We talked last week about the different places you can sell your jewelry, but it’s probably at the pawn shop that you’ll have the most room to negotiate. Online auctions are a gamble, because you never know what the item will go for. If you set a price, you might not get it. Jewelers don’t really want to buy your jewelry; they just want your business. But a pawn shop? There’s some room to haggle. Here’s what to do:
1) Check out online reviews of pawn shops to find one that a) is reputable b) perhaps specializes in the kind of jewelry you have to sell
2) Keep your mouth shut. Don’t tell the pawn broker where you got the item, how much you paid for it, or how much you know it’s worth.
3) But do your research, i.e. know how much it’s worth, you have a minimum amount in mind that you’ll accept. (Keep in mind that unlike selling direct to a buyer, you won’t be getting retail or even wholesale for your item; adjust your expectations accordingly.)
4) And let the broker make the first offer, so you know how much he thinks it’s worth. That gives you a place to start negotiating for the price you have in mind.
5) Don’t be afraid to end the negotiations if they’re not going your way. You can always try another shop, or change your mind about selling online.