Thinking About Selling Your Jewelry? Here's What You Need to Know.

In this economy, many people are hurting and trying to ease the pain by looking for ways to get their hands on some fast cash. Many people are selling their jewelry to do just that. But what should you look out for if you're thinking of getting rid of your bling?

Just a few months ago, Doris Shambrom-Ross found some of her old jewelry and got an idea.

"They were just sitting in the drawer and I just figured it was good for some extra cash," she said.

In fact - $900 worth. And Shambrom-Ross is not alone. Over at Rosenberg Diamonds and Company in Boca Raton, they're seeing a lot more people looking to cash out their precious stones.

"I would say we would see about a dozen people a month now we see maybe three dozen," said president, David Rosenberg.

So if you want to sell some sparkling stuff, here's what you should know. First off, it's easier if your jewelry is appraised or certified. It takes some of the guess work out. Next, don't just take your jewelry to anyone. Look for a reputable jeweler, preferably someone who is a member of the World Diamond Federation. Simply put - do your homework.

"Take a look around the place. See what type of inventory they have. Is it comparable to the type of item you want to sell?" suggested Rosenberg.

And keep in mind that your jewelry does not have to be in perfect condition.

If you're not looking to sell jewelry, experts say that now is a good time to invest in it, especially with the way the stock market is. Take for example a five carat diamond. If you bought it five years ago, now it would be worth more than double what you paid for it.

But whether it's diamonds or something else - Shambrom-Ross says "yes" to selling.

"I would do it again, yes," she said.

Rosenberg also advises against going to pawn shops to sell your jewelery. He believes you won't get the most value that way.