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.

Sell Gold Stores Are Everywhere Now

Sell Gold Stores

Buy and sell gold stores have been popping up almost everywhere ever since gold has risen so drastically in price. People are willing to cash in and businesses are willing to buy, buy, buy!

And while there are numerous buyers who are willing to take your gold items off your hands, before you say yes to just anyone, keep these tips in mind.

Not everyone will be able to give you the cash you need immediately, so if you’re looking to sell gold today, your best bet may be to find a business in your community or the surrounding area that’s willing to pay for your goods as soon as you make a deal verses an online or television commercial business where you have to wait for your check to arrive in the mail. And then you may have to deposit it at your bank instead of just cashing it.

Of course if you live in a small town like many people do, you may only have the option of selling your gold to a pawnshop unless you’re willing to drive to the nearest city for a better deal. Many pawnbrokers may not give you a lot for your items because they loan out so much money already and don’t make much of a profit on the items they do have.

If you live in a town that has a jewelry store, sometimes that is your best option if you want to sell gold jewelry since they may give up to 70% of the going market rate for gold. You shouldn’t expect much more than that however, since most businesses aren’t likely to go any higher than that percentage.

Another option you may want to consider is a coin shop. Coin dealers may give you just as much as a jewelry shop will as long as they are coins of course.

However, make sure that the coin you’re selling isn’t worth more for it’s collectible value since many consumers tend to overlook that option. The same should also go for jewelry and any other items you may have that are antique or rare.

Another option many people don’t really think about when it comes to selling unwanted gold is a flea market store or resale shop. Anyone who knows the value of the precious metal may be willing to invest in what you have to offer for the right price.

And finally, keep in mind that when you do decide you want to sell gold, anything that is a family heirloom you’re better off leaving at home in your collection no matter how desperate you are. Otherwise you may end up regretting it or cause a family feud if anyone were to ever find out.

And once the item is gone, chances are it’s gone for good since most items that are sold as scrap gold are melted down for re-sale. So you’re better off sticking to items you know aren’t a family treasure and taking them to buy and sell gold stores instead.