Whether you’re looking at your jewelry collection thinking it’s time to declutter or free up some spare cash for a new investment opportunity or a vacation, you may be thinking about selling your jewelry this year.
Letting go of gold or silver jewelry can feel a little sentimental, even if it’s something you no longer wear. For some, it might feel as simple as discarding an old pair of socks, while for others, it can be a more reflective experience. The decision to sell jewelry is personal and can vary significantly from one individual to another. In this guide, we’ll explore a few factors that may help you decide when might be the right time to sell your jewelry, considering both your financial situation and the current value of precious metals in the market.
1. You Have a Great Financial Goal
You have ambition. No matter your money, there’s always a way to improve your financial situation. Goal-setting allows you to manage your money with intention, regardless of your next goal.
If you have been unsure whether to sell your jewelry, having an important financial goal is a great sign that it’s time to sell.
2. You Have Time to Get Multiple Quotes
The more time you have to sell your jewelry, the better. If you want to get the ideal possible price, get multiple quotes from various jewelry buyers. Great jewelry buyers like Muzeum in Toronto make their rates public, but you may still want to take your jewelry in for a quote so that it can be weighed and its precious metal purity can be tested. If you can avoid it, don’t sell jewelry in a rush.
3. Bullion Prices Are High
What does the bullion market have to do with your jewelry? Everything, it turns out. Bullion is a common term for high-purity gold and silver. Usually, gold and silver jewelry is alloyed more than bars and coins. Including copper, nickel, iron, titanium, zinc, or manganese alloys will give precious metals more strength, making jewelry easier to wear or even changing their color, creating metals like white gold.
At the end of 2024, gold and silver prices are riding high. Silver prices were up 82% compared to values five years earlier, and gold prices were up 81.5% over the same time.
4. You Know the Value of Your Jewellery
Before you sell gold or silver jewelry, it helps if you have a rough idea of what you can earn. There are three things you need to know to get that estimate:
- The weight of your jewelry.
- The purity of the precious metals.
- The price you can get.
You may not have a scale fit for jewelry, which is why it’s so important to get quotes from a jewelry buyer. For a rough idea, gold rings weigh between 1 and 7 grams, gold necklaces anywhere from 5 to 10 grams (with some chains going up to 80 grams), and gold bracelets anywhere from 3 to nearly 70 grams.
This year may be the ideal time to sell your jewelry. Give yourself time to become informed, get multiple quotes, and sell while prices are high.
Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial advice. The decision to sell your jewelry should be based on your individual circumstances and financial goals. Always consult with a qualified financial advisor or jewelry expert before making any decisions regarding the sale of your jewelry. Prices of precious metals may fluctuate, and past performance is not indicative of future results.
Published by Drake M.
