How to Get the Best Price When Selling Unwanted Gold Jewelry |
Posted: July 15, 2016 |
With the price of gold holding steady and even seeing noticeable growth during the recession, dealers are keen to melt it down and turn it into cash themselves. However, you should know that trading in your valuables in this way may not net you the kind of money you’re expecting. Just because the price of gold is hovering around $1,200.00 per ounce of late doesn’t mean you can get that kind of payday. For one thing, your gold may not be pure, and for another, whomever you choose to sell it to is also trying to make money. However, there are a few things you can do to protect your interests and find the best price when you decide to emty your jewelry armoire by selling your gold jewelry. The place to start may be with an appraisal of your jewelry if you haven’t already had one. While you can certainly remove gemstones, check the quality of gold via the stamp on the piece (which should tell you if your jewelry is 18 or 24-karat gold, just for example), and weigh all the items on your food scale, these efforts may not give you the sum of the value of your gold. For one thing, some pieces may be worth more intact than melted down. An appraiser can give you a value based not only on the weight of gold you possess, but also the craftsmanship involved, the relative demand for pieces like yours, and perhaps even the artisans that made them. A professional appraisal will cost something, but it could change your mind about your planned method of selling particular pieces of jewelry. If it happens, however, that your jewelry has little worth beyond the intrinsic value of the material it’s made from, you may find yourself scouting for vendors that offer cash for gold so that they can melt it down and sell it in larger lots. You will find that there are outlets that only engage in this line of work, as well as jewelry stores that offer the service. Obviously, you’ll want to go with a reputable vendor, which means you’ll need to do some homework to compare both prices and reliability. As a general rule, you should probably steer clear of anyone advertising mail-in services. You want to be present when your items and weighed, for one thing, and haggling in person is a lot easier than playing phone tag or trying to get your items shipped back to you if you don’t agree on a price. Although some online vendors actually do offer you 80-90% of market value for your gold, others could lowball you at less than 10% of what your gold is actually worth, and there’s no regulation to ensure you get a fair price. For this reason, approaching a local jeweler like Gold & Co. could end up making the process much easier. As a final option, you could always look into pawning your gold jewelry. Unfortunately, this route is unlikely to deliver the best returns. But you will get cash on the spot, which has a certain appeal.
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