Selling gold jewelry is the new rage. People have gold selling parties, mail in jewelry to popular TV ad businesses, and take gold jewelry into antique and pawn shops for cash. It is easy to want to rush right in and give up all of your beautiful gold jewelry, but you should take your time to ensure that you get the best possible price.
The first thing that you should do is have your gold jewelry appraised. The cost of getting jewelry appraised varies. Some people charge as little as $25.00 apiece, but this cost can increase to around $100.00 apiece depending on where you take the jewelry. If you have a lot of gold, your best bet is to find an appraiser who charges by the hour instead of per jewelry item. Although it is unlikely that you will ever get the full appraisal price this will at least give you an idea of whether or not your jewelry is worth selling. The appraiser can also tell you the weight and karat of your gold.
You must know that you will get the most money for 24-Karat gold, and jewelry that is only coated with gold is not even worth trying to sell. The reason for this is the gold is usually melted down, and the buyers want gold in its purest form. The higher the Karat, the purer the gold content, and the more you will ultimately get in cash from the sale. Platinum is the only exception to this rule. Platinum is worth more than silver or gold. Therefore, if you have a platinum piece covered in white gold, you should fare very well in the sale.
You can find a lot of places out there that claim to give good prices for gold, but beware of scams. You should find a reputable dealer. Most people recommend staying away from the mail-in jewelry ads, as it is better to find someone who will buy your gold jewelry in person. This way, you know that you will get your cash right away in exchange for your jewelry instead of blindly sending away your jewelry and hoping to get a check back in the mail.
Just as you should get three estimates for repairs to vehicles, you should also take time to get at least three estimates for your gold jewelry. This will help to ensure that you get the best possible asking price.
Another way to get the best price is to closely monitor gold prices. Gold prices can fluctuate as much as the stock market, and you want to sell your gold jewelry when gold is at its highest value.
Because the gold jewelry will most likely be melted down, it is far better to sell ugly jewelry. Even gold that is scratched and broken (think pieces of earrings and necklaces) is better to sell than jewelry with a lot of beautiful details. Ugly gold jewelry is also much easier to part with because you are less likely to get any wear or use out of it. You shouldn’t sell items that have extreme sentimental value to you, or beautiful gold jewelry that could just as easily be sold to someone in its current state.
If you follow all of these tips, you can make a lot of money selling your gold jewelry. Start looking around your house for old, worn-out gold pieces that you never wear. Find a reputable dealer, get three estimates, and sell when the gold prices are high.