RSSAll Entries Tagged With: "gold item"

Selling Gold Jewelry

Selling Gold Jewelry

sell gold jewelryYour 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.

Sell Gold Scrap For Fast Cash

Sell Gold Scrap

If you’re planning to sell gold scrap, or any other type of precious metal for that matter, I can very well guarantee it’s not just as simple as walking up to a business and telling them your items are for sale.

And there is definitely a whole lot more to selling gold as I quickly learned from a friend of my father’s who scraps metals for a living.

First of all, you need to know what type of precious metal you have. It’s all too easy to be fooled by a material thanks to today’s technology and a manufacturer’s need to make as much money as possible, especially with the economy‘s current state.

One of the easiest ways to tell if  you own the real gold or not is by the simple “k” mark that is engraved somewhere on the item.

The “k” marking which stands for “karat” tells a buyer that the piece is indeed real. In addition to the “k” symbol you should also see a number that will indicate how solid of a piece it is, as in 10k, 14k and 18k. The higher the number, the more gold is in the item and the more it will be worth.

However, just because your items are real gold, doesn’t mean you should cash in on selling your gold just yet. And if you do, you may be disappointed to learn that the face value of your items could be worth far more than its metal content.

So before you take the plunge and sell your gold item, ask the coin shop owner if your gold coins are worth more for it’s age or ask the antique dealer if that necklace is old and has a higher retail value.

The next step you should take before you sell gold is to strip anything that isn’t made from the precious metal (like diamonds or other gemstones) since most businesses won’t give you anymore for the other materials. What they will do however is remove those extra pieces anyway and profit from them, so why not cash in on them yourself?

And as far as scrapping gold items, don’t limit yourself just to jewelry or coins. Many items that people never dream can be scrapped are actually accepted by businesses as long as the piece is made from gold.

Items that may be scrapped include dental crowns and bridgework, individual earrings, gold nuggets, wire, watches and even some electronics.

And if you find that you have a lot of scrap gold that you want to sell, you may want to consider weighing them with a digital scale if possible.

Weighing your items lets you know how much you have and will assure that your buyer won’t pull a fast one on you when it comes to exactly how much you have offer.

Once you have an idea of how much gold you have to sell, you’ll want to call around to local buyers in the area who specialize in buying and selling scrap gold and ask them how much they would be willing to pay for your items.

If there are no local buyers in your area, you may want to consider an online business that buy and sell gold scrap through the mail.

Just be sure to use caution when dealing with these types of businesses by making sure that you take photographs and make photocopies of everything you receive from them to make sure there are no misunderstandings.