How are a lot of people making big money these days? They’re selling their jewelry! Selling your old wedding ring or a family heirloom used to be a sign you were broke. But estate jewelers say, it’s not only acceptable these days – it’s the hottest new moneymaker, and everyone from soccer moms to Wall Street executives are cashing in.
In fact, the trend is so big that jewelers who specialize in buying and flipping what’s called “already worn” jewelry are popping up everywhere. Like Circa Inc., which has locations around the world and is rapidly expanding. You just walk in with anything from an old gold watch, to a Tiffany necklace, and they’ll make you a cash offer on the spot.
So, why are so many people cashing in the family jewels in the first place? Experts point out that jewelry trends come and go quickly these days, so it’s no longer taboo to unload “passé” pieces.
It’s also a smart money move. Gold has been on a hot streak over the last few years – and the price has gone up 6-fold in just a decade. So trading in an old gold chain you don’t wear anymore can bring in thousands of dollars. Which you can use to pay for home improvements, vacations, or put towards college.
In fact, a lot of people who bought gold pieces 20 years ago are getting more money now than they paid originally when the item was new!
And it’s not just people who need to make a buck who are trading in their jewelry. Experts say, now that the economy is turning around, they’re seeing more women trading in their old diamond rings and putting the money toward bigger and better ones!
So, what pieces will give you the most bang for your buck? Experts say that in addition to gold pieces, anything with diamonds has a big trade-in value – since diamonds never go out of style and can easily be reset in a new piece and resold.