All Entries in the "Gold Jewelry" Category
Selling Gold Jewelry
Selling Gold Jewelry
Your dwindling bank account may have you thinking about selling gold jewelry. The high value of gold tempts many people to sell scrap gold. That old ring in the jewelry box starts looking like a million bucks. You can rest assured that the old ring in your jewelry box is not worth a million bucks. So don’t assume you’ll get rich by selling scrap gold.
You have to decide if you want to sell your gold jewelry as jewelry or scrap gold. Selling jewelry for its weight in gold probably won’t get you a lot of money. Consider the price you paid for the piece. A $500 ring might bring in $100 or less as scrap gold.
This is because the ring will be valued based only on its gold content. The craftsmanship or antique value of the ring is unimportant. The ring could have a diamond in it, but it doesn’t matter.
When you realize the small amount of money you’ll get, you might decide selling your gold item is not a good idea. If you ring has a high resale value as a piece of jewelry, sell it that way. It’s possible that you can get more by selling the ring than by selling it for scrap gold. This is certainly true if the ring is an antique.
You should also keep in mind that some jewelry has absolutely no resale value. Class rings, plain wedding bands and rings that are in bad shape are difficult to sell. Those items are probably best used for a scrap gold sale.
You’ll probably want to get your jewelry appraised first. Search online and in your local phone books for appraisers. Most of them charge a fee for their services, so be prepared to part with some money.
Find an appraiser you can afford and make an appointment. When you go to the appointment, make sure to take all the gold you want to sell.
The following items can be sold if they are made from real gold:
- Bracelets
- Rings
- Earrings
- Necklaces
- Cufflinks
- Charms
- Miscellaneous Knickknacks
If you don’t want to visit an appraiser, ask a jeweler for help. They can weigh your gold and give you a value based on its weight. However, that’s not the actual amount you’ll get for scraping the gold item.
Whoever buys your gold will take at least 10 percent or more off its true value. This is so they can resell the piece and make a profit.
When you’re selling gold jewelry, a collector is the only person who might pay the actual value of your jewelry. However, you’d have to have a rare or valuable piece to attract a collector’s attention. You should try to find a local buyer before looking outside of your city.
If you can’t find a local buyer, carefully research nonlocal buyers before doing business with them. There are people who will scam you out of your gold. Taking time to perform research will pay off in the end.
Some Tips When You Sell Gold Jewelry
Sell Gold Jewelry
Anytime is a good time to sell gold jewelry. The price fluctuates, but it’s always relatively high. You might even be able to sell your gold jewelry for more than you paid for it.
When it comes to selling unwanted gold, the biggest problem is deciding where to sell it. There are many ways to get scammed when you want to sell gold.
There are some things you should consider before you sell gold.
First of all, why do you want to sell? Do you need cash for an emergency? Do you want quick cash for a spending spree? If you need money for an emergency, selling your gold jewelry is probably a good idea. At least if you have no other options.
If you want to sell just so you can blow the money, you might want to reconsider. What happens if an emergency arises? Having gold around is almost like having money in the bank. You shouldn’t sell it on a whim or in a moment of weakness. Hold on to it until a real emergency arises.
An exception might be if you need to get rid of it because of space. For instance, perhaps you’re cleaning out your grandmother’s old jewelry box. You don’t want to keep anything, but you definitely don’t want to throw it away. In that case, you can sell the jewelry and make a small profit.
There are plenty of reasons why you might want to sell gold. But keep in mind it’s usually best to wait until a financial emergency arises.
When you decide to sell your gold, you also need to know the value of your jewelry. Your best option is to find an appraiser in your area. If possible, find a real appraisal service. This does not include an appraiser at a jewelry store or pawn shop.
This isn’t to say that jewelry store or pawn shop appraisers are bad. It’s just that they might not give you an accurate appraisal. They may or may not be truly knowledgeable about valuing gold jewelry.
It’s also possible that they will give you a lower value in order to buy for less. If you have no other choice, visit more than one pawn shop or jewelry store. Then you can compare the values you’re given.
If you can, find a trusted and certified appraisal company or person. That’s a good way to increase your chances of receiving a fair and an honest appraisal. You can look online and in the phone book for appraisers. The Better Business Bureau can also let you know about a company’s reputation.
It’s easy to sell gold jewelry. After you know its value, all you have to do is find somewhere to sell it. Just make sure you want to part with the jewelry.
When you sell it it’s gone unless you buy it back. And the person you sold it too will certainly want more than what they paid for it. If you’re sure you want to sell your gold, do your research first.
