Many precious metals and gemstone jewellery feature a classic design that’s sure to last many years whereas certain pieces might go out of style. On the other hand, there’s the possibility that you own a product which holds bad memories or just need some extra money. Whatever the reason, if you’re planning to get cash for your silver, gold, diamond or platinum, there are somethings you need to consider before making the final decision. Keep reading and discover what they are.
Make Sure You’re Ready
The thought of making money can be tempting if you sell your jewellery before you’re ready, there’s a chance you might regret the decision later. Though it is just a material object, it may carry some form of meaning or emotional attachment, reminding you of a moment or person. This is why it’s important to bid farewell to those memories before you put it up for sale. Family heirlooms, in particular, cause the most regret among sellers as more than often they wish they hadn’t sold it. So, if the money you’ll make is your focus,take some time and think about the personal value of the piece.
However, in certain cases, it may be a good idea to sell ones you have an emotional attachment with as it can help you move on. Although initially, it may be emotionally challenging, getting rid of the reminder can ensure you heal emotionally. Ultimately, only you can decide whether you’re ready to sell your jewellery or not. Thinking about it before selling can ensure you don’t regret the decision later.
Get an Appraisal
Receiving a written appraisal is one way for you to evaluate the true value of your jewellery. Though, there are a few things you should keep in mind. Written appraisals tend to be costly and if it can’t fetch a decent price, it may not be worth it. You should also inquire about the market resale value to have better knowledge of what you should expect. So, try and get verbal appraisals over written ones. Know that some establishments don’t offer this but many do. The appraisal can determine the market price of your piece and give you an idea of how much you should sell it for. The current value depends on numerous factors including:
- Quality and type of metal used
- Size of gemstones, if any
- Quality and type of gemstones
- The designer of the jewellery
- Repair costs, if needed
- The condition of the piece
A reputed appraiser can also offer advice for pricing strategies that can help sell it for top dollar.
Consider the Terms
By establishing terms right from the beginning, you can ensure the sale goes exactly how you want it to. So, it’s important for you to think about your expectations for the sale and how you see it happening.
Consider how fast you want to sell the piece. If you need the money quick, it’s best to set the price low to attract buyers. However, if you want to get a good price and have no problem waiting, setting a higher price and being patient is a good approach.
- Method of Payment
No matter how careful you are, you will probably come across individuals looking to scam you. You should think about the method of payment which is most suitable for you to accept. There are numerous online portals ensuring a safe way for you to receive the agreed-upon rate.
As soon as your product is up for sale, you will start receiving offers that are much lower than your asking price. Buyers want to get the best deal so you should decide ahead of time if you are okay negotiating your asking price or not.
Think about Where You Want to Sell
Selling pre-owned and antique pieces to a jewellery buyer, a pawnbroker or online, are all tried and tested ways. However, just like everything else, they all come with their own pros and cons.
- Jewellery Buyers
This is a safe option as they generally have their reputation at stake which makes them a trustworthy option. Additionally, certified buyers are interested in having a good understanding with the seller since the seller could turn into a potential client. Its best to contact a certified jewellery buyer or gemologist, if time isn’t a factor for you.
This is perhaps the riskiest and the least recommended option, but if you need money quickly, it’s your best bet. If a broker is showing interest, it’s only because they see the potential of making good money themselves. Even though the sale may be a quick one, the pawnbroker will most likely undervalue it and keep a large cut for themselves. This is why you should be careful with this method.
Although you may think its easy to get cash for silver or gold jewellery online, there are some precautions you should take. It’s an effective platform to sell anything, but both parties need to be able to trust each other for the transaction to be successful. In certain cases, the sellers may have to meet the buyers, which comes with potential risks of its own. In other cases, the seller and the buyer send the money and the product to the people at the website who take care of the whole thing for them. They make sure everything is in order and send the things and the money where they belong.
Prepare Your Jewellery
Thoroughly cleaning your piece can offer a shiny appearance, making it easier to sell. You may clean it at home, but certain cleaning agents and tools can cause damage, so you should be careful with what you’re using. The best thing is to take it to a professional jeweller as they can do a good job without causing any damage to your product. Additionally, if your ornaments have existing damage, they can repair it too.
It’s important to remember that all jewellery are material things. At the end of the day, your peace of mind has inherent value. Depending on the circumstances you’re facing, know that it’s a great idea to get rid of the thing that may remind you of moments you’d rather not remember. Take some time and prepare yourself mentally for what it may feel like once it’s gone. No matter where you choose to sell your gold or silver for cash, following the necessary steps can ensure you get the best value for it.