Did you know that the price of an ounce of gold has increased from about $333 in the 1950s to about $1,700 in 2020? The international value of gold fluctuates year by year, but it registered an upward trend in the last decades, making it very profitable for consumers to invest in gold.
This should prompt you to consider selling gold jewelry. But if you have such jewelry, do you know how to sell gold? You cannot simply go to a jewelry store and sell it without doing your homework in advance. Keep reading to find out more about how to sell gold jewelry to get maximum profits.
1. Decide What You Want to Sell and What You Want to Keep
Many people inherit a lot of gold jewelry items and this makes them consider selling it for cash. This is not a bad idea, especially if you have urgent payments to make or want to get out of debt quickly. However, you should stop and sort out your gold pieces.
Decide what jewelry items should be sold for cash and which ones should be kept because of their sentimental value. Selling the wrong jewelry items might leave you upset and feeling guilty, especially since you cannot get them back.
2. Get Your Gold Jewelry Items Appraised by a Professional
Some people inherit very valuable gold pieces, particularly those created by famous designers. In such cases, it’s a good idea to take your jewelry items appraised by an expert. You might make more money if you sell these fine jewelry pieces at auctions in comparison with selling the gold by weight.
Even if you don’t have designer pieces of jewelry in your collection, getting them professionally appraised is recommended to maximize your profits. You should check out Crown Gold Exchange to learn more about gold appraisal and selling.
3. Learn About Gold Quality and Prices
Not all gold jewelry items are the same, even if they look very similar. For example, you probably already heard of 24K gold, 18K gold, or 12K gold. The “K” stands for karats and it’s a way to measure gold purity. 24K gold is 100% pure, meaning that the item contains just gold and no other alloy or metal.
12K gold is 50% gold combined with other metals or alloys. Jewelry items usually combine gold with other metals because pure gold is very fragile. The added metals or alloys give strength to the gold piece, making it more durable. In most cases, gold jewelry items have their purity level stamped on them, so check that out before selling.
Learning more about gold prices will also help you maximize your profits. For example, look online for a history chart on gold prices. If the price of an ounce of gold is lower than last year, maybe now it’s not the best time to sell it. You might want to wait a few more months and sell the gold when it would bring you more cash.
Remember that buyers will not pay you according to the market value. They need to make profits from each transaction, so you’ll probably be paid 90% of the market value. That’s still a great deal, especially if you have large amounts of gold jewelry items that can fill your pockets with thousands of dollars in a single day.
4. Obtain a Few Quotes From Multiple Gold Buyers and Jewelry Stores
Before you sell your precious gold pieces of jewelry, make sure that you shop around a little. See what each gold buyer has to offer and don’t settle for questionable firms that pay you too little for your gold. You can go online and contact a few reputable gold buyers and jewelry stores in your city.
Ask by phone how much they can pay you for your gold. After you have screened these buyers, go for the one that offers the most attractive deal. Although each jeweler will analyze the gold pieces in person, he or she might be able to communicate a rough estimate on how much you should expect to be paid.
5. Check the Better Business Bureau Before Selling
You probably have found the most attractive deal, but have a little more patience and check the reputation of the gold buyer. Visit the Better Business Bureau (BBB) website and see if the gold buyer you want to sell to has a good reputation. If there is a lot of negative feedback associated with that particular buyer, find someone else.
Doing your homework and checking the reputation of a particular gold buyer takes just a few minutes, but it can save you from huge disappointments. Make sure that you also look for testimonials and reviews from independent sources before settling for a jewelry store.
6. Never Send Your Gold to Questionable Appraisers or Buyers
Gold jewelry items can fit in small packages and they are worth thousands of dollars. That’s why a lot of untrusty buyers advise you to send your gold in an envelope for a “free appraisal” or to get a quick cash payment. Do not fall for such scams because you might never see your gold back again, ever.
If you want to sell your gold, sell it in-person to a trustworthy jewelry store or gold buyer. Visit them, ask questions, and read their terms and conditions carefully. If you leave gold pieces for appraisal, take photos of them before. Be as precautious as possible because that’s the only way to avoid theft and get the most money from your gold.
Now You Know Everything About Selling Gold Jewelry!
As you can see, selling gold jewelry is not that complicated, but you must be willing to do your homework. Don’t settle for pawn shops or for random gold buyers at the corner of your street. Look online for prestigious jewelry stores and travel to a different city if you find a better deal there.
Remember that a small collection of gold jewelry items can bring you several thousand dollars in cash, so traveling might be an effort worth making.
In the meantime, don’t hesitate to check out the other articles on our website. You’ll learn more gold facts, history of gold, and how to obtain a better price for your gold coins or jewelry items.