Sometimes, you need to sell your old jewelry, and whatever the reason, you want to get the best deal possible for your items. In such cases, should you sell your jewelry for cash or should you exchange it for a new item?
Selling Your Jewelry for Cash: Is It Worth It?
Lots of stores buy second-hand jewelry, but you cannot expect to sell it for as much as it cost new. Even if you bought it recently and it is in excellent condition, the price the jeweler will offer you will be heavily discounted.
Lots of stores buy second-hand jewelry, but you cannot expect to sell it for as much as it was worth new.
The reason for this is that stores buy new jewelry at wholesale prices, and they are lower than retail ones.
The purchase prices jewelers pay are then marked up to cover the store’s expenses such as salaries and rent plus some profit on top.
As you can see, it is not really worth it for jewelers to buy your old ring or bracelet at a price close to retail when they can get brand new items cheaper.
And if the buyer intends to just melt your jewelry down and remount the stones into new pieces, you will get a price that reflects the cost of metal and stones but not the value of your jewelry as a well-designed item.
That’s why in most cases, you will be able to sell your old jewelry for a price that’s less than 50% of what you paid for the item. In fact, often, a store will offer you less than 20% of the jewelry’s original price.
Looking to sell your engagement ring or other diamond jewelry? Check out Worthy, which is an online jewelry auction platform — you can mail in your jewelry and let Worthy organize the sale for you, sending you the money after the piece is sold.
Trading In Your Jewelry: Is This a Better Deal?
An alternative to selling your jewelry for cash is to exchange it for a new item. The jeweler will offer you a trade-in price that you won’t receive in cash but will be able to use for the purchase of another item from the store.
In such a case, you will usually have to pay some additional money to cover the difference between the trade-in value and the new item’s retail price.
Usually, trade-in deals will give you a better value for your jewelry than if you sell it for cash. Jewelers will be willing to offer you a better trade-in price since you will make a new purchase at their store.
So, if you’re debating between an exchange and a cash sale, the former will usually be the better option.
How to Get the Best Price for Your Jewelry
So how can you get the most for your used jewelry? Whether you trade your items in or sell them for cash, there are two main things you can do to make sure you get as high a price as possible:
Bring all your documents. If you have any documentation related to your jewelry, take it with you. Appraisals and certificates are the most useful since they help jewelers establish the quality of your items.
If, for example, you neglect to find and present your diamond’s certificate, the jeweler may need to have the stone graded and incur additional costs, meaning that you will get a reduced price to compensate for these expenses.
Not to mention that a third-party verification of your jewelry’s value also helps you to argue for a better price.
Clean your jewelry well. The better your items look, the more attractive they will be to a prospective buyer. This is especially important if you have diamonds or other gemstones because if they are free from any dirt, the jeweler will be able to establish their quality more accurately.
And last but not least, if your jewelry is clean, the staff at the store won’t have to spend time cleaning the item to make it more saleable, and time is money.
