3 Things To Know About Selling Your Jewelry For Cash

Posted on: 13 February 2015

If you have some valuable jewelry lying around and need extra cash, you have a few options for selling it. However, before heading to the closest gold buyer, it helps to know a little more about how jewelry is valued and where you can sell it.

Gold Jewelry is Sold by Quality and Weight

There are two things anyone buying gold jewelry is going to look for: its quality and its weight. It is a common misconception that pawn shops only weigh jewelry and don't look at its condition. While the weight is a big deciding factor with how much it's worth, they also take a few moments to assess its condition. In some cases, the condition is not the best, so they only offer you a price based on its weight. However, if they believe it is a valuable piece due how many karats it is and because it is in excellent condition, they will try to sell it as-is and will offer you a higher price.

Gemstones Are Sold by Quality

Gemstones, on the other hand, are sold primarily for their quality. If you have jewelry you are trying to sell that has gemstones in it, they will look closely at their quality. Any good jewelry or pawn shop employee is able to determine if it is an authentic gemstone or manmade, as well as its approximate size, quality, polish and symmetry. Whether it is a red ruby or diamond, they will use a jeweler's loupe to look closely for imperfections if you don't have an actual grade from a reputable gemological laboratory.

There Are Many Ways to Sell it

When it comes to selling your jewelry, you have several options. The first option is selling it to a pawn shop. If you need cash the same day, this is going to be the route you take. You just bring your jewelry in to the pawn shop, and they assess its condition and put it on a scale. You can either get a loan in your area for a few months, which you pay back before getting your jewelry back, or sell it to them for a higher price.

Another way for faster cash is to bring it to a jewelry buyer. This is a good option if you don't just want money based on the weight of gold because it is an antique, or has diamonds or gemstones that are worth more. If you want to take your chance at selling it to someone currently in the market for this particular type of jewelry, you can take some good pictures of it and attempt to post an advertisement. This is ideal for high-end jewelry items that you think someone would buy for a reasonable price, such as an engagement ring.

If you don't mind waiting a little longer for payment, you can bring it to a consignment store. The will put it up for sale, and you get a percentage of the final sale. This can take longer, but you might get more money for your jewelry item.

Remember to clean your jewelry thoroughly before you attempt to sell it, no matter which method you choose.