At one point in time or another, you have probably thought about selling some of your old jewelry. Whether you are simply looking to get rid of some old jewelry or you want to ditch mementos of a past relationship gone bad, there are a few things you need to know before rushing to sell your jewelry. After all, you don't want to lose out on money that you could get all because you didn't know what you were doing. Consider the following when entering the world of jewelry buyers.

Do you know exactly what you have?

Sure, you might know that you have a diamond ring, but is that all you know about it? Do you know what the cut is on it? What is the clarity? How many carats is it? All of these things are important in determining a final price on your jewelry.

The best thing you can do is take your jewelry to an appraiser who can answer all of your questions and give you an idea of what you can get for the piece. The appraiser will also let you know whether there is anything wrong with the piece. You need to know exactly what you have before you attempt to sell it.

How do you know what to ask for the piece?

Once the appraiser gives you an idea of what the piece is worth, you will have to deduct so much off that price. People want a deal. They aren't going to buy yours when there is a cheaper option out there. They have to make money on the piece as well. Expect to deduct about 25 percent on the piece. However, that is just an estimate. You can negotiate with the buyer for a price that works for both of you.

Where can you sell the jewelry?

When it comes to selling your jewelry, there are a number of options available to you. For some, they choose to sell their piece outright through local newspapers and online media. Others opt for a pawn shop to unload their jewelry. With a pawn shop, you are going to get the cash you need right then and there. You don't have to wait for someone to call and come up with the cash. You have to determine what is in your best interest when determining how you want to sell the item.

Don't assume you know what your jewelry is worth. You could end up costing yourself hundreds of dollars down the line.