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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 can be the worst places 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 valuables 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, 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.
How to Sell Scrap Gold
Chances are if you’re reading this article, you’re looking for a way to make some extra money and if you’re like most, you may be wondering if you can sell gold for scrap. Well, it’s possible if you know how.
Generally when you’re scrapping a precious metal like this one, you want to do your homework. While you can make a bit of a profit from this type of selling, some pieces are worth far more than that.
Items that are usually scrapped include bent or broken jewelry, simple wedding bands or other rings such as class rings that aren’t very valuable on their own, defective or damaged coins, dental crowns and bridgework, single earrings, nuggets, wire, watches and electronics.
These items are generally those that are not easily repairable.
Before you decide on a buyer, you should separate your items first. The easiest way to do this is by seperating them into piles of 10k, 14k, 18k and so forth. The next thing you’ll want to do is remove anything that may be of value to another buyer such as precious jewels or stones. This will also help give you a better idea of the weight of the pieces you do want to profit from.
If possible, weigh your scrap gold so that you will have an idea of how much precious metal you have. You should try to use a digital scale when possible, that way you’ll know the exact amount you have.
Weighing your items will also assure that your buyer isn’t trying to pull a fast one when it comes to exactly how much you have.
Your next step should be to call around to area buyers who specialize in buying gold and ask them how much they would be willing to pay for your items.
If there are no local buyers in your area, try offering it to your local jewelry stores. Just keep in mind that they may only want jewelry that can be restored.
If there are no willing buyers in your area, you may want to consider placing a classified ad in you local paper to let potential buyers know what you are selling. Just be sure you have a good idea of the exact worth of the items before you accept just any offer.
Another option would be to use an online gold buyer who offers a special kit which generally includes a prepaid envelope and sometimes documents that will allow you to write out a description of every item you are sending them.
You should use caution when dealing with an online buyer, however. Most online buyers aren’t worth selling to if you don’t have a lot of scraps.
And finally, you should always remember that when you sell scrap gold, the price the buyer offers will more than likely change from one day to the next.
So be sure you get the price you were quoted in writing before you close the deal. And if all else fails, you could always try selling your scrap at auction either online or offline.
