Are you looking for tips on how to sell your gemstones and jewelry online? If the answer is yes, then you’ve come to the right place. In this article, we will equip you with the information you need so you can get your gems and jewels out in the market and find the right buyers with ease.
If you have a charm bracelet from high school that you no longer use, a gold necklace from a relationship that ended, or a piece of heirloom diamond necklace buried deep in your jewelry box, then you might have thought of selling them at some point. While these are treasured possessions, especially when they carry sentimental value, there comes a time when they no longer benefit us and suit our style. When this happens, it means it’s time for you to bid these items goodbye so they can serve new owners.
Selling gemstone jewelry is not an easy task, especially if you’ll be doing it for the first time. But since we are in the digital age, the first thing that comes to mind when we think of selling our old stuff is to auction it off on the internet. Given that we are living in the modern times, that is actually the simplest and most practical way to find buyers. Read on to get tips on how you can quickly sell your gemstones and jewelry online.
How to Price Your Item
Before posting your item online and searching for potential buyers, the first thing you need to know is its cost. If you don’t know how much money you should be asking for your product, the best approach is to get a fair market value (FMV) appraisal first, according to the Gemological Institute of America (GIA). “Fair market value” here means the appraiser’s opinion on what a willing buyer will pay a willing seller.
Different factors must be examined before pricing a gemstone or jewelry: current fashion, quality, availability on the market, and the desirability for that specific stone or piece of jewelry in your area. If the gemstone is mounted on a piece of jewelry, it can also affect its value. The appraiser takes all these things into consideration before suggesting a price, and the FMV will provide you with a baseline amount to help you determine how much to ask for your items.
Another option is to research the retail price of your item, and once you know it, start with that. Keep in mind, however, that like vehicles, jewelry and gemstones lose their value once you buy them, so you should sell them at a much lower price. Many gemstone jewelry pieces will sell for around 20-30% of the retail price, according to Worthy.
If you have older pieces, inspect them for markings, engravings, dates, brands, and signatures. Look up these identifying marks online, as they might make your items more valuable. Also take note of any signs of wear, damage, missing or broken parts. If you can, try visiting local retail stores that sell old jewelry and get information about their asking prices.
What is the Best Way to Sell Jewelry Online?
There are several options available for selling gemstone and jewelry online, and what would work for you may not work for other people. In other words, the “best way” is always subjective; it will vary from person to person, depending on what’s most convenient for them.
To find out what would work best for you, we’ve listed three of the most common ways by which you can sell these items online.
Classified Ads
When people research how to sell gemstones online, one of the first results that pop up is the simplest: posting on a local classified ad site like a newspaper or a platform like Craigslist. These are good ways to buy and sell gemstones in general, but choosing this route requires some extra caution. Avoid posting personal information in your ads, such as your address or phone number. Once you find a willing buyer, don’t invite them to your home to pick up the items. Instead, take someone with you and meet them in a public place.
In terms of payment, never accept checks or money orders as these can be counterfeited. Only accept cash and immediately deposit it in the bank once you receive it.
Online Jewelry Buyers
Selling to an online jewelry buyer gives you the best chance to cash in on your item for the highest value. Below, we’ve listed two of the most reputable online jewelry buyers and the steps on how to sell on their platform.
Worthy
This buyer is best for diamond and other fine jewelry worth at least $1,500. This marketplace sells your items on an online auction, where hundreds of buyers around the world determine their prices. With such a diverse client pool, you can be confident that you’ll get the highest market price for your gemstone and jewelry.
How to sell on Worthy:
- Visit the Worthy website and get a free estimate for your items.
- After filling out the necessary information, Worthy will send you a free and insured mailer that is trackable online. In a few days, you will receive a free GIA certified appraisal. It also comes with the specifications of your item and an estimate of how much your piece will sell in the auction.
- Once you approve the terms of the sale, watch the auction bids made on the website and see how much your item earned.
- Within 24 hours, you will receive a payment via PayPal. If via check or bank transfer, remittance of payment will take a few business days.
If you own modest gold jewelry, CashforGoldUSA is the best way to go. The company opened shop in 2005, making it one of the earliest entities in the space. What customers love about this platform is its straightforward, no-frills process.
How to sell on CashforGoldUSA:
- Visit the CashforGoldUSA website. Enter your name and address.
