that they never wear. Many of us even collect jewelry, just to find it tangled up in the corner of a drawer years down the road. But why not make some money off of your old and unused jewelry? If you know how and where to sell, you can make a pretty penny off of the jewelry that you no longer wear.
Here are the 5 best places to sell your jewelry:
Depending on what type of jewelry you are selling, you may be able to sell it at an auction. Auctions are an especially great place to sell estate jewelry or jewelry that is considered an antique timepiece of a loved one that has passed.
When you choose an auction to sell your jewelry, you have the option of selecting an auction house, or you can do an online sale.
National auction houses like Christie’s will make you the most money, but they also charge pricey setup fees. For this reason, they’re best suited for high-end jewelry sales.
If your jewelry is lower or mid-range, you may prefer to sell at local or regional auction houses that charge less in upfront fees.
Of course, you always have the option of online auction sales as well. Online auction places, like Ebay, allow you to reach out to a larger consumer base.
Rather than reaching people locally, you can now reach consumers all around the world. With that being said, there’s also a lot more competition. In order for your jewelry to even be seen on eBay, you really have to know how to promote yourself.
Auctions are a great choice for selling jewelry if you’re willing to put in the time and effort. But if you’re looking to make a quick buck, it’s best to select another selling method.
There are lots of online auctions that you can use to sell your jewelry, but you don’t have to use the auction option to sell online. There are websites that allow you to sell your jewelry for a flat rate. Websites like Kijiji.ca and Facebook Marketplace are both very popular in Canada.
Again, there are lots of advantages to selling online. Not only can you reach a larger consumer base, but you can also sell your jewelry from the comfort of your own home. In addition, most selling sites charge low-cost fees for selling your products, so you get to keep most (if not all) of the money from your sale.
With that being said, online sales require time and effort. Not only do you have to know how to post your item and market it, but you also have to deal with shipping. Anytime you deal with shipping there is always a chance that you can run into issues.
If you have the time and energy to deal with potential complications, selling online is a great option and you can make a lot of money. But again, if you’re just looking to make a quick buck, you might want to select another method.
- Local Jewelers
If you don’t want to put a lot of time and effort into your sale, you can always sell your jewelry to a local jeweler. The main benefit of selling to a local jeweler is that they are a trustworthy sale option.
In other words, you can trust them to appraise your jewelry properly and you can trust that you will get paid. In most cases, payment will be given immediately upon sale.
The downside of selling to a local jeweler is that you probably won’t make as much money as you could through other selling options. Local jewelers buy and resell jewelry, and their goal is to make as much profit as possible. For this reason, their offer to you will be lowballed.
If you’re looking to make some quick cash, local jewelers are a great place to sell. But if you’re looking to make a sum of money, it shouldn’t be your top choice.
- Pawn Shops
Pawn shops are another walk-in option if you are looking to make a quick sale. Most pawn shops will offer you cash, and you can trust that payment will be made right away.
Again, pawn shops are looking to resell your jewelry for profit so offers will be lowballed. Depending on what pawn shop you select, dealers will usually offer you anywhere between 30-90% of the intrinsic value of your jewelry.
If you are looking to sell to a pawn shop, it’s always a good idea to shop around. Take your jewelry to a few different shops to see what they offer, and then sell to whoever makes the best offer.
- Jewelry Brokers
If you aren’t comfortable selling your own jewelry, you can hire a jewelry broker to do it for you. Jewelry brokers are considered professionals within the industry and are highly trained and educated in all things related to gems and jewelry. In other words, they know what they’re doing.
Jewelry brokers can help to appraise your jewelry and sell it, but they charge a fee to do so. Fees can vary greatly from broker to broker, ranging anywhere from ten to fifty percent of the final sale price.
Where the broker sells is completely up to you. Brokers can help you to sell your jewelry locally, online, or in an auction.
In conclusion, selling your jewelry is all about finding a balance. If you are looking to sell your jewelry quickly, you’ll probably take a loss of profit. If you’re looking to make a larger profit, you’ll have to put some time and energy into your sale.