Platinum jewelry is both valuable and durable. You can wear it for years and even pass it on to your children.
However, it is perfectly normal for you to grow tired from wearing the same old jewelry all the time.
If you feel that way, too, and you want to make a change and replace your old pieces with something modern and new, you should know how to sell platinum jewelry for the maximum profit.
The good news is: Platinum is a desirable metal in constant demand.
Thanks to its impressive physical properties, rarity, and beauty, selling your platinum should be a breeze, especially with a few of my tips and tricks!
How To Sell Platinum Jewelry?
If you want to sell platinum jewelry for the maximum profit, you need to find the right kind of buyer. There are a few selling methods available.
You can turn to a reputable local jewelry store, a consignment jeweler you can trust, an online jewelry buyer, or try selling your platinum jewelry through online platforms such as eBay or Craigslist.
Let’s discuss every option in more detail:
Selling Platinum Jewelry At A Local Jewelry Store
Ask around to find out if any local jewelry stores are interested in buying used platinum jewelry. Make sure the jewelers you talk to are reputable so that you get a fair price.
Typically, the jewelers will offer you a lower price than the current market price, since they too need to make a profit once they resell your platinum jewelry.
You might even get an offer to accept store credit instead of cash. It is a common practice, and you should consider accepting the offer if you plan to buy new jewelry anyway.
Selling Platinum Jewelry To A Consignment Jeweler
You can give a consignment jeweler you trust the authority to sell your platinum jewelry on your behalf. The service will cost you quite a lot, though.
Namely, reputable consignment jewelers usually keep as much as 40% of the money for themselves.
On the bright side, consignment jewelers have all the right connections to sell your platinum jewelry quickly and for the maximum possible amount.
The transaction will thus be speedy and efficient, and you’ll get your chunk of the sale without putting in any effort.
Selling Platinum Jewelry To A Professional Online Jewelry Buyer
Online jewelry buyers specialize in buying used jewelry. It is their job to know the current market value of your platinum jewelry, and they are always interested in buying it.
Unlike their brick-and-mortar jewelry store counterparts, online jewelry buyers do not have to pay for retail space or a great number of employees.
It keeps their day-to-day expenses low and allows them to buy and sell jewelry at competitive prices.
Hence, online jewelry buyers are most likely to offer you a better deal than your local jeweler or any consignment jewelry.
After all, their reputation rides on the good deals they make with their suppliers and customers – they are not likely to risk it by offering you an unfair price.
Selling Platinum Jewelry Online
Nowadays, you can sell anything through popular online platforms such as eBay and Craigslist, platinum jewelry included. There is a plethora of auction or used jewelry sites, too.
The main benefit of this selling method is that you do not have to split the money you receive with anybody. On the other hand, you have to do all the work and take up all the risks yourself.
It can be challenging to write detailed and accurate descriptions, secure and prepare all the required paperwork, and answer all the questions potential buyers might have.
Besides, many fraudsters are looking to take advantage of inexperienced and unsuspicious online sellers. Finding an honest online buyer is quite tough at times.
What Is The Resale Value of Platinum?
The resale value of platinum depends on the current demand for this precious metal, its purity, and weight. Platinum generally has a lower resale value than gold because gold is more popular and easier to resell.
The main problem is not all jewelry shops or jewelry buying companies that buy precious metals are willing to buy used platinum. Gold is much easier to buy and sell due to higher demand.
The price of platinum (by an ounce or gram) fluctuates daily, depending on the current market.
The price tends to grow during periods of sustained economic growth and decrease during periods of economic uncertainty.
So far, the highest price for platinum in 2022 was about $1,000 per ounce.
How to Sell Scrap Platinum?
Scrap platinum can be sold in the same way as used platinum jewelry. So, your options remain more-less the same: a local jewelry dealer, online platforms, and professional jewelry buyers.
The easiest way to find someone interested in buying scrap platinum is to go online and type in a “platinum buyer” or “reputable platinum scrap buyer.”
However, not all listed companies will necessarily be interested in what you sell. Some buy only certain types of platinum or platinum in bulk.
So, contact a few of them and ask around. You are sure to find a few willing to make you an offer.
Once you get a couple of proposals, you can decide which one works best for you. It is the best method to get the maximum amount of money possible.
Best Tips and Tricks on Selling Platinum Jewelry and Scrap
- Do not hold all your eggs in one basket! Get as many appraisals and offers as you can. The difference in price that jewelry dealers, individuals, or jewelry buying companies are willing to pay can be significant.
- Always check the reputation of a potential buyer! Do not fall prey to swindlers. Read online reviews and avoid buyers with negative ratings or no reviews at all.
- Looks do matter! Therefore, make sure your platinum jewelry is clean before presenting it to a potential buyer. Scrap jewelry that hasn’t been used in years probably needs some good cleaning with warm water and dish soap to look its best.
Final Words: Where to Sell Platinum?
Do not be lazy – shop around for the best possible offer! Getting a couple of quotes gives you the best chance of maximum profit.
Before you even start looking for a buyer, get your platinum jewelry professionally appraised or, at least, look up the current market price for platinum online. It will help you avoid unfair deals!
I am eager to hear all your comments. Please share the article and help others sell their platinum jewelry, too!
