These days it would seem like everyone is interested in gold jewelry. There are adverts everywhere about how you can get cash for gold jewelry that is old, broken, or unused. These gold buyers seem to be everywhere and have been advertising their business virtually everywhere. They promise a hassle-free way to make great money from all the unwanted jewelry, gathering dust in drawers and old jewelry boxes. Before you rush off to sell gold jewelry, there are a couple of things that you need to be aware of:
- You need to understand how the price of gold is determined. It is not just the weight of gold that determines what your jewelry is worth but the purity of the gold also plays an important role. The purest gold is 24 K gold but this quality of gold is often too soft and bends too easily. It cannot be used to make gold jewelry like bracelets, necklaces, and rings. A lot of gold jewelry is made from a mixture of gold and other alloys. You will find that a lot of gold is made from 14K gold. There is 58,33% of pure gold in a piece of gold jewelry and 41,67% is metal alloys like copper, nickel, etc. The higher the purity of your gold the more money you will get for it when you sell.
- Not every gold buying company will offer you the same price for gold. There are a lot of companies that make wild claims and want you to believe that they have the highest payouts. Something else you need to consider is that not every company will pay the same amount of money for your gold. Unless you have researched your gold, you have no way of knowing whether the price being offered is fair or not. By learning how gold is priced and what rates you can expect, you will be able to choose a gold buyer that will give you the best amount of money for your gold. Many companies claim that they have the highest payouts. Unless you have done your research on the companies you are considering, how will you know if this claim is true? By learning about the rates that the different companies pay you will be able to choose the company that will pay you the most amount of money.
- There are different ways to sell gold jewelry. You could pawn it; Pawn shops will gladly accept your gold if it is in good condition and if they believe they can make a good profit by selling. Pawnshops are convenient. They can be found virtually anywhere and they payout cash immediately. This might be helpful if you need cash right away. If you want more money then you might have to take your gold to reputable gold dealers or buyers. You can also try out the businesses that advertise themselves on TV or pay for massive billboards that say “We buy gold” or try out online services. You can also try selling your gold jewelry to a jewelry store. Not all jewelers are willing to buy used jewelry. You may have better luck by selling to a gold dealer
- You are likely to have better luck if you visit a gold exchange or an independent jeweler than you might if you visit a jewelry chain store. Whichever route you may not be able to get the market value of jewelry but it is possible to take a fair amount of what your jewelry is worth. The gold price does not stay in one place, it always fluctuates. To get the most when you sell hold jewelry, study the gold market and the trends that it follows.
The price of gold can fluctuate over some time. When more people want to purchase gold, the price per troy ounce will rise. At times like this, your gold jewelry will be worth more than it will when the cost of gold is low. Knowing when the best time to sell is will help you get the maximum return on your pieces.