Quick Tips on Selling Gold Jewelry

Photo by andy.brandon50 via Flickr

Are you thinking of selling your unwanted gold jewelry and looking for some good tips for selling gold jewelry? Selling gold jewelry advice can literally be found all over the internet in the form of articles, websites and forums. But to be honest; most of it is simply trash. So why are you looking for some good advice for selling gold jewelry. Obviously, you want to make sure that you get the most money for your jewelry if you decide to sell it, and that is what I am going to help you with.

Here's a few important tips you should know before selling gold jewelry that will allow you to make the most money possible.

Know How Much Gold is in Your Jewelry

You don't have to know the exact value of the jewelry you are selling, but it's a good idea to have a general and realistic idea of what's the value of your jewelry. You can either go to appraiser or you can easily figure out the value of your scrap gold for yourself. With gold jewelry, for example, an appraiser will quote you a price based on the weight of the gold content-indicated in karats-also taking into account the current market price, and minus a handling fee. Solid gold is 24 karats. Most gold jewelry is less than that because it is mixed with other metals. So, for example, the value of a gram of a 21karat gold is much higher than a gram of an 18karat gold. If it contains precious or semi-precious gems, that should increase the value as well.

Scrap Value vs Retail Value

Scrap value means the buyer is buying your gold for the value of the metal alone - the retail value allows you to factor in the aesthetic value of your gold pieces so that you can sell gold for cash at a higher price. Sometimes, the buyer may take into account the craftsmanship that went into making the gold jewelry. Other buyers might consider whether you are selling an antique.

Realize the Market Fluctuates

The price of gold changes daily based on various factors, including market demand, manufacturing supply and the financial markets. It's important to understand that the price you are quoted for a piece applies to the day that the piece is/was appraised and is/was based on the market value in the industry at that time.

Know Your Gold Buyer
You can sell your gold jewelry either to a pawnshop, jewelry store, or online gold buyers. Only deal with an established and reputable gold buyer. Read reviews and reports pertaining to selling gold and get advice from others who have already done so. When selecting, you should also check the price of gold. Call several jewelry stores, coin stores, and pawn shops to ask what they pay for gold. If they won't say, don't do business with them. Because the price of gold fluctuates, call all the stores on the same day. Most gold buyers offer more for larger amounts of gold and diamond and might negotiate. If you are sure you want to sell to the online gold buyers, you must check their standing with the Better Business Bureau.

Keep a Record of the Sale
Keep records of all communications with the cash for gold company, be it emails or phone calls. Take pictures of the items you are sending and keep photocopies of all forms filled by you. These will help you in case anything goes wrong.