Many Americans have gotten creative in the face of job layoffs, adding new ways to make ends meet to their daily life. With Covid-19 continuing to force layoffs throughout the country, some people are turning to their assets to get through tough times (even if those assets are old and broken pieces of jewelry from years ago).
If you are looking for a way to make quick cash at the end of the year, to pay bills, EMI of your personal loans or credit cards and complete your holiday shopping lists, selling old and broken jewelry is one way to do it from the safety of your own home.
Start out by figuring out what sells and where to sell it, and get an idea of what you can expect for old jewelry. Google the price per ounce and get an idea of what a new piece of jewelry with similar weight and karat demand today at the jewelry store.
What type of jewelry can I sell?
There are many precious metals that may be worth selling. Gold, platinum, silver, copper – these are some of the more popular metals trading every hour of the day.
Precious metals, including gold, silver and platinum, have a value that holds up over time and use. The price of gold and other precious metals can even grow stronger in a global emergency like we’re experiencing right now. For example, the price of gold has grown this year as a result of global market changes due to the pandemic. For jewelry sellers, this is great news. Even though your item may be old, broken or unworn – the item itself can hold its value and even grow. This includes jewelry items that are both newish and also older items, including vintage, antique, and estate jewelry.
Can I sell scratched and broken jewelry?
You can always sell your items – even if the set is missing one of the diamond earrings, or there is no longer a tick from the motor of your great uncle’s watch. Most antique or vintage jewelry is imperfect and in fact it is those imperfections that can set them apart for some savvy buyers.
Whether you are looking to sell cufflinks, earrings, watches, necklaces, rings or many other pieces of broken jewelry – there is usually a buyer.
Often the buyer of precious metals is going to melt down your old jewelry and make new jewelry with it. This is why items like gold jewelry retain so much value.
Since the price of gold generally goes up year after year, the old broken gold chain you paid $1,000 for back in 2005 would be worth $3,000 today, even though it is broken! Because the value is in the weight of the previous metals, not the ability to wear the necklace.
(Average closing price of gold over last 10 years)
(Year) (Price per ounce)
What about gold plated jewelry?
There are many different kinds of gold jewelry, which you may know is measured by karat. How much gold is actually in the item increases its worth. Unfortunately, it can be difficult to tell between gold plated and real gold. Often items that are gold plated will contain cheap metals, silver, or copper – and usually topped with just an overlay of gold. These items are worth much less and sometimes won’t be accepted by a jewelry or precious metals buyer at all.
Where can I sell jewelry for quick cash?
There are a few ways to sell jewelry for cash. The first is a pawn shop, local jeweler or appraiser. If there is a small jewelry shop in your town, they probably employ a professional, credentialed jewelry appraiser. They can help you better understand the value of your jewelry and they may want to purchase some items directly from you for their collection. They may also help increase your price by helping you clean the items before you sell them.
In general it may be best to avoid selling jewelry to pawn shops. These types of stores have traditionally been known to undervalue jewelry and other valuable items. The difference between what the pawn shop pays and what the item sells for is part of their profits and they are likely to pay less than the average jeweler or gold buyer.
Finally, online retailers are another place to sell old jewelry. During a pandemic, selling your gold or silver online may be the quickest and safest option. Most online retailers offer safe, insured shipping straight from your home to their appraiser and a no obligation guarantee, so you’ll learn how much your items are worth and expect to get them back quickly if you can’t agree on a price. Or, if you do sell the items you can expect a very quick turnaround on your payment, directly to your account, from an online seller with a good reputation in the industry.
Investing for the future
Now that you’ve earned cash from your old jewelry, how are you going to use it? Here are a few ways to invest your earnings for the future!
- Add it to a savings account. You can invest in an account for savings with a local bank with a very small amount of money, earning interest over time.
- Try online investing. There are many online investing tools on the market that help you invest small amounts of money and learn all about investing.
- Pay off debt. Pay off any credit card debt with high interests first.
- For an investment opportunity with less risk than online trading, consider US Treasury Securities.
- Invest in your financial literacy. Take a class, buy a book about your industry, learn a new skill. Investing in your own personal and professional development is always a good decision.