When you need cash fast, it's almost too easy to run to the nearest jewelry dealer with jewelry you haven't worn in years. Even if you don't need the money at the moment, it seems silly to keep the necklace your ex-boyfriend gave you – especially if your new one finds out you still have it.

Online Opportunities
But before you rush to ditch your old jewelry for fast cash, try selling it in an online auction, as you may be able to sell it for five to 10 times the amount that you'd be offered at a jewelry store or pawn shop.

For example, let's say you inherited an antique watch that you never wear and the jewelry store offers you $200 for it. You search ebay.com for a similar watch and find they are actually selling for close to $900. After auction listing fees for as little as 35 cents and final value fees (commission charged on the item's selling price) totaling $67, you'll still earn $632 more than at the jewelry shop.

Can you get the money as fast as you would at a local store?
Pretty close. You can list an item on Monday for an online auction for 24 hours. If it sells, you can get paid by Tuesday electronically through PayPal and have the money transferred into your bank account within 5 days. However, it's better to list your auction for 7 days to allow more potential buyers to the see the item and bid the price up.

How do you know if it will sell?
You don't know for sure. But the best way to increase your odds is to read the descriptions of closed auctions which did sell and give your product a similar description. However, you want to be accurate about describing imperfections, so you don't get returns or complaints. For instance, if your item has a small scratch, say so.

Can It Sell For Less?
You can set a reserve price that is the minimum you can take.

What if it doesn't sell?
Than you can go to a jewelry shop or have a garage sale. If you go to a jewelry shop, compare prices offered from at least 3 different stores to get the most money.

Alternatives to Ebay
There are a variety of auction sites out there such as: ubid.com, amazon.com, ebid.com and overstock.com. But before you use any site, look at items similar to yours on the sites you are considering for the final sales price. Also, peruse the site for ease of use and look into your options for collecting your payment.

You can't lose by listing your item with an online auction site. The worst that can happen is that you have to take it to a store afterwards, and the best that can happen is that you multiply your profit 10 times over.

For further reading, checkout Should You Pawn Your Valuables? and Contemplating Collectible Investments.

Related Articles
  1. Budgeting

    The 4 Best Alternatives to Craigslist

    Understand the pros and cons of Craigslist, and learn why alternative sites such as eBay Classifieds, Adoos and even Facebook might be better options.
  2. Mutual Funds & ETFs

    ETFs Can Be Safe Investments, If Used Correctly

    Learn about how ETFs can be a safe investment option if you know which funds to choose, including the basics of both indexed and leveraged ETFs.
  3. Mutual Funds & ETFs

    3 PIMCO Funds Rated 5 Stars by Morningstar

    Learn about three fixed income mutual funds managed by Pacific Investment Management Company (PIMCO) that have received five-star overall ratings from Morningstar.
  4. Mutual Funds & ETFs

    3 Invesco Funds Rated 5 Stars by Morningstar

    Learn about the top three mutual funds administered and managed by Invesco Ltd. that have received a five-star overall rating from Morningstar.
  5. Mutual Funds & ETFs

    The Top 5 Large Cap Core ETFs for 2016 (VUG, SPLV)

    Look out for these five ETFs in 2016, and learn why investors should closely watch how the Federal Reserve moves heading into the new year.
  6. Fundamental Analysis

    The 3 Best Investments When Bull Markets Slow Down

    Find out why no bull market lasts forever, and why investors should shift their assets away from growth and toward dividends when stocks slow down.
  7. Mutual Funds & ETFs

    Top 3 PIMCO Funds for Retirement Diversification in 2016

    Explore analyses of the top three PIMCO funds for 2016 and learn how these funds can be used to create a diversified retirement portfolio.
  8. Mutual Funds & ETFs

    The 4 Best Lord Abbett Mutual Funds

    Discover the four best mutual funds administered and managed by Lord, Abbett & Co., LLC that offer investors a wide variety of investment strategies.
  9. Investing Basics

    10 Habits Of Successful Real Estate Investors

    Enjoying long-term success in real estate investing requires certain habits. Here are 10 that effective real estate investors share.
  10. Entrepreneurship

    10 Characteristics Of Successful Entrepreneurs

    Do you have the qualities of a successful entrepreneur? Those who do tend to share these 10 traits.
RELATED FAQS
  1. What is a derivative?

    A derivative is a contract between two or more parties whose value is based on an agreed-upon underlying financial asset, ... Read Full Answer >>
  2. What is securitization?

    Securitization is the process of taking an illiquid asset, or group of assets, and through financial engineering, transforming ... Read Full Answer >>
  3. Can hedge funds trade penny stocks?

    Hedge funds can trade penny stocks. In fact, hedge funds can trade in just about any type of security, including medium- ... Read Full Answer >>
  4. Does QVC charge sales tax?

    QVC, an American TV network, is registered with states to collect sales or use tax on taxable items. QVC is also required ... Read Full Answer >>
  5. How liquid are Vanguard mutual funds?

    The Vanguard mutual fund family is one of the largest and most well-recognized fund family in the financial industry. Its ... Read Full Answer >>
  6. How do mutual funds work in India?

    Mutual funds in India work in much the same way as mutual funds in the United States. Like their American counterparts, Indian ... Read Full Answer >>
Trading Center