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How to Sell Gold: 7 Tips for Selling Gold Jewelry

25 May 2020 No Comment

According to experts, there are 171,300 tonnes of gold left in the world.

If you have some of that gold that’s left, you may be wondering whether or not you should keep it or sell it for some extra cash.

If you do decide to sell it, selling some of your gold jewelry can be a good way to go about it. Learn how to sell gold with these practical tips.

1. Know the Value of Your Gold

One thing you should make sure of is that you know the value of your gold. If you don’t know yourself, you can always try checking some appraisal sites online. You could also try calling a local jewelry store, but make sure that you get several quotes.

By doing this, you can verify the market price for gold before you sell it so you don’t get taken advantage of.

Most dealers know that people sell their gold to get quick cash, and they assume that you’ll just take any offer that they give you.

If you’re going to sell it to someone based on weight, make sure that you have someone check out your antique jewelry. If it’s unique, it could be worth more as a fashion piece rather than just the gold.

2. Understand the Scaling

Normally, the weight of the gold is what will determine the value and cost of it. Many jewelers use a scaling measurement called the Troy ounce.

In the United States, an ounce is about 28 grams. However, with the Troy ounce, it equals 31.1 grams.

Some dealers also use a pennyweight to measure a Troy ounce.

You should make sure that the jeweler doesn’t measure it in pennyweights and pay you in grams. This means that you will be getting less money for your gold.

3. Understand the Karats

In addition to understanding the scaling and weighing of the gold, you should also understand how to measure it in karats.

Pure gold is normally too soft to be used and molded into jewelry. That’s why the Federal Trade Commission makes sure that all jewelers describe the karat fineness of the alloy they’re selling.

One karat equals 1/24 of pure gold.

If you have a piece of jewelry that is 14 karats, that means it’s 14 parts gold with 10 parts of some other metal. A piece of jewelry can’t be labeled gold unless it’s more than 10 karats.

If you have jewelry of different karats, make sure that you don’t let the store weigh it together. Some will try to weigh it together so that they have to pay you for the lowest karat value, decreasing the amount of money you’ll get.

4. Protect Yourself

Before you go to a place to sell it, you should make sure you have yourself covered as well.

Take pictures and document exactly what pieces you have in case something happens. It also helps to get an appraisal first before you go to sell it.

5. Find a Good Buyer

Before you go to sell your gold, you should make sure that you do your research to find a good jeweler. With only so much gold left in the world, there is a pretty competitive market out there.

Some things you should check for include looking for a business license to buy gold in your state. You can also ask them if they’re a member of a jewelry trade association. These associations have high ethical standards, so this can help ease some of your concerns.

You can also check with the Better Business Bureau to see if any customer has complained about their selling or buying gold.

You should also make sure that you never send your gold in the mail for someone to buy or appraise. There might be a high chance that you’ll never see it again, and you won’t get any money out of the deal.

If you’re looking for a good and reliable buyer, check out this link: https://crowngoldexchange.com/stop-searching-for-gold-exchange-near-me-visit-crown-gold-exchange-today/.

6. Understand What a Fair Price Is

You should also learn what a fair price for your gold is.

If you’re selling coins or bars, you should get about 90 to 95% of the current value on the market. With gold jewelry, you may only get about 70 to 80%.

The difference will be on how much the dealer can make a profit of it. This also factors in the cost of them having to melt the gold and turning it into something else.

7. Don’t Act Just on Impulses

Lastly, make sure you don’t act on impulses when you’re trying to sell it. Don’t take the first price that is offered to you because you may get a higher one down the road.

Getting it appraised at first can cost you more money, but it’s better to know more about its artistic and workmanship value as well.

Go through all the gold that you’re trying to sell and evaluate every piece of it. Some pieces may have emotional value, or it may be a family heirloom. Are you sure you really want to sell it? Sometimes an emotional price can’t outweigh the amount of cash you’ll receive.

The best pieces of gold to sell are broken jewelry or missing earrings. These may not have any emotional meanings, and you won’t miss it after you sell it.

Learn More About How to Sell Gold Successfully

These are only a few tips on how to sell gold successfully and get a fair price for your jewelry.

The bottom line is to make sure that you do your research and have some information about what you’re selling before you go in to sell it.

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