Times are a little tenuous economically, aren’t they? We haven’t completely recovered from the lockdowns, and there is a lot of inflationary pressure and more. I was asked to remain open during the pandemic as an essential business precisely because I enable people to make their gold and other jewelry liquid. It was the first time anyone ever told me what I did was essential, and I have to admit that it got me to look at buying gold, diamonds, fine timepieces, and other jewelry in an entirely different light.
I know that sometimes, selling jewelry is a great solution for someone in a bad financial situation. Sometimes, all it takes is a person realizing their refrigerator is empty but their jewelry box is full to really have an eye-opening moment about what resources are available to them. I also know that sometimes, what’s really important is thinking of selling jewelry as an absolute last resort because the emotions involved are often devastating.
Let’s look at both sides of the coin, okay?
If you are facing a hard financial situation, selling your jewelry can be a viable option to quickly access cash. This is true especially if you have pieces with significant value that you don't regularly wear. I want to warn you, however, to always consider the sentimental value of the jewelry before selling. You might ease temporary pain at the expense of long-term regret.
There’s one big positive. Selling jewelry can provide immediate cash to cover urgent expenses like bills or unexpected costs. Gold, silver, and platinum are very liquid and traditional economic hedges. That means they tend to go up when the economy goes down. It doesn’t always happen that way but it’s usually true that you can get a decent amount for your jewelry even during tough economic times. If you have jewelry you don't wear anymore, you can get funds for your needs.
It’s important to consider the negative, though. Think about the emotional connection you have to the jewelry before selling. It’s possible you can replace the item exactly but jewelry often has emotional connections that make it far more than the item itself. Those connections are difficult or even impossible to replace.
If you choose to go ahead and sell, make sure to get your jewelry appraised to understand its current market value beforehand. At Bert Levi Family Jewelers, we’ll give you a free verbal appraisal that will give you some ideas. Armed with that knowledge you’ll be ready to get the best deal you can. If you need to sell jewelry in San Diego, reach out and let me help you with that. You’ll be glad you did.
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