How Can I Sell My Scrap Gold?

How Can I Sell My Scrap Gold?

A few days ago a very good friend called me. Her son had been digging in their backyard and found what appeared to be a very valuable diamond ring. Because there was no way of knowing how long the ring had been there, my friend called me to ask more about the ring. Several of the diamonds were missing, so to her it really wasn’t worth keeping. Since times are hard, and just about every one could use some extra cash, I wasn’t surprised when the next words from her were, “How can I sell my scrap gold?”

Generally a jewelry store would be the first place to go to see about selling your scrap gold, since they can pay a very decent price for a ring such as my friend’s. However, some jewelry stores aren’t willing to purchase items that need major restoration and some don’t want jewelry with any damage.

Many people may suggest going to a pawnshop. However, this may not be the best place to take your jewelry since they often offer very little money for it. Pawnshops are used to dealing with people down on their luck, and often take advantage of that situation by not offering a good price for people’s valuables.

Sometimes you can find brokers that want to buy your gold if you know where to look. Often these guys will place an ad in the newspaper offering to buy your old jewelry, coins and other precious metals, but they can also be found at trade shows.

If you’re not in a hurry to sell your gold, auctions may be a great opportunity. However, local auctions are primarily for those wanting to sell a lot of stuff. You may find an auction house that will list your individual items, but these places usually want items in decent condition.

Online auction sites like eBay and others are a good choice since they can offer your jewelry to a wider audience. You should be aware however, if your item doesn’t get any bids, you may still be responsible for listing fees, which usually are not very much.

Often the best resources are your friends and family. There’s no shame in asking family and friends, “How can I sell my scrap gold?”  They may very well know of a few places that you didn’t think of.

Filed Under: Where to Sell Gold

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