If you have some jewelry you no longer need or want, selling them second-hand can be a great way to find a new and appreciating owner for your jewelry and capture some of the value stored in that asset.
There are many different ways you can sell used jewelry. In this article, we explore five of those sale methods and discuss their pros and cons.
1. Auction
Auctions can be a great way to sell you second-hand jewelry. Auctions are a process where your item goes up for sale in front of a group of people, and they all have the chance to bid on your item.
The people volunteer the highest price they are willing to pay for the item, and this process continues until someone makes a bid for the thing that no one else is willing to surpass.
The auction process can be an effective way to sell something because of the public nature of the bidding and transparency. People get psychologically invested in winning the auction, which can lead to them bidding a higher price than they would have if they were just browsing.
Though auctions can be effective in getting a premium price for your second-hand jewelry, it may be challenging to find an auction house willing to take your jewelry into one of their auctions.
Auction houses can be picky about what they are happy to sell, and even if they accept your item, it may be a wait of weeks or months before your item gets a chance to be auctioned.
Auctions tend to work best when the item is rare or very unique and when you are not in a rush to sell.
2. Facebook Marketplace
Facebook marketplace has become a very popular way to sell second-hand goods, and can also be used to sell jewelry you no longer want.
It's great because it is very easy to list your item, and you have full control over the listing price, and you also get the full sale price without needing to pay a commission to someone who sold the jewelry on your behalf.
However, there are some drawbacks to selling jewelry on Facebook.
Firstly it may be harder to get a premium price for your items, and Facebook Marketplace tends to work better for low-cost, low-value items. Most people with lots of money are shopping directly at jewelers, so they may not be looking in the Marketplace.
Secondly, it can be a tiresome process to deal with the inquiries you get and having to be conscious of your security, both personal and cyber security, and ensuring the people that are inquiring are legitimate and not scammers trying to trick you in some way.
Learning how to sell jewelry yourself can be done, but it will take some effort—potentially more effort than is worthwhile.
3. Consignment
Selling your jewelry on consignment is an effective way to get your jewelry in front of people looking to buy. Instead of a marketplace where your jewelry is one of the thousands of other items of various types that are up for sale - selling by consignment ensures that your items are being seen by qualified buyers looking for that particular product.
However, there are some downsides to selling via consignment. Finding a jeweler who wants to put your jewelry on display may be challenging. They only have a limited range of space, and they may make more money by showcasing their own jewelry instead of selling yours.
Secondly, the jeweler who sells your jewelry via consignment will significantly cut the sale price, so although it may be a good way to sell, you will tend to get less money back from the sale.
4. eBay
It is possible to sell your jewelry via eBay, and it has some benefits similar to Marketplace, but also some drawbacks.
Like Marketplace, you are in control of the listing and can create a description, add photos and market the item however you want, and you get international exposure to your item potentially, depending on the settings you configure for the auction.
But the drawbacks are numerous and significant. Like Marketplace, people searching for jewelry on eBay may not be individuals with significant budgets (who shop at premium retail outlets directly), so you may not get the people you want to be looking at your jewelry.
Also, people may be reluctant to buy a piece of jewelry on eBay if they are not in your location and cannot inspect the item.
Given the number of scams and fraudulent transactions people hear about, even if your eBay profile seems legitimate, potential bidders may still have some concerns that the item will not be posted and that the jewelry item will not be as described.
We recommend not trying to sell your jewelry on eBay, primarily because creating and optimizing your listing can take a lot of effort. The likelihood of getting a good price is low unless you have a unique and rare item.
5. Jeweler
If you can find a jeweler that wants to purchase your jewelry directly from you, this can be one of the quickest and easiest ways to sell your jewelry. It is instant and quick, and very simple.
The stock in a jeweler tends to be seasonal and limited to the brands that the particular jeweler has an agreement with, so if you have a unique item, unlike others in the shop, it may stand out and get more attention.
However, there are some barriers to selling your second-hand jewelry to a jeweler.
Firstly, it may be difficult to find a jeweler that is willing to buy your jewelry. Jewelers can likely make more money selling the stock they purchased from their wholesale partners, so they may be unwilling to buy your item unless it is very rare.
Secondly, they are likely to offer you a low price for your piece compared to what you could sell it for if you were to sell privately.
Tips For Selling Second-Hand Jewelry
Have Your Paperwork In Order
Make sure you have the relevant paperwork that verifies your jewelry's characteristics and quality. If you don't have it, make sure you get it, otherwise, you have very little chance of getting a good price for your second-hand jewelry, as people will be concerned about getting ripped off.
Set Realistic Expectations On Price
When you buy a piece of brand-new jewelry, it drops in value by 50% as soon as you walk out of the jeweler's door. If you understand and accept this, then you won't be too offended when you get the appraisal for your second-hand jewelry.
In general, getting a premium price for second-hand jewelry is difficult unless the piece is particularly rare or in demand for some reason.
Final Thoughts
There are many different ways you can consider selling your second-hand jewelry. The best option for you will depend on whether you value a quicker process or a higher price. These two forces tend to be at odds.
There is no "right way" to sell your jewelry, it is just a matter of finding which way will get you closest to your personal goals.
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