Perhaps you have an old engagement ring or another piece of pre-owned jewelry you are looking to sell. But, what if you don’t know where to sell it? There are so many options when it comes to selling your jewelry, both online and at jewelry stores near you.
In this article, we will focus on local jewelry stores and how to sell jewelry at a place near you. While online selling has many advantages, it is still possible to sell jewelry for a good price at your local stores.
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Who Buys Jewelry Near You?
There are individuals and businesses, both public and private, that may be willing to buy jewelry near you. For example, you might find individual private persons who may want to buy a pre-owned engagement ring simply through friends and family in your local circle.
There are different reasons why such individuals may prefer to buy pre-owned jewelry rather than purchase a new piece. For example, pre-owned or used engagement rings can be far more affordable than brand new items. Or, they may like the idea of a ring that has the built in character and history associated with being previously owned.
But in addition to private individuals, there are many businesses who may be willing to buy your used diamond jewelry. For example, there are local jewelry stores, pawn shops, diamond exchanges, and even private, individually owned jewelry dealerships that may be willing to buy your piece in your neighborhood or locale.
What Are The Advantages of Selling Your Jewelry Locally?
Like with most things in life, there are both pros and cons to selling your diamond or jewelry at a local business near you. For one, there is the convenience of being able to bring a diamond ring to a local shop. You may sell it right then and there, and receive your cash immediately. It also gives you the opportunity to ask the jeweler or staff questions you may have about selling your valuables.
On the other hand, it is best to get multiple quotes from individuals or businesses before committing to selling your item. So while selling to the first buyer may be the most convenient option, you may wind up with a significantly lower payment. You can somewhat combat this by shopping around at other stores near you and seeing who may be willing to offer you the most money.
On the other hand, by selling online you immediately have access to many more buyers. This creates a level of increased competition among potential buyers that can help increase the selling price of your jewelry. Selling your jewelry online from the comfort of your own home can also be convenient, although you may have to leave your home to ship your item to the buyer.
At the end of the day, figuring out your priorities when it comes to selling your jewelry may help you decide whether you should sell it at a local store near you or online. For example, if you have a high value diamond worth around $1,000 or more, you may prefer to sell online because you most likely can get paid much more for your stone.
On the other hand, if your valuable is only worth a few hundred dollars, and you like the convenience of being able to go out, sell and get paid for your stone immediately. Then a local jeweler or even a pawn shop may be the best option for you.
What Types of Businesses Near Me Will Buy My Jewelry?
There are several types of stores or businesses near you that may be willing to buy your diamond or jewelry. These include:
- Local jewelry stores
- Pawn shops
- Private jewelry buyers
- Local jewelry exchanges
- Consignment stops near you
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Some jewelry stores may be willing to buy diamonds from individual sellers like you. However, these businesses are primarily in the business of selling jewelry, not buying. So many may not be interested in purchasing jewelry at all.
And even if they are, they will likely need to give you an offer significantly below true market value. This is because they need to cover all of their costs plus make a profit. It is best to call your local jewelry stores ahead of time to see if they would be interested in buying your valuables. Or you could simply head over and ask in person.
Pawn shops are possibly your best option if you need cash fast. However, if they are interested in buying your piece, you likely won’t get a great offer. This is because their business model also depends on buying as low and reselling for as much as they can.
On the other hand, consignment shops may earn you more money than pawn shops, but will take a hefty consignment fee out of your final price. Plus, consignment shops can take a long time before they find a buyer for your items.
Finally, you may be able to find private buyers interested in purchasing your diamond or jewelry through classified ads, local online marketplaces, or by networking with people in your area. Be sure to shop around and get at least a few offers before committing to any individual seller to try and maximize the offer you receive.
How Do You Decide On a Buyer?
Again, each different store or jewelry buyer near you may make you a different offer. And each may offer different conveniences and tradeoffs. In order to get the offer that’s right for you, make sure to do the following:
Research Your Options
Don’t just bring your diamond ring to the first jeweler you see and sell unless you truly don’t care how much money you get. Instead, do your research to see which local businesses are the best places to sell your items. Look up jewelers, stores, pawn and consignment shops near you online; compare their prices and policies.
Also, check their customer reviews. Are they fair? Communicative? Trustworthy? Are they selling jewelry at market value or bargain basement rates? These are all important questions to research for each business.
