Jewelry trade is the process of buying and selling gems and other materials used in the jewelry business. This may be done by jewelers, wholesalers, or individuals looking to make a profit by purchasing jewelry elements and then reselling them as finished pieces. If you want to get involved in the jewelry industry, learning about gemology and metalsmithing is important. You can also join a jewelry trade association to learn about the industry and meet other jewelry professionals.
There are several ways to sell jewelry, including online marketplaces and consignment stores. When choosing a marketplace to sell your jewelry, make sure it’s highly rated and secure. Additionally, look for a site that offers multiple payment options and insurance for your jewelry. Scammers frequently operate on marketplaces, so it’s important to stay alert for red flags.
You can also sell your jewelry to a local jeweler. However, it’s best to work with a jeweler you trust. This way, you can be assured that you’re getting a fair price for your jewelry and that it will be sold in a safe manner. If you’re unsure of your local jewelers, it’s a good idea to check with a few and see what their policies are for buying jewelry.
Another option for selling jewelry is to contact a pawn shop or jewelry buyer. Pawn shops are located in every city and often pay cash for jewelry. They can be a great option if you need quick money or if your jewelry is too expensive to resell at a traditional jewelry store. Jewelry buyers are usually interested in buying loose stones or commissioned jewelry items. They can be a good option if you don’t have the time or energy to sell your jewelry yourself.
Jewelry sellers can also try to resell their jewelry at a private estate sale. While this can be a lucrative opportunity, it can also be stressful and time-consuming. If you’re considering an estate sale, be sure to research the market in your area and find a reputable auctioneer.
Other options for selling jewelry include using a wholesale supplier to purchase components in bulk and then assembling them into finished pieces. This type of jewelry business is ideal for those who enjoy the creative design and production aspects of making jewelry. Riley Kinnane-Petersen started her company, Gunner & Lux, by taking apart old jewelry and reassembling it. She now sells her brand at J.Crew and other global retailers.
Tier 1 dealers focus on “commercial” gems (i.e. price point stones for manufacturers and small retail jewelers). This tier of dealer will often heat or otherwise enhance gems to lower their cost. These dealers will also buy from other tiers and supply gems in lots for manufacturing purposes.
Tier 2 dealers specialize in “fine” gems. These are gems that are too esoteric for the “Guild Level” jewelers and collectors. These dealers will often resell to other “Guild Level” jewelry dealers for a premium (+) profit.
