Key Considerations Before You Sell Your Old Gold Jewelry
With the gradually increasing prices of gold, it is extremely tempting to exchange your gold for cash, especially if your gold jewelry has been sitting around in your storage for a long time now. There are several ways to sell gold. This includes bringing your gold to jewelry stores, coin shops and pawn shops. Another alternative you have is to sell it to a gold buyer, where you post your gold items in an envelope. You will receive your check a few days later in the mail after posting your gold jewelry. Selling gold is not difficult, but there are some key considerations to take note of if you want to get the best price.
Check if Your Jewelry has Antique Value
Obviously, if your jewelry is an extremely valuable vintage piece, you would not be willing to sell it for scrap. Before thinking of selling your gold jewelry for cash, you should ensure that your piece of jewelry is not antique or has a high resale value way beyond that of a scrap metal. If you are unsure, you could always take your jewelry to a jeweler for an appraisal. However, avoid paying high appraisal fees for a piece that you do not think is worth much. A neighborhood jeweler will do the job, and sometimes they may even do it for free.
Weigh Your Jewelry and Price it
After ensuring that your gold jewelry is ready to be melted down, you can try to calculate how much your gold is worth. You can check the gold’s karat- 24K is pure gold. The karat of the gold should be stamped on the jewelry itself. If you do not have a gem scale on hand, you can use a produce or kitchen scale to weigh your jewelry. Gold is typically measured in grams and troy ounces. Use an online calculator to find out the value of the gold based on today’s price by keying in the karats and weight. You will also be able to double check the current price of gold on the World Gold Council site.
Consider Where You Can Sell Your Gold
Different places will offer you different amounts for scrap gold. According to a study published in 2009, cash for gold companies offer approximately 11-29 percent of gold’s market price, while pawn stores and jewelry shops offer about 35-70 percent. Online gold buyers offer approximately 50 percent or more. You can get the highest prices from smelters and refiners, who sometimes offer more than 90 percent of the market price of gold. However, they may charge refining fees and may not deal in small quantities.
If you are looking for gold buyers online, consider the ones that openly display how much they are willing to pay for gold, and those that give you an estimate before you mail your jewelry over. Other things to look out for include whether they can insure your shipment, or send you a registered mailer for you to mail your jewelry in. You can also see if they are willing to send your items back if you are not satisfied with their offer.
Look Around
You should also call up coin stores, pawn shops, gold buyers and jewelry stores to enquire how much they are willing to offer for gold. Consider going to physical stores near you to get a quote. Since the price of gold is continuously changing, it will be best to get all the quotes within the same period, or even the same day. Online gold buyers are more likely to pay better prices for bigger gold volumes, and may be willing to negotiate for the best prices.
If you are looking for the best place to sell your gold jewelry, look no further than AGR. We guarantee you the best prices for your gold items, and promise to treat every customer with respect and honesty. Contact us today to find out more!