Selling your jewelry is usually challenging, even if this piece is not part of your heirloom. It’s hard even if you don’t wear it that often. Lastly, it’s a difficult decision to make even when you desperately need the money.
Now, while all three of these reasons are good enough, people often have difficulty figuring out when it’s the right time to sell. Here are the top five indicators to help you understand situations where selling your jewelry is a good move.
1. Decluttering your home
The potential value is often entirely irrelevant. Imagine an expensive necklace that you’ve lost somewhere in your home. It’s not stolen, given, or sold, just stuck beneath the couch. What is the value of that necklace? There’s a massive difference between a potential and pragmatic value.
Now that we have that out of the way, is there a difference between a necklace you’ve lost and a necklace you forgot you even have? Once again, in theory, there is a massive difference, but in practice… not so much.
Even people who argue that it still has value would theorize about remembering it and selling it in your time of need. After all, it wouldn’t have been forgotten if you wore it multiple times. So, why not just skip this theoretical part and sell it outright?
You don’t use it; you don’t wear it; you don’t intend to pass it on, so sell it.
2. Getting quick cash
If a piece of jewelry is not an heirloom and it’s not something that you wear, selling it can feel like making money out of thin air. The best thing about selling assets for cash is that there’s no interest rate.
It is even superior to borrowing money from friends and family. This way, you at least avoid being beholden to anyone. Being too lax with your return rate (because it’s a personal loan) can damage a meaningful relationship. This is never worth it.
Sure, you get less money than you spent initially; however, you probably didn’t buy that jewelry piece as an investment. It started as an accessory and ended up being an asset. This is also one of the reasons why buying objects with multiple functions is such a smart move.
Another thing to understand here is that it takes some time to get approval, even with the quickest loans. When selling jewelry, things are a lot faster. Let’s say that you’re Arizona-based. All you have to do is find out where to sell jewelry in Phoenix, go there, and walk out cash-in-hand.
3. Exploit an increase in price
You may be in a situation where you’re waiting for the right moment to sell your jewelry. Maybe you want to declutter your home, reform your budget, or buy someone a nice present. These are the scenarios where you need to sell the jewelry, but you don’t have to do it immediately.
In this scenario, you can monitor the price of precious metals and sell when the price increases. If we’re talking about a piece you would have sold anyway, this is the most advantageous position you can be in.
To make this more straightforward and more dependable, you can even download a trading app and set it up to track the prices of gold and silver. At the same time, you can pay attention when walking by your local jewelry store since prices are sometimes displayed in the shop window.
Even if you didn’t intend to sell, you would be surprised at how much you can make. You see, prices of gold have increased six times since 2001. So, a piece you have may be worth more than when you first bought it. This is pure profit that we’re talking about.
4. It’s an unfortunate memento
Sometimes, we use mementos to remember great moments from our lives, but what about the ones we would rather forget? What about the jewelry that we got from an abusive/cheating partner? What about wedding rings and engagement rings after a messy divorce?
Sure, some may be able to separate the piece from the events and keep it. However, our minds work in mysterious ways, and you have no idea when you’ll be reminded of something. Then, some people are superstitious. Others fear that their future partner might be upset about them keeping and wearing the piece.
There are many good reasons why, after a failed relationship, you don’t want to keep a memento. Why not just sell it and buy something that will celebrate you instead? The bottom line is that you have to move on, and getting rid of items that held you in the past is a great symbolic way. This is especially true if you can make money while at it.
5. Things you don’t want
There’s some jewelry that you don’t like. It might have been a gift, and while some may claim that it’s morally dubious to sell gifts, there are plenty of reasons to do so. You’re not going to wear it, so why not buy something that you will?
Some pieces work with a single style. So, if there’s a piece that you only wear to white-tie events and you attend one every several years, is there a reason to keep it? With this rate of occurrence, is it not better to just rent it when you need it?
Also, styles change. Sure, a piece you bought worked perfectly with the rest of your wardrobe, but your tastes might have changed as you’ve grown. In this scenario, selling these old jewelry pieces and getting new ones is more pragmatic.
You should never sell assets on impulse. Before you decide to sell, ask yourself what the main reason is. Chances are, there are several reasons, in which case selling will be a no-brainer. However, recapping this takes just a couple of minutes. Therefore, there’s no excuse to go with it before rethinking it.