Using Old Jewellery to Maximise Your Savings

Over the years people accrue a number of jewellery items, from past relationships, gifts, and general
purchases. Some of these may not have been worn in some time and, in all honesty, are unlikely to
ever be worn again.

Rather than leaving them in your jewellery box to gather dust and waste space, you can be proactive in sorting through the ones that will never see the light of day again, and make yourself some money in the process.

Precious Metals

A number of jewellery quarter shops buy gold and silver items from you. You often won’t get as much as you paid for them, but it can help to put some cash into your savings account quickly. If the jewellery item is an antique, you may be pleasantly surprised by the amount you are offered but, as a rule, it is best to always assume you won’t get as much as you’d like to avoid disappointment.

The current price of gold, silver, and platinum will factor into how much you are offered for your items, so you may want to look into current prices before you visit. 

Different stores will also offer different amounts, so it can be worthwhile to get a few quotes before ultimately deciding where your jewellery will go. 

Some of these will melt down the metal to be used for other purposes, whereas others will resell them, so they may go to someone who will love them as you once did. This may also factor into your decision regarding where to sell them.

Online Trading

You may also wish to sell your items via the internet. Websites such as eBay may allow you to sell your jewellery items, or even auction them off to potential bidders. You may have to pay a fee for this, which can eat into the amount you make, and you would also be responsible for ensuring they are correctly posted to the winning bidder. 

One problem using online trading is that there is no guarantee the item will sell. There are a number of pieces available online at any point, and a fair amount of these will reach the end of their selling period with either no bids, or with the minimum amount you specify not met. 

Bric-a-Brac

Bric-a-Brac booths and stalls can often be found at fairs, church fetes, and even school functions. These allow you to set up a table with your wares for sale, so that other event-goers may purchase them. In the United Kingdom, you may also find taking these items to traditional car boot sales to work in your favour. There may be a fee associated with having a stall, so you would need to look into this before committing, especially if the fee is likely to be higher than what you would make.

Using your old jewellery to increase the amount of savings you have is a great way to free up space in your home and turn unwanted items into cash.