Even after almost a decade of selling on eBay, we had consistently steered clear of dealing with jewelry due to concerns about scams, the potential for misidentifying pieces, and the upfront costs involved in purchasing jewelry. However, a spontaneous decision to purchase a substantial lot (weighing 20 lbs) of unsorted jewelry from Goodwill Bluebox prompted us to reevaluate our stance and explore the optimal approach to reselling for profit.
If you're a reseller or simply have a collection of old jewelry that's gathering dust – items you no longer wear, that no longer fit, or those associated with memories you'd rather forget – you might relate to our journey.
The lessons we've learned have convinced us that our apprehensions were largely unfounded, and selling jewelry doesn't need to be an intimidating endeavor. To assist you in embarking on this venture, we've compiled a list of the best platforms for selling jewelry and included essential pre-selling considerations.
Exploring the Best Places to Sell Your Jewelry:
General Tips:
Before diving into the specifics of where to sell your jewelry, there are some key steps to follow:
Determine Value: Start by accurately assessing the value of your jewelry. This is crucial to ensure you're not underselling valuable pieces or setting unrealistic price expectations for less valuable items. Utilize online resources and professional appraisals if necessary.
Clean Your Jewelry: Prior to listing items for sale, ensure they are clean and presentable. Unlike some antiques that gain value with patina, tarnished jewelry doesn't have a significant market.
Top 5 Platforms for Selling Old Jewelry:
Poshmark:
Poshmark is an excellent online marketplace, particularly for fashion and accessories. Just as you'd consult a specialist for specific medical conditions, Poshmark caters to fashion-focused buyers. High-quality images are crucial on this platform, given the discerning nature of users seeking exquisite jewelry.
Poshmark charges a 20% fee on items over $15, which includes shipping. This fee structure is reasonable, especially considering the target audience for luxury jewelry.
eBay:
eBay remains a strong option, particularly for high-value items that could spark competitive bidding. While this can yield impressive results, it can also lead to unexpected low sales. Be cautious with reserve prices to avoid discouraging potential bidders.
eBay offers 250 free auction listings per month before fees apply. For jewelry items selling under $5,000, a 15% fee is charged; items over $5,000 incur a 9% fee. With a broad user base, eBay is an attractive option, particularly for extensive jewelry collections.
Craigslist:
Craigslist is ideal for local sales, avoiding the complexities of shipping. Meeting in public places for transactions enhances safety. There are no fees associated with Craigslist, but buyer protection is limited. The absence of fees is balanced by the absence of security, with potential risks for bounced checks or other scams.
Pawn Shop:
Pawn shops can offer quick transactions, but the payouts may be the lowest among options. The amount you receive is typically 25% to 60% of an item's value for a loan, or up to 75% for outright sale. This can be a viable choice for lower to mid-priced jewelry.
Facebook Groups/Marketplace:
Facebook Marketplace's success can be location-dependent. Some small towns even have their own Buy/Sell/Trade groups. Larger cities may offer better results. Although Facebook Marketplace has no fees, it also lacks buyer protection. Local Facebook groups and OfferUp can also be used to connect with buyers.
Avoiding Scams While Selling:
Be cautious of scams, particularly on platforms like Craigslist and Facebook Marketplace that lack inherent protections:
Direct Messages Offering to Avoid Fees: If a potential buyer proposes circumventing platform fees by conducting a direct transaction, proceed with caution. Requests to send items before payment often lead to scams.
Payments After Receipt: Be wary of buyers who propose paying after they've received the item. Scammers exploit this approach to receive goods without payment.
In Conclusion:
Selling your old jewelry can be a rewarding endeavor, whether driven by the desire for extra income or to break ties with past memories. Each platform has its strengths and drawbacks, so selecting the most suitable one depends on your specific circumstances.
From quick cash solutions to global marketplaces, these platforms provide diverse options for selling jewelry. By adhering to best practices and exercising vigilance against potential scams, you can navigate the process with confidence. Selling jewelry might involve larger sums, but with the right approach, it can be a smooth and successful experience. Good luck!
