If you’ve got gold jewelry lying around collecting dust, you’ve likely considered selling it. However, the gold market can be quite confusing to navigate. That’s where we come in! If you’re looking to turn your gold jewelry into cash or a sparkling piece of new jewelry, you’ve come to the right place.
There are several factors to consider when selling your gold jewelry: purity, value, novelty, etc. You might be wondering if your pieces are worth anything, and if so, how much? Additionally, if you own gold jewelry of value, how do ensure you’ll get a fair offer?
You’ve got questions and we’ve got answers, so let’s break down everything you need to know in this guide to selling gold jewelry for the most money. First step? Know your gold.
Any time you want to sell something, you need a good grasp on what it’s worth. The best way to sell jewelry for the most money is to do a little leg work before collecting offers, which will provide valuable insight into what you’re working with. For instance, if you take your gold jewelry to a pawn shop, they’re going to appraise it at a significantly lower value than what it’s worth as they still need to flip it for a profit. That’s why a little research goes a long way.
Rather than relying on sales resources that will undervalue your pieces, there are two trusted ways to gather more information about your gold jewelry:
To get a good idea of what your gold is worth, it’s smart to get up to speed with the most current gold market prices. First, find out how many karats the piece has by identifying the hallmark, or stamp, which notates the item’s gold purity. Examples include “10K” and “18K.” This marking is important because it tells you how much pure gold you are working with. If you find your item has 14 karats, than divide 14 by 24, which tells you how much pure gold you have. For example, 14K gold contains 58.3 percent of pure gold.
Now, how much does the piece weigh in grams? Once you’ve got these figures, you can calculate the value of the item by multiplying the weight by the market price per gram of gold. Got a headache just reading this? Learn more about calculating the price of gold jewelry at home.
Another option is to take your gold items in for an official jewelry appraisal. While the appraisal will cost a little upfront, it’s worth it to get a straight assessment of your gold jewelry. In turn, you’ll know what you should expect to charge when you go to sell your pieces. This can actually save you from losing money in the long-run.
Additionally, it’s a good idea to research online what gold jewelry items similar to yours are going for. This will give you a reasonable indication of what to expect to get for your jewelry.
Now that you’ve got a firm grasp on what you’re working with, you can move on to the other components of valuing your gold jewelry. Keep in mind that the market price of your gold is not the selling price. Most often, you can expect to receive between 20% and 40% less than the market price.
With this information in hand, you can now look into selling your jewelry items as they are, or as gold scraps. If your items are tarnished or scratched you’ll likely want to sell it as scrap. However, if your items are in excellent shape there are factors to consider when selling them:
Novelty/Uniqueness - If your gold jewelry is a unique vintage piece, high-quality, rare, has an interesting story or novel quality to it, then you’ll want to sell it as is.
Value Your stones - Do your pieces contain precious gemstones or diamonds? If so, you may want to take the stones out and sell them separately to get the most money for your gold jewelry.
As with any financial transaction, you want to do some research and collect offers before choosing one. Unless you’re in a pinch and need cash fast, it’s smart to take your time, collect offers and then go with the highest bid. Where is the best place to sell gold jewelry for cash? There are several options, but in general you’ll have the best success success selling gold to a local jeweler. That said, any time you sell to a jeweler, they have to factor in their costs and how much they need to knock off their offer in order to make a profit. Always research the jeweler to ensure they are reputable and give fair offers.
Lastly, consider whether you want to sell your gold jewelry for cash or trade-in credit. If you’re strictly in it for the benjamins, you’ll want to call ahead of time to ensure the jeweler pays cash for gold.
Alternatively, if you’re looking to trade in your items for new jewelry, you’ll generally get a better deal and value by trading in.
Are you ready to sell that gold jewelry pile of yours? Great! To sum up, here are the key takeaways for selling gold jewelry:
Know what you have regarding karats, quality and history
Do your research on the market price for gold
Decide if you want cash for your gold jewelry, or if you’d rather trade-in
Get an official appraisal to ensure a fair value
Shop your pieces around to get the best offer
Do research on the company to ensure they are reputable
Looking to add a new item to your jewelry box? Great! Browse our gold jewelry collection
to find the perfect piece!
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