Jewelry Appraisals and Diamond Evaluations
Jewelry appraisals are a written estimation of how much your jewelry is worth for a specific purpose. There are different appraisals for different reasons. A jewelry appraisal may tell you how much your valuables are worth for insurance purposes, or what the retail value of your piece might be. The retail value will be much higher than the resale market value. The latter is what you will receive for selling your valuables.
In addition to a jewelry appraisal, you can also get an official diamond evaluation from an organization like the Gemological Institute of America (GIA). A diamond evaluation doesn’t give you a numerical price. Instead, it documents all of the various features of a diamond that determine its market value. A diamond evaluation can help you get a fair price when selling diamond jewelry.
Receive and Compare Your Offers
Once you feel you have received enough offers for your diamond or jewelry, weigh them against each other and determine which is the best offer for you. Generally you will simply take the highest offer. Although you may factor in how quickly and in what medium they will pay you as well. If you are not receiving immediate cash, take into account the policies and reputation of the business to whom you are selling. Make sure also to get a fully detailed and itemized receipt of any transactions.
How Much Will You Receive for Selling Jewelry Near You?
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Selling your jewelry to a local store means you will receive money for your jewelry. But a wide variety of factors can determine just how much money you will receive. Some of these factors include:
- the quality of the diamonds or gemstones
- the current market supply and demand for your specific type of jewelry
- the policies of the store in question
When it comes to diamonds, the base price you receive will largely depend on a set of factors known as “The Four C’s.” The four C’s are
cut color clarity carat weight
The cut of a diamond refers to the way the diamond has been shaped and polished and determines its brilliance. Higher-quality cuts are more valuable than lower-quality cuts, all things being equal.
The color of a diamond is also a factor, with colorless diamonds being the most valuable if the diamond is a traditional “white” diamond. For colored diamonds, the value will generally increase with the amount of color saturation..
Clarity refers to the presence of any flaws – known as inclusions – in the diamond, Higher clarity diamonds are generally more valuable than lower clarity diamonds.
Finally, the carat weight of a diamond is a measure of its size or weight, with heavier diamonds generally being more than similar diamonds of a smaller carat weight.
Selling Your Jewelry Locally By City
Depending on which city or town you live near, you will have many different options when it comes to selling your jewelry. If you’re interested in more information about selling your jewelry near one of these cities, click on the links below:
California
- Los Angeles
- Sacramento
- San Diego
- San Francisco
- San Jose
Colorado
- Denver
Florida
- Jacksonville
- Miami
- Orlando
- Tampa
Georgia
- Atlanta
Illinois
- Chicago
Massachusetts
- Boston
Michigan
- Ann Arbor
- Detroit
New Jersey
- Parsippany-Troy Hills
New York
- New York City
Ohio
- Cincinnati
- Columbus
Pennsylvania
- Philadelphia
- Pittsburgh
Texas
- Austin
- Dallas
- Fort Worth
- Houston
- San Antonio
Selling Your Jewelry Online
You should now have a pretty good idea of your option when it comes to selling jewelry near you and what to expect. However, it is still often a better option for many people to sell their jewelry online. Some reasons that selling your jewelry online can be better than selling locally include:
- Larger customer base: When you sell online, you are able to reach customers from all over the world. Whereas when you sell locally, you are limited to the customers in your immediate area. Having more reach can help increase competition and drive up the final amount of your sale.
- Lower overhead costs: Online jewelry buying generally requires less overhead costs than running a brick-and-mortar store, as you do not need to pay for things like rent, utilities, and insurance for a physical storefront. This means online buyers can spend more for your diamond and don’t have to worry about lowballing their offer to cover the costs of maintaining a storefront.
- Increased visibility: Online marketplaces like Etsy, Amazon, Facebook or specialized jewelry buyers can have a large amount of site traffic. This can increase the visibility of your products to potential buyers.
- Flexibility: Online business can operate 24/7, and also can be operated in addition to a physical store. This provides you with more opportunities to reach potentially buyers.
- Automation: Certain aspects of the online sales process can be automated. This may include taking payments and fulfilling orders, which can save you time and improve convenience.
- Targeted Buyers: Online platforms may provide targeted buyers who are willing to pay significantly more money for your jewelry. This can have a major impact on your final sale price.
If you are interested in selling your jewelry online, you’re already in the right place. Worthy’s mission is to help people selling their jewelry get as much money as possible for their valuables. You can learn more about selling your jewelry online with Worthy now. Or if you’re ready to get started selling your jewelry now, simply click the button below.
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