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:
- 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.
Sell Unwanted Gold
Why sell unwanted gold? That’s a question you may be asking yourself right about now if you’ve been a little worried about cashing in on the popular metal. And if you were keeping track of the going rate of gold, you’d know why you should be selling to gold buers right now.
At around $1,100 per an ounce presently, gold is making a lot of consumers happy to cash in on everything from gold coins, bars, bullions, gold jewelry and even dental pieces. As long as it contains gold, it can be sold for fast cash.
Yet not too long ago it used to be that people just weren’t really interested in really selling their old gold items. And even if they knew their gold items were worth something, they would just drive to the nearest gold buyer or pawn shop and get as much as they were offered for it. Or they’d throw it in their yard sale for a specific price and be done with it.
So now that consumers have gotten wind of the decent amount of money you can make when you sell gold, they’re cashing in, but not always at the right places.
One of the biggest businesses that’s profiting from the current gold rush are pawnshops. They know that desperate people want to sell quickly without any hassle and pawnbrokers have no problem stepping in to buy your valuable pieces.
But, if you really want to sell your gold for the best price possible, you may need to avoid the pawnshops and do your research. Don’t just try to get rid of your items to the first business who has a sign posted, offering to buy and sell used gold. Instead, know what your items are really worth first, then shop around for the best offer.
The easiest way to know if you have enough of the precious metal that’s worth selling is by checking it’s purity. Most pieces, especially jewelry will be engraved with a number and the letter “K” (karat) (like 10K, 14K, or 18K) and a higher number will mean a higher gold content and value.
Once you know the value of your gold piece, make sure you know exactly how much the going rate is for your items. The market fluctuates daily, so while that old wedding band may be worth a couple of hundred in the morning, it may only be worth ¾ of that by mid-day.
Don’t pass up a coin dealer or jewelry store when you have coins or jewelry. Even if the pieces are not in perfect shape, these businesses may still take an interest in what you have since the precious metal is very valuable.
Think outside of the box when it comes to selling scrap gold. While there’s nothing wrong with considering an online dealer, refiners will allow you to skip the middle man if you know how to talk to them.
Most refiners however, are often leery of purchasing from individuals since there’s generally not enough items to be worth their time. They want a large quantity of the precious metal, so if you have enough friends and family who are willing to sell unwanted gold, then you might just be able to grab a refiner’s attention.