Living a life of financial freedom, accompanied by adventures across the globe, is a powerful dream. Fortunately, it’s also a possible one. Travel has become increasingly more accessible in these past few years, but there is still the inevitable holdup of that hefty price tag.
You could try to raise funds to support your traveling ventures in several ways, but what if there was a way to do so while simultaneously conducting a little bit of well-needed spring cleaning? Believe it or not, that old jewelry sitting in the bottom of your drawer could be worth much more than you’d initially think. Here’s how you can figure out what your jewelry might be worth and where you can go to trade that old metal for new adventures!
Figuring Out Your Collection’s Value
The first step in your jewelry-selling adventure is to do some research. Figure out what kinds of metals are currently valuable within the market, and catalog and separate your jewelry based on what it’s made out of. Gold is typically the most valuable, followed by silver and platinum. You could probably also find buyers interested in gemstones, so take note of those!
The general rule of thumb is the heavier, the better. Quantity and quality both play a similar role when it comes to selling precious metals. Take your time when going through that old jewelry box, and really consider how much you’d be willing to part ways with. If it’s a family heirloom, maybe you want to hang onto it. But, if it’s a gold chain one of your exes bought you, it’s probably worth more as a plane ticket than it is going unworn in your closet.
Conduct Some Market Research
To make informed decisions about selling your jewelry, it’s crucial to research the current market prices and trends. This information will help you gauge the potential value of your jewelry and set realistic expectations for selling. Here’s how you can conduct market research:
- Consult Jewelry Appraisal Resources: Utilize resources such as jewelry appraisal books, industry magazines, or online databases that provide information on current market prices for different types of jewelry. These resources can give you a general idea of what similar items are selling for in the market.
- Analyze Online Listings: Explore online marketplaces and platforms to study comparable listings for jewelry items similar to yours. Pay attention to pricing, item descriptions, and customer reviews. This analysis will help you understand the market demand and pricing trends for similar pieces.
- Seek Professional Opinions: Consider consulting professional jewelers or gemologists who specialize in jewelry appraisals. They can provide expert insights into the value of your jewelry and offer guidance on pricing and market trends.
Determine Where To Conduct The Sale
Depending on what you’re selling, how much you’re selling, and how quickly you need the funding, you should carefully consider where you want to sell your jewelry. Typically, there are two standard options – an online store or an in-person shop. Here are some benefits and drawbacks to both.
Jewelry Stores and Pawn Shops
Going to an in-person store is definitely the traditional way of selling your jewelry. Before you decide on a place, make sure that you do some research online to avoid places that are notorious for scams. It could even help to physically enter the stores in your area, asking for a free price estimate. This gives you the opportunity to compare with other local stores and make a more informed decision.
One major pro of selling in person is that you can likely get paid on the spot and often in cash. If you’re trying to be quick and simple, this will probably be your desired route. However, if you’re confident in the quality and value of your items and think you could get a pretty penny for them by holding out, online might be the method for you.
Much like what you’d find in person, online stores can be quite hit or miss. When you’re using a public online marketplace like eBay or FaceBook Marketplace, you risk encountering scammers and inevitably losing money on shipping costs or uninsured payments. That being said, you’ll be able to reach a much broader clientele, so if you have some pieces of extremely high value, this could potentially be how you can best maximize your profits.
The most important thing is to conduct proper research. Only use marketplaces that are known to be reputable for customers. Some online markets make things a no-brainer because they offer maximum benefits that are even better than what you might find at an in-person location. The Alloy Market is a great example of this because they offer risk-free returns, free shipping, and same-day payment.
Keep Your Eye On The Prize
If, at any point during your selling process, you begin to feel hesitant about your decision to sell, keep in mind what your overarching goal is. Jewelry is something you can easily buy again or get more of. An experience is something that lasts a lifetime. Don’t let your future of traveling get interrupted by hesitating to part with these material items. Stick to it, save up, and before you know it, you’ll be living the nomadic and carefree lifestyle you’ve always wanted.