From inherited jewelry to first earrings, many of us have built up a collection over the years. As time passes, we may find ourselves wearing less and less of these pieces and, eventually, decide it’s time to clean house. The question is: should you sell these items for cash or trade them in for something new?
Many jewelers have a trade-in program, which gives you credit towards the purchase of a new piece of jewelry. In general, this is a great way to update your jewelry without spending too much money. However, it’s important to keep in mind that most jewelers do not offer you the same amount as they would pay if you were buying your jewelry new. Typically, they will knock it off by 50% at the very least.
This is because jewelers buy their new merchandise at wholesale prices, which are lower than retail. For this reason, you will only be able to get a fair price for your jewelry if you are looking for it in specific pieces that you know you’ll love. This is not to say that trade-ins are not worth it, but rather that it’s wise to shop around and compare prices.
Another option is to use a service that buys your gold, silver and diamond jewelry as well as coins, flatware and tableware. A reputable company will offer you an instant quote based on the weight and purity of your jewelry, then pay you via check or PayPal the next business day. For example, CashforGoldUSA offers free overnight shipping for your old jewelry, has an A+ Better Business Bureau rating and hundreds of high Trustpilot reviews.
There are a variety of ways to make a living as a jewelry maker, including designing for established brands, making your own jewelry and earning commissions for promoting branded products on social media. If you are starting out, it’s wise to explore multiple options and find which ones work best for your lifestyle and budget.
Once you have some designs that you are happy with, show them to others. This is the only way to get feedback and possibly discover new opportunities that you can’t see from your own perspective.
If you have a large collection of jewelry to sell, you could also consider participating in local markets and hosting pop-up events at other locations. Corinne also suggests that you “cold call” local retailers to ask about trade-in programs and other opportunities. This can be a highly effective strategy, especially when you have a strong product to pitch.
If you want to be a jewelry designer but don’t have the resources to invest in your own studio, consider co-working or shared space with other creatives. Alternatively, you can invest in your own equipment and host your own home-based workshop. Just be sure to take a safety precaution when handling your own tools and materials. It’s also a good idea to look into jewelry insurance, which can provide peace of mind and protect your investment.