Part 2:
So, where can I sell it?
Now that you know how much your jewellery is worth, you might want to sell it. But where? Between pawnshops, jewellers, auctions and online marketplaces, the options are endless. How and where you decide to sell your items depends on how quickly you need to sell and what your price expectation are.
Online marketplaces are a good option IF you have time to wait for the right buyer that is willing to pay your asking price. This DIY method will require some computer literacy, although there are a plethora of guides available to help you through the process. This will include writing an accurate and detailed description as well as having clear and appealing images. Suddenly, anyone with a computer and internet access could become your potential buyer. Please be cautious though. This should go without saying, but you don’t know who is on the other side of the computer screen. Make sure you take proper precautions to protect yourself and your belongings.
If you do not have time to wait, pawnshops typically offer cash on the spot. This will come at a cost though. The pawnshop must make a profit when they sell the item in order to stay in business. This requires buying the item from you, at the right price. An item could sit in the display case for a while before the right buyer comes along and purchases it. Be prepared for lower offers should you choose to visit a pawnshop.
For more significant pieces or collections, auctions can be an excellent option. Some auction houses host sales for all types of items, while others specialize in one specific area like jewellery or fine art. Auction houses typically have a large audience. Buying items at auction has become even simpler with online catalogues and bidding platforms. Marketing efforts by the auction house help spread the word locally and potentially internationally.
When consigning an item for auction, the seller can set a minimum bid that they are willing to accept. This is known as a reserve. Most of the time, auction estimates are met and sometimes even surpassed when there are multiple bidders interested. However, some lots can go unsold. All the time spent documenting, photographing, and advertising does come at a cost. Fees to the buyer and seller are how auction houses earn money. Before you sign on the dotted line, make sure you are aware of the fees for the item that you are consigning. Also, make sure you understand the terms of the sale including when you receive payment and what happens if there are any issues with the item. The auction representative that is helping you should be willing and able to explain the fine print and answer all your questions.
Remember that display case in your local jewellery store that reads “Estate Jewellery”? Those items likely came from people just like you who also wanted to sell their items. Some items might be kept and resold. Other less desirable items (damaged or out of style) may have stones removed and precious metal sent to the refiner. With gold prices at an all time high, it seems that everyone is looking to buy or sell gold.
Perhaps your desire to sell isn’t financially driven? Perhaps you are just tired of the same old design. Once again your local jeweller my be able to help save the day. Have you ever considered having the item redesigned or repurposed? If there is a sentimental attachment, redesigning the piece will allow you to keep the original stones and metal all while achieving the updated look you are hoping for.
With so many options available to sell your unwanted items, as the seller you must consider what your price expectations are and what your time frame is. From there, you will be able to choose the option that suits your needs.
Next week’s question, “is my jewellery real?”.
Written By: Alanna Campbell March 13, 2021
Opinions and experiences are my own. Photos are credited to @acgemlab.