- Expect to receive a USPS mailer within a few business days. You can also request a FedEx mailer. Both options have tracking numbers.
- Place your item in the mailer and drop it in your mailbox.
Within a few business days, you should expect to receive an email indicating their offer. - After accepting the offer, you will receive a payment via Paypal within 24 hours. You can also opt to be paid via check or bank.
Ecommerce platforms
Jewelry is a billion-dollar online marketplace, and every business owner wants a slice of that pie. As a result, you can find thousands of ecommerce stores that sell this in-demand item. Aside from the giants eBay and Amazon, there are other platforms ideal for building your own store. We’ve listed two of them below.
Etsy
You might know Etsy as a website to buy and sell handcrafted goods, but it’s also an excellent platform to sell your gemstones and jewelry. This massive retail force boasts of 45.7 million active buyers as of 2019, according to data from Statista. If you can source or create unique jewelry, then this is the perfect platform for you as it is one of the go-to websites of arts and crafts enthusiasts all over the world.
Ruby Lane
Ruby Lane is a specialized marketplace for antiques, vintage collectibles and fashion, fine art, and jewelry. It is smaller than Etsy and eBay, but its advantage is that it has a much more targeted customer base than its competitors. If you own high-end jewelry that you would like to sell, then this platform is the best choice.
Launch your own online store
If you’re someone looking into starting a gemstone and jewelry business, then opening an ecommerce store for your goods is an excellent idea. After all, we are living in the digital era, and nowadays, most people prefer making their purchases online.
The online share in the Accessories market is expected to grow by 32.44% annually from 2018 to 2021, according to this data released by Statista.
Additional Information: United States: Statista Digital Market Outlook; 2017 to 2019; includes clothing, footwear, bags & accessories
The numbers above show that selling jewelry online can be a highly lucrative business. But it also proves one more thing – that there is huge competition in this market. Before going for this option, you must do tons of research and strategize first. If you’d like to learn more about how to set up an online store, you may read this beginner’s guide published by Shopify, one of the most popular ecommerce platforms in the world.
What to do With Loose Gemstones?
If you have some of these buried deep in your jewelry box, then you might be wondering how to sell loose gemstones. They might be of no use for accessorizing anymore, but you can still turn these gems into dollars with these four easy steps.
Locate a gemstone appraiser or a graduate gemologist who will perform a formal appraisal on your loose gemstone. Visit the American Society of Appraisers website to find one in your area.
Choose your marketing method. You may sell your gemstones to a local jewelry store, place an ad in a newspaper or an advertising website, or enlist them on an online auction like eBay.
If you choose to sell to a local jewelry store, make an appointment with them and see if they would be willing to purchase loose stones. If you opt for the online option, make sure to take quality photos of your gemstones and upload them on the platform of your choice. Provide a copy of the appraisal information for your potential customers to review.
Deliver the gemstone to your local jewelry store or ship them to your online customer. Insure the package so you can refund the money if it gets lost in transit.
Since you are marketing your items online, you need to make sure that your ad makes a good impression on your potential buyers. Showcase the beauty of your gemstones and jewelry by taking excellent photographs of them. Before doing so, clean your gems using a mixture of water and a few drops of mild dish soap. Brush gently behind the stone where dust usually collects. Let them air dry on a soft cloth. Consider having your items cleaned by professionals, especially if they are high-ticket.
Since the most important gemstone value factor is its color, make sure that your ad photos accurately display the stone’s real color. A report by Gemfix has revealed that when it comes to gemstones, daylight is not the standard light source. In photography, lighting makes a world of difference; rubies are best taken under sunlight while sapphires look best under fluorescent light.
Also, don’t bore potential customers with similar-looking images; make sure that you take photos from various angles and with different backgrounds. You can never go wrong with a solid black or white setting. Remove any clutter, so your photos appear clean and professional. Be transparent to avoid conflicts on disclosure. If there is any visible damage to the gemstone or jewelry, make sure to take a photo of it.
We hope that you got some useful tips on how to sell your gemstones and jewelry online from this guide. No matter what option you go for, confirm that you have evaluated the drawbacks and benefits of each, so both you and your buyer can enjoy a seamless online selling experience. Now if you are wondering why people would be interested in old gemstones, check out our article on Why Wear Jewelry.
