Whether it’s a family heirloom, an engagement ring from an ex-partner or some old items that are just sitting around gathering dust, selling your unwanted jewellery or watches can be a great way to get some extra cash in your pocket. However, working out how much your items are worth and what you could realistically sell them for can be harder than you think.
When it comes to selling jewellery, there are a few sales methods you can consider with each having their own pros and cons.
While most jewellers won’t purchase second-hand items because it’s not as profitable a market for them, some jewellers who have a Second-Hand Dealer Licence do trade in the second-hand market and will either purchase your items with a view to re-sell them, or hold your items on consignment taking a commission when (and if) they are sold.
Jewellers may buy rare or antique pieces, however the downside is that they may only be interested in taking very select items off your hands and only pay you around 50 per cent of what you may get at auction. If your aim is to do a jewellery box clean-out, second-hand jewellers are unlikely to want the entire collection, leaving you with pieces you’ll need to find alternative sales methods to offload.
Because they also need to make a decent margin on the resale of each item, they’re not going to offer you the same price you could potentially get if you sold directly to the end-user. Additionally, if they accept the pieces on consignment, it could take a while before you’re going to be able to sell the items and get any money in your pocket.
The benefit of selling to gold buyers is that it’s a very fast and straight forward process. With gold kiosks popping up in shopping centres everywhere, you can simply take your gold items in, have their value assessed and receive the cash on the spot.
However, there are a few downsides to selling your items this way. Because gold buyers are only interested in the gold in the items, they won’t pay any consideration to the gemstones or overall design of the piece which could potentially be worth a lot more if left untouched in its original setting (something which is particularly relevant when selling antique items).
While they may be a good option if you’re looking to sell a plain gold chain, they’re unlikely to give you the best price if you’re selling a ring, pendant or similar item complete with gemstones. If you do choose to sell your jewellery through a gold buyer, it’s worthwhile visiting several buyers to ensure you get the best price as the amount offered could vary significantly from buyer-to-buyer.
Pawn shops can be a great way to make some fast-cash, however, they’re renowned for undervaluing items. If you’re not well-informed about the value of the item when you approach a pawn shop, there’s a very real chance that you could end up selling them for a fraction of their true value.
If you do decide to go down this route, it’s a good idea to have your items assessed by a professional jewellery appraiser first to ensure you don’t sell off your much-loved pieces too cheap.
Online auctions are another method you can use to sell your complete collection of items in a relatively short time-frame. Because you’re selling directly to the end-user, you’ll also get the true market value for your items without having to pay commissions or accommodate for retail mark-ups.
When you sell through an online auction you can opt for the do-it-yourself method for a quick and easy sale, however, it’s unlikely to get you the best price. When choosing an auction site, check if they also offer any expert assistance to help you with the listing and sale of your items.
When you sell your items through an online auction site like ALLBIDS, you can make the most of their professional expertise, having your pieces assessed by an accredited Jewellery Appraiser who can provide you with an estimated price range for what you can realistically expect to achieve based on the age and design of the piece, the beauty and rarity of the gemstones and the weight and quality of the gold, silver or platinum used. They can also take professional photos and provide you with expert descriptions of the items, ensuring prospective buyers have all the information they need.
By getting an expert opinion from ALLBIDS prior to selling your items online, you’ll also have a better idea of whether it’s going to be better to run a short auction advertising to their existing database of buyers (generally suitable for lower-value items), or running a slightly longer auction with a tailored PR campaign to get a premium price for your high-value pieces.
ALLBIDS provide free professional jewellery appraisals from their showroom in Fyshwick. Visit the ALLBIDS website for more information.
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