Buying and selling pre-owned jewellery is a lucrative business that can help to augment your income. However, in order to be successful, it’s important that you know exactly what you’re doing.
The second-hand market can be satisfying and financially rewarding for those in the jewellery industry, however, the market is also highly competitive. And just like with any business, it requires time, effort, knowledge, and investment. Here’s a guide to buying and selling pre-owned jewellery.
Why Buy Second Hand Jewellery
One of the biggest benefits of buying pre-owned jewellery is sustainability. The process of mining gemstones, diamonds, and other metals could drain natural resources, such as water and fuel. By buying pre-owned jewellery, the demand to produce new ones will be lesser, which is good for the environment.
In addition, most of the jewellery items that are being sold in the second-hand market are of excellent quality. These items were built to last yet they are not as expensive as the brand new items. They also have unique designs and are beautifully crafted.
Check for Authenticity
There are many fake jewellery items out there and they look exactly like the real ones. So, when it comes to buying second-hand jewellery for selling, make sure you check the authenticity. There are many ways to do this.
First, check the stamps for hallmarks. These are unique stamps that the jewellery maker would etch into the item to guarantee its authenticity.
Another way is to try the magnet test. Remember that real gold and silver is not magnetic. So, if the jewellery sticks to a magnet that means it’s fake. Some of the most expensive jewellery items come with a certificate of origin to prove their authenticity. So, ask for this certificate as proof that what you’re buying is real.
Perfect Wedding Gifts
Jewellery items are great wedding gifts. When you buy these second-hand items, especially vintage pieces, you’re preserving a moment in history. Many vintage jewellery items that are being sold in the second-hand market were crafted using techniques that may no longer be in use today. These jewellery items are steeped in history and tell a story of their own, which adds up to their charm.
Where to Sell
After buying pre-owned jewellery items, the next thing to do is to look for a place to sell your items.
There are a couple of different options when it comes to selling your jewellery. One option is consignment selling, where you place your jewellery with a retailer, and they sell it on your behalf, taking a commission from the sale. This method can work well for higher-end pieces, which often take longer to sell. Alternatively, you can opt for instant payment by selling to a jewellery buyer or luxury pawnbroker, which offers immediate funding. While this provides quick money, it may result in a lower price compared to consignment selling.
