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How To Sell Gold Jewellery

A great way to try and sell an unwanted engagement ring is privately, such as advertising it in our jewellery classifieds section, on eBay, Gumtree or Trading Post. You are then targeting other consumers, like yourself to buy the item like it is. There will usually be a loss in the sale, depending how much you originally paid for the engagement ring but you will still end up getting a lot more than what you can expect to get selling the ring to a gold buying business. Engagement rings and all jewellery is not as easy as selling a Toyota car privately but there are people out there, including jewellers and pawnbrokers that look for privately advertised jewellery.

Another option to selling your engagement ring privately is to ask a reputable jeweller to restore your ring and display it in their store to sell it for you on consignment. This way they are not committed if they don't sell your ring so they will usually be prepared to work on a smaller profit and therefore give you more money after they sell the ring. For example if you wanted to get $5,000 for your engagement ring then on consignment your jeweller will probably sell it for $6,500 and give you $5000 like you wanted. If they were asked by you to buy it outright before they sold it then they will offer you (if your lucky) about $3,000. They are not ripping you off either and I will tell you why.

Apart from the fact that jewellers have expenses and need to make a profit - they take a bigger risk when they buy something that they haven't sold. You may have the most beautiful ring but when they buy it they put into account the worst case scenario, which is that they have to pull the ring apart and recycle it if they can't sell it. So all the original labour and profit built into the pricing of the engagement ring will not be accounted for when buying it from you. On the other hand - if it didn't cost them anything and they had the option to return it back to you if they can't sell it then the original labour and profit on the ring remains, as the jeweller doesn't have to put into account the worst case scenario anymore. You will get a much better price like this.

If your jewellery item is an antique style then look for a jeweller that specialises in antique and estate jewellery. If you have other jewellery items, not in good condition or something that may be in good condition but isn't popular anymore then you can either sell them to a gold buying business (gold buyer) or have them remodelled into other jewellery that you will wear. If you don't want any jewellery but simply need the money fast then selling to a gold buyer is the best option as they usually pay for your unwanted gold jewellery on the spot. They will take it in any condition and will usually offer the same whether the item is in perfect condition or damaged. The good thing about them is that they don't discriminate (lol). The negative side is that they offer a fraction of what the jewellery items are worth. I was told recently by a person that advertised her ring in the jewellery classifieds that she paid $4500.00 for an engagement and wedding ring set at a well known jewellery chain store and after she divorced she then took it to a well known pawnbroker to sell it and they offered her $350.00. So that's around 1/13th of the price that she originally paid.

If you really don't want the jewellery that's sitting at home in a draw and you need a fast buck then selling really cheaply to a gold buyer or pawnbroker is the way to go.

If you are not desperate for the money, have time and have a nice engagement ring or other piece of jewellery then asking a jeweller to sell it on consignment for you or advertising it privately is a much better option.