You have an old piece of jewelry that you don’t wear often, and you think you’d rather sell it and put the cash to better use. But how much money can you really get if you sell your gold, diamonds, or other jewelry, and is it worth it?
Where Can You Sell Your Old Jewelry?
One of the most common places you can sell your jewelry is the jewelry store. There are many jewelers who buy old jewelry, but whether you would be able to sell your piece would depend on its condition and the metals and stones the item contains. Not all jewelry stores buy jewelry, though – some jewelers prefer not to deal with second-hand items.
Another option is to sell your jewelry at a pawn shop. However, in this case, you will likely get less money than if you sell your items to a jeweler.
How Much Money Can You Get at the Jewelry Store?
Don’t expect a jeweler to pay for your old items as much as they cost you when you bought them new, even if you sell them to the same store you purchased them at.
Usually, the best price you could hope for will be no more than 20% of the original price you paid. In many cases, however, you are likely to be offered less.
Why Can’t You Get More Money for Your Old Jewelry?
There are a couple of reasons jewelry stores don’t usually offer more than 20% of the original retail price for used jewelry.
First, your jewelry is old, and stores are wary of buying used merchandise as they know that its parts are worn out, making the piece not as durable as if it were new. Even if the store tries to sell your jewelry, it would have to offer it at a heavily discounted price to make it attractive to customers.
In many cases, stores don’t actually intend to sell the used jewelry they buy from you. They may take the stones out of their mountings and reset them in new pieces. The metal parts are often sent to refineries to be melted down. That’s why you most likely won’t get paid more than what the materials in your jewelry are worth, i.e. it doesn’t matter how beautiful the jewelry is as stores don’t usually pay a premium for design.
Another important reason for the low second-hand prices is that stores buy diamonds and other jewelry in bulk and thus get attractive discounts from wholesalers. That’s why jewelers don’t really have the incentive to pay more for used jewelry when the new items offered to them are cheap and come with warranties.
What Alternatives Do You Have?
Selling your jewelry for cash is not the only option you have if you want to get rid of an old item. You can ask at the jewelry store if you could exchange your piece for a new one and pay in cash the difference in value. You won’t be able to get nearly as much as the jewelry’s original price, but the store may offer you a better deal on the value of your old item if you are going to buy a new one there.For more information on diamonds: Read our Diamond Cut Quality Guide.