Money Makers: Selling Jewelry to Finance College

According to the College Board, the average cost of tuition and fees for the 2013–2014 school year was $30,094 at private colleges, $8,893 for state residents at public colleges, and $22,203 for out-of-state residents attending public universities. This does not include costs associated with room and board, meal plans, books and school supplies.

In fact, according to a recent report in the Wall Street Journal, the Class of 2014 is the most indebted college class ever. The article stated that, “The average Class of 2014 graduate with student-loan debt has to pay back some $33,000, according to an analysis of government data by Mark Kantrowitz, publisher at Edvisors, a group of web sites about planning and paying for college. Even after adjusting for inflation that’s nearly double the amount borrowers had to pay back 20 years ago.”

“It’s not new news that college is one of the most expensive investments for your child’s future,” said Peter Fabrikant, Partner of Andrew & Peter Fabrikant, a nationwide leader in diamond and estate jewelry buying. “If we look at colleges and universities in New York State, a private institution like Syracuse University, tuition alone costs upwards of $40,000 and State University of New York schools like Binghamton, Albany and Stony Brook even range from $6,000 to $10,000 yearly. Out-of-state popular schools like George Washington and Duke are even more expensive at almost $50,000 in yearly tuition alone. These costs can be overwhelming, but there are alternative ways to fund your child’s education.”

One such way is selling unwanted jewelry. “There are many reasons why someone would consider selling jewelry and one of the most common, that we have seen, is to pay for a child’s education,” Andrew Fabrikant, Partner at Fabon5th.com adds.

As tuition costs continue to rise, selling your jewelry as an alternative way to finance an education can be a good idea. “But, be careful how you go about selling your diamonds, gold or other fine jewelry. Look for an established company with a history of excellence,” warns Peter Fabrikant.  

“Too often jewelry buyers pay you only on the scrap value. Our assessment of the true value of your items based upon the value of the workmanship and desirability of the piece gets you the maximum payout,” says Andrew Fabrikant. “If there is a history attached to the jewelry, as there often is when dealing with Rolex, Tiffany and Cartier brands, we take that all into consideration before deciding on the value of the piece.”

As the cost for college increases year after year, people need to look at alternative financing options. Peter Fabrikant says, “Selling jewelry that you no longer want or need can be a beneficial move to help you finance your child’s pursuit of a higher education, while not saddling yourself with unnecessary debt.”

Andrew & Peter Fabrikant, Fine Diamonds and Jewelry (FabOn5th.com), are nationwide leaders in diamond & estate jewelry buying. They specialize in signed and unsigned estate jewelry (pre-owned jewelry), diamonds, watches, gold and other fine jewelry from anywhere in the United States. With four generations and more than 100 years in the jewelry trade, they have an established name of assessing each item of jewelry not only for its intrinsic worth but its aesthetic value, its market desirability and history. Andrew & Peter Fabrikant will guarantee any and all purchases for quality and price. For more information call 1-800-570-Gems or visit http://fabon5th.com.