The last two years or so have seen people’s private finances upended in many cases. As the pandemic hit, many people lost their jobs, or their businesses were forced to close.
For many though, this was an opportunity to work from home and stay employed, or to branch out and work for themselves. Being able to make money from home is a perfect position for many. The problem is, finding a niche that actually generates enough money for a reliable income.
Of course, you might just want a supplementary side gig or something to fill in a few hours that also provides some extra dollars.
Normally, these side gigs entail filling out surveys, proofreading, or data entry. Thinking outside the box a little though can open up some new avenues.
Could jewelry sales online be the answer?
Millions of people enjoy different types of jewelry. For some, it is simple artisan crafts, while for others it is sparkling diamonds and white gold. According to Statista, the average person spends just over $62 per year in the US.
This might not sound so much, but once that is multiplied by the population of the states you are looking at an enormous business. And that is only the states, never mind the rest of the world.
With this in mind, there is the possibility of making money from selling jewelry online, and there are different options to suit different circumstances and people.
What are the options for selling jewelry on the net?
Firstly, you need to decide what kind of seller you are going to be. Are you simply looking to sell off your unwanted existing jewelry, or are you in fact looking to make your own designs for an online shop?
Perhaps you are interested in buying pieces from different sources and then selling them for a profit. In which case, you will need to have a good eye, and some knowledge of what will sell, and what won’t. Trends and other factors will come into this, as well as an understanding of valuing and pricing.
Then there is the simple one-off sale where something has sadly gone wrong. This is where you may need or want to sell something that once meant something precious to you. But, now comes the sad time when you want to remove it from your life.
What if you need to sell something sentimental?
In this instance, you may want to know how to sell an engagement ring online, or something else of deep significance. Selling an engagement ring can be a sad, and depressing moment.
However, there are options online for selling an engagement ring where you will be treated with consideration and care. And importantly, you will receive the most money you can for your ring.
While money won’t take away the sting of selling your engagement ring, it will hopefully bring some comfort. There are specialist sites where jewelry experts will bid for pieces online including engagement rings. This is where you should look, and not somewhere such as craigslist or eBay.
How can you sell jewelry online?
If on the other hand, you are looking to make a small online jewelry business, then you have some other options.
If you are trained in jewelry design or have a particular talent for crafts and the like, then you could turn your hand to making your own little business. This is one way to learn how to make money even while staying at home.
This is an activity that will take time but is practical, and possible to do at home. Etsy and Shopify, along with eBay, all provide options for making stores online. All you have to do is either design your store yourself or get someone to help.
Then, though, you will need to design your range of jewelry. Artisan, hipster jewelry can be a niche market, and something that appeals to those who don’t want huge stones, or sparkling gold and platinum.
Alternatively, become a reseller
One way to make an income by selling jewelry online is to become a reseller. You can build a jewelry collection on a budget through some savvy investments.
You will either need to be knowledgeable or build up experience over time. The latter is completely feasible, and there are many resources online, and offline, to learn more about jewelry.
By buying from antique shops, craigslist, flea markets, charity shops, and other online sites such as eBay, you can build up stock inexpensively. The key is to look at bulk items where one or two pieces stand out and are worth more than the sum of the auction, or lot.
Selling off your general jewelry collection
Of course, you may not be looking to make a business. You may just want to sell off your pieces because you want to update your collection. Or, you may just simply want to raise some funds for another purchase.
Once again though, you can sell these online. If you have a reasonably sized jewelry collection then you can open up a store online. This can be simply temporary until you sell all the pieces.
Alternatively, put them up for auction. Although eBay is the most obvious option, there are other jewelry sites worth mentioning. Remember above when the engagement ring sale was mentioned? Well, the jewelry specialists who bid over engagement rings, will also be interested in any other quality jewelry.
The thing about precious stones and metals is that their price often increases. While you may not expect to get the full market value of your piece, you will get a better price than if you turned it in at a pawnshop for instance.
Seek out specialist jewelry purchasers, or some type of online auction that is reputable.
How much can you expect to make from selling jewelry online?
According to CNBC, the average spend on an engagement ring back in 2019 was around $5,900. Clearly then, jewelry can be a lucrative market.
The potential profits will depend on what you are selling, whether you plan to make this a business, or a one-off sale, and whether you are selling precious metals, or artisan homemade pieces.
The real potential though could be far greater than selling your engagement ring. If this is how you initially start, you may find you have an interest in selling jewelry full-time. With the internet, you could find yourself making purchases and sales across the globe easily.
There is also cash for gold sites. These are a little like online pawn shops. For some these will represent the easiest way to sell any unwanted gold. However, this is purely for offloading jewelry you don’t want, and will not sustain any permanent business.
Setting up a small home business is something that became reality for many during the pandemic. But now that the restrictions are disappearing, and many are returning to their regular office locations, some are giving up on this dream.
Yet, there is no need to. There are many ways to make money from home by working online. And by thinking outside the box, you could set up a lucrative new sideline. Of course, you might just want to sell one or two pieces such as your engagement ring, but you could also set up as a reseller, and find great interest in searching out interesting jewelry to sell on.