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. Investing

    The 8 Best Business and Finance T.V. Shows

    With so many talking heads to choose from, which is the right show for your business and money matter needs? We review the best shows on now.
  2. Active Trading Fundamentals

    The Biggest Private Equity Firms in San Francisco

    Learn about some of the larger private equity firms with a presence in San Francisco, including KKR, the Blackstone Group and Warburg Pincus.
  3. Active Trading Fundamentals

    The Companies of Peter Theil's Founders Fund

    Learn about the major public companies that Peter Thiel has invested in and companies that are on the verge of going public at multibillion-dollar valuations.
  4. Active Trading Fundamentals

    The Biggest Private Equity Firms in Los Angeles

    Learn why Los Angeles is a thriving market for private equity, and identify the five largest private equity firms operating in the city.
  5. Fundamental Analysis

    Calculating Return on Net Assets

    Return on net assets measures a company’s financial performance.
  6. Entrepreneurship

    What Does Bootstrap Mean?

    The term bootstrap refers to launching and building a business with little capital and no funding from outside sources.
  7. Stock Analysis

    Should You Follow Millionaires into This Sector?

    Millionaire investors—and those who follow them—should take another look at the current economic situation before making any more investment decisions.
  8. Personal Finance

    6 Tips for Investing in Antiques

    Historically, antiques are highly appreciating assets, but be prepared for a long-term investment.
  9. Professionals

    The Rich Get Richer: Global Wealth is Rising

    Global wealth is rising and expected to continue. Advisors should know that the wealthy value fee transparency, performance.
  10. Entrepreneurship

    Top 5 Startups That Emerged in Denver

    Learn why Denver is one of the hottest markets in America for startups, and identify five of the top startups that are emerging from the Denver market.
RELATED TERMS
  1. Derivative

    A security with a price that is dependent upon or derived from ...
  2. Real Estate Investment Trust - ...

    A REIT is a type of security that invests in real estate through ...
  3. Fast Fashion

    Definition of "fast fashion."
  4. Venture Capitalist

    An investor who either provides capital to startup ventures or ...
  5. Ginnie Mae Pass Through

    A type of investment issued by the Government National Mortgage ...
  6. Transaction Authentication Number ...

    A one-time code used in the processing of online transactions.
RELATED FAQS
  1. Where do penny stocks trade?

    Generally, penny stocks are traded through the use of the Over the Counter Bulletin Board (OTCBB) and through pink sheets. ... Read Full Answer >>
  2. Where can I buy penny stocks?

    Some penny stocks, those using the definition of trading for less than $5 per share, are traded on regular exchanges such ... Read Full Answer >>
  3. How are American Depository Receipts (ADRs) priced?

    The price of an American depositary receipt (ADR) is determined by the bank or other financial institution that issues it. ... Read Full Answer >>
  4. How can I invest in electronic retailing (e-tailing)?

    Electronic retail is one of the fastest growing segments of the economy. Every year, more people are choosing to purchase ... Read Full Answer >>
  5. How are American Depository Receipts (ADRs) exchanged?

    American depositary receipts (ADRs) are bought and sold on regular U.S. stock exchanges, either in the over-the-counter market ... Read Full Answer >>
  6. What countries represent the largest portion of the global retail sector?

    The United States and China are the world's largest and second-largest retail markets, respectively, by total retail sales. ... Read Full Answer >>

You May Also Like

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!