Wise Bread Picks
Your ex is officially out of your life, but you still have the stuff they gave you. Will you continue to wear the jewelry, or that sweater, or use that gadget? If your answer is no, why not make a little cash instead of letting it collect dust? Ease the pain of your breakup by turning all those love tokens he or she gave you into make-it-all-better money. Check out these ways to cash in on romantic gifts you don’t want.
1. Visit a jeweler for an offer
Jewelry is a great gift to receive when your eyes are filled with heart emojis for each other, but when things come crashing down, the ring, watch, or necklace is just a shiny reminder of everything that went wrong. If the jewelry is the real deal, however, you should be able to ease your pain with a boost to your bank account after a visit to a jeweler.
“Ensuring you get the most money for your item is key, so while you get your piece appraised by jewelers or pawnbrokers, it’s worth considering the offers they make you,” says Natasha Rachel Smith, personal finance expert at TopCashback.com. “More often than not, local jewelers will offer the best price because they’ll see you as a potential customer. Another great option when negotiating with a jeweler is to exchange your used jewelry for store credit if they don’t buy used jewelry, which may or may not be ideal for you.”
2. Send it to the scrap heap
A quick way to make cash on your precious metal jewelry is to hawk it for its scrap value. This means selling it for the material that will eventually be disassembled and melted down. I did this with a gold ring once. I kept the diamonds and got paid for the gold the store kept. This form of selling your jewelry is easy and convenient. Just find a gold buying store in your area or mail your pieces in (certified mail with insurance is best) for fast cash. The state of the market will determine the value of the material, but you will usually get an immediate offer. (See also: How to Sell Gold Without Getting Ripped Off)
3. Tap into the online community
There’s an abundance of resources online to sell unwanted gifts, from sites like eBay or Amazon, to more focused marketplaces, like Bag Borrow or Steal, which deals in the buying and selling of designer handbags. (See also: How I Make $800 on Month on eBay Selling Used Clothes)
“Using auction websites like eBay or online marketplaces such as Craigslist or Poshmark to sell your used or new items can be easy and convenient,” Smith says. “Figure out what type of selling fits your lifestyle. For example, eBay and Poshmark allow you to make transactions all online and shipping is relatively easy. Craigslist opens the door for face-to-face interactions with unfamiliar faces.”
Still, there are many resources you may not have heard of, like Gemr, for instance.
Gemr is a social-commerce platform for collectors to discover, display, discuss, and buy and sell collectibles. So instead of selling in a marketplace like eBay or Amazon where an item is one of thousands, Gemr offers super-niche, curated selling pages. As a result, even the most custom and unique gifted items can now be turned into cash, like baseball autographs.
Another great resource is Worthy.com to sell your diamond ring. Its two-day auction puts a vetted community of professional buyers at your virtual door.
4. Post on social media
The ability to connect with people you know can help you sell your items fast. Use Facebook’s Craigslist-style Marketplace to sell items to users in your immediate area. I also sometimes just post an item to my personal page. On several occasions, I’ve had people within my own network interested in what I’m selling, which removes a lot of hesitation and anxiety I get when dealing with strangers, many of whom often flake on the deal, forcing me to start from scratch. Annoying!
I’ve also had a really great experiences with Letgo, which, similar to Facebook Marketplace, helps connect you with local buyers who will pick the item up from you so you don’t have to worry about shipping.
5. Sell it to a consignment shop
Chances are you have a consignment shop in your area that would be willing to take your items for resale. You’ll take only a fraction of the profit, but at least your items will be in a place with built-in foot traffic.
If you want to try online consignment, TheRealReal.com is a great place to consign romantic gifts, especially fine jewelry and designer clothes or handbags. It can be even better than your local jewelry or consignment shops, since people from all over the world will be able to see your items and possibly purchase them. Other popular online consignments shops include thredUP, dedicated to women’s and children’s fashion, and Tradesy, which specializes in high-end designer fashion and accessories, plus wedding apparel for men and women. (See also: What to Do With Your Wedding Dress After the Big Day)
If you were gifted furniture or artwork you don’t want, consider Chairish, which is the perfect place to unload home décor given from an ex. (Just don’t be too hasty; you need a couch.)