If you have decided to sell your gold jewelry, there are a few things you can do to ensure you get the most cash for your gold. This can include getting an appraisal, checking the gold market, and shopping around for the best prices.
The very first thing you should check is if your gold jewelry has more value as scrap or whole pieces. (Gold Jewelry: Determining Value)
Scrap is gold that is melted down and recycled. It’s estimated that only 1 or 2 percent of all jewelry is worth more as jewelry than it is as scrap, and this small number consists of designer brands.
Silver and Gold Exchange paying premium prices for select designer jewelry pieces
The next thing you should do is establish just how much gold you have. There are too things you will need to check: gold content, and weight.
Gold jewelry is always made from a mixture of gold and other metals, because gold on its own is far too soft. The karat is a way of measuring how much gold is in or jewelry. 24 karat is pure gold, so in jewelry each karat is 1/24th of a piece of gold. Or in other words, an 18 karat ring is three quarters gold whereas 10 karat jewelry is about 42%.
Now you need to weigh your gold. Take out any precious stones or non-gold material that you can, as you don’t want to sell the gold with these still in.
Now that you know how much gold you have, you can check online to see how much it is worth. Remember that you won’t be able to sell your gold for the full price.
Now that you are ready to sell your gold, you need to find the best company for you to sell to.
You should actively avoid any companies that refuse to disclose upfront the percentage they buy gold at, as these are usually the companies offering the worst deals.
You should also find out how long after receiving your items they will send you an offer and payment. And, if the Gold Buyer doesn’t include insured shipping, make sure your items are insured.
The last decision you need to make is whether to take your gold to a shop or sell online.
Investigative journalism has proven that “we buy gold” shops offers the worst cash for gold prices. Pawn shops offer better prices, but are only interested in items with resell value.
Online buyers who plan to melt your gold down will buy items that are damaged. There are no lines, no days off work, no chance of getting mugged, and some will included trackable, insured shipping. (How it Works at Silver and Gold Exchange)
By Mike Ferreira on August 14th, 2013