Selling old or unused jewelry is a great way to put extra cash in your pocket. Whether it’s an old diamond ring, a gold chain, or a set of pearls, secondhand jewelry can fetch a reasonable price if you know where to sell it.
There are also just as many resellers and marketplaces where you’d get ripped off and only be able to earn pennies on the actual dollar value of your jewelry.
Below, I’ll share the best places to sell jewelry in Canada – both online and in-person so that you can get as much as possible.
If you have jewelry that’s made from precious metals like gold and silver or that contains precious gems like diamonds, rubies, sapphires, opals, and emeralds, then you could earn hundreds of dollars for your old, used jewelry (and maybe more).
While brand and quality are important, the price you’ll get for your old jewelry also depends on the current market value of precious metals and gems. For example, gold has steadily increased in value over the past few decades, so you could get a good quote simply based on the raw material.
Generally speaking, you should aim to sell your old jewelry for around 20% of what you originally paid for it. If the quality is exceptionally rare, then you may be able to sell it for 30-40% of what you paid for it.
Selling your jewelry online may take longer than walking into your local pawn shop, but you’re guaranteed to get more money out of the deal. With that in mind, here are some of the best places to sell your old jewelry online in Canada.
- List Your Jewelry: eBay.ca
eBay is one of the most prevalent online auction sites in North America. The key word here is an auction. Unlike Amazon, which only allows you to sell for a set price, eBay allows you to set a starting price that often goes up.
As more eBay shoppers bid on your jewelry piece, its value will increase until you accept the final offer. On the other hand, if you don’t want to deal with the auction process, you can always list it for a set price.
- List Your Jewelry: Kijiji.ca
Kijiji is one of the most popular classified ads sites in Canada. Anybody can create a free account, post a product listing and some pictures, and write a nice description with the goal of finding an interested buyer.
Here, it helps to start with a higher price, as most people will message you with a lower offer.
Once you find a buyer, the two of you will typically arrange a meet-up location (which should be somewhere public) to complete the sale. Occasionally, you may meet a buyer who wants to pay digitally, in which case you’ll ship them the jewelry piece.
- Related Reading: How To Sell On Kijiji For Free
- List Your Jewelry: Facebook.com
Facebook Marketplace is very similar to Kijiji. The only difference is that each listing is associated with a Facebook profile. This is nice because it lets sellers see who they’re selling to, which can help you avoid potential scammers. This can also prevent robbery, as there’s a clear paper trail to the buyer’s account.
You can also sell your jewelry online with Facebook Marketplace and ship it to your buyer. This can be particularly helpful if you’re not located near a busy city. Your customer can purchase the item online with their credit card and provide you with a shipping address.
- List Your Jewelry: Etsy.com
Etsy is one of the most popular online marketplaces for jewelry and craft goods. If you just have one or two old pieces of jewelry you’re trying to sell, Etsy may not be the best option. However, if you have a larger collection you’re trying to sell, then you could try setting up a small Etsy store.
You could market your jewelry as original pieces, write some nice sales copy, and really focus on maximizing the jewelry’s intrinsic value. It requires a bit more work compared to selling on Facebook Marketplace or Kijiji, but it can also put more money in your pocket.
Selling jewelry online will typically allow you to get the most money. However, if you need cash fast, then selling in person is the quickest way to get paid.
One of the best places to get your jewelry appraised is a local jeweller. I’d focus on middle to high-end jewellers if you want the most honest opinion on your jewelry’s value. From here, they may give you two options:
- Sell the jewelry to them, so they can flip it for a higher price
- Sell the jewelry to them, so they can melt down the gold or silver for its raw value
If they opt for the second option, the amount they get will depend on the concentration and weight of the gold in the jewelry. If you have heavy gold chains, rings, or bracelets, this may be the best choice.
If you enjoy haggling and trading, you can always visit a local flea market or artisan market. While you may not be able to sell your jewelry (unless you have a sales booth set up), you can trade your old jewelry for some new pieces that you might enjoy and wear more often.
Selling your old jewelry to a pawn shop is, by far, the fastest way to get paid. Pawn shops will look at your jewelry and give you a quote on the spot, so you can walk out with cash in your hand.
The tradeoff is that pawn shops are notorious for low-balling sellers. They’re highly aware of the fact that you’re in a pawn shop because you need to sell quickly, and they will exploit this to their advantage.
To wrap up, here are a few helpful tips for getting the most money out of your old or unused jewelry.
- Clean & Polish Your Jewelry: The cleaner and newer your jewelry looks, the more people will want to buy it. Jewelry polish is inexpensive but can make a big difference in how your pictures turn out and can make an old piece of jewelry look brand-new.
- Get Multiple Quotes: I recommend getting a quote from your local jeweller and pawn shop to start off with. Then, list your item online for 20-30% higher than you were offered to see if you get any bites from potential customers.
- Start With A High Price (Negotiate): If you’re auctioning your jewelry on eBay or selling it to a jeweller/pawn shop, it really helps to know the value of your jewelry. If you know its value, start negotiating with a high price point. You’ll always be offered less, but if you start negotiating with a high baseline, you’ll get more than if you started negotiating from a lower baseline.
- Get Your Jewelry Certified: If you have documents that prove the authenticity of your jewelry, you’ll usually demand a higher price and sell your jewelry quicker.
If you want to get the most money out of your old jewelry, I’d suggest selling it on Etsy or auctioning it on eBay. However, if you’re looking to sell your jewelry the same day, then I recommend getting a quote from a local jeweller or cash-for-gold shop.
Looking for more ways to earn some extra money?
Be sure to check out my guide to the best side hustles in Canada next!