Five Tips For Selling Your Gold Jewelry
Advertisements promising cash for your gold jewelry are very hard to miss and not always for good reason. Youve undoubtedly seen one of the many We Buy Gold! commercials and probably had a good chuckle at the-over-the-top characters in them. But while there may be a disconnect between serious gold sellers and the buyers who create cheesy ads to convince you to sell their jewelry to them, seeing great returns on your precious metal items is very possible indeed.
Ensuring that you get the best deal for your unwanted jewelry requires a bit of education about the gold buying market. While the opportunity to see good returns on your gold exists, it requires a bit of understanding around how to navigate a few pitfalls along the way. With this said, lets take a look at how you can take maximize your earnings on your unwanted gold jewelry.
Throughout 2016, gold has performed very well against virtually all other asset classes. While the gold price is high at the moment, fluctuations do occur, so keeping tabs on its value can prevent you from trading at an unfavorable time, or see you smiling all the way to the bank. A good idea is to keep an eye on what investors are doing.
Calculating The Gold Content Value Of A Jewelry Piece
In summary, to determine the gold value content of an item, you first need three bits of information.
- Weight
Next, if you encounter weights measured in pennyweights, grains, and grams, remember these conversions.
- 20 dwt to a troy ounce
- 480 gr to a troy ounce
- 31 gm, approximately, to a troy ounce
Divide the daily gold price per troy ounce by the appropriate number above. Then, multiply that result by the weight of the item to calculate its pure gold price.
Finally, multiply the items pure gold price by its gold content percentage . This final result indicates the value of the actual gold content of the item. Now, you can figure out the jewelers markup for the piece.
Are Premier Gold Parties A Good Way To Sell My Gold
Organized like Tupperware parties, these gatherings are typically arranged by friends or neighbors who meet to socialize and sell gold in a home setting. While theyre convenient, you may not get a very good deal if you sell your gold at one of these.
Theres a couple of reasons why. First, there are extra middlemen who need to get a cut. The company who organized the party and the host will both take their share. The other problem is that at parties like these, gold is often weighed together.
There is no consideration given to karat value, and payment is usually made at the lowest karat value rate. If you must go this way, separate your gold jewelry by karat in advance and dont accept the mixed bag terms.
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Can I Sell My Setting Too
Yes, you can sell your diamond and your setting. If you go through Abe Mor diamonds, theyll handle the resale of your diamond and setting. Remember that your setting will be worth the scrap gold price. So, even if you paid $2,580 for a unique setting, it will still be melted down to scrap gold. Why is that? Well, almost everyone wants a specific, custom design. Rather than reusing your ring, a buyer would prefer to have their own design created.
While it is a financial loss to sell your ring for scrap gold, at least you are able to recuperate some of the cost. Most jewelry stores and pawn shops pay approximately 50 cents for every dollar of scrap gold value. If the value is $1,000, for example, a store will offer to buy the ring for approximately $500. At Abe Mor, however, they offer 75 cents for every dollar of scrap value. So, youd receive $750 for the $1,000 scrap gold value, instead of $500. We described how selling gold works and how you can do it in our sell-gold-for-cash article.
Learn more about selling your setting here.
Where Is The Best Place To Sell Gold And Gold Jewelry For The Most Cash
CashforGoldUSA is the best place to sell your gold it’s a legitimate, reputable online gold buyer for selling gold jewelry that is also one of the oldest in the business.
- Fox Business News investigation found they pay 3X competitors
- Pay within 24 hours
- CashforGoldUSA has an A+ Better Business Bureau rating.
- 100% free shipping and insurance: Door-to-door free, trackable FedEx or USPS shipping, plus free Jewelers Mutual insurance up to $100,000 on each shipment
- CashforGoldUSA’s facility insured by Lloyds of London
- Guaranteed highest price for your gold jewelry, coins, diamonds and dental scrap
- Paid out more than $55 million to sellers since being founded in 2004
- Get a USPS or FedEx mailer sent to and picked up from your door 100% free
CashforGoldUSA also pays a 10% bonus above estimate resale value for items shipped within 7 days.
CashforGoldUSA also buys diamonds, watches, silver jewelry, coins and flatware and gemstones.
Gold prices are at a 7-year high. As of , the gold resale value in the USA was at a near-record price of $ per ounce,;or;$;per;gram.
Jump to: Where to sell gold
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Do Diamonds Decrease Or Increase In Value Over Time
Like the question above, theres no precise answer to this question. Diamond prices fluctuate over time. Over the last decade, diamond prices increased in the years directly after the Great Recession before declining slowly but steadily since the beginning of 2012.;
As with precious metals, luxury watches and other high-end goods, theres a public perception that diamonds can be safe, profitable investments. In almost every case, this doesnt match up with reality.;
In general, diamonds do not increase significantly in value over time. Outside of a small number of rare or colored diamonds, the vast majority of diamonds have decreased slightly in value over the last few years, making them a poor investment from a price appreciation perspective.
However, over a longer time period, diamond prices have increased. This chart from Statistica, for example, shows a more than tenfold increase in the market price of diamonds per carat for the period from 1960 to 2016.;
At first glance, this can make diamonds look like a good investment. However, the reality is that investing money in just about anything else would have produced a better return on investment over the same period than purchasing and keeping a diamond.
For example, based on historical market data, $1,000 invested into the S&P 500 in 1960 would have grown to approximately $213,690 by the end of 2016, providing a far better total return on investment than that offered by a diamond.
Tips For Selling Your Gold For Cash
Ten tips for selling gold, avoiding ripoffs.
Aug. 23, 2011 — In today’s swerving economy, stocks are out, and gold is in.
The price of gold is up 20 percent since the beginning of 2011, and by mid-August gold was going for over $1,700 per ounce. At times on Monday, its spot price hovered near $1,900 per ounce.
So how do you cash in?
If you’re like thousands of Americans, you go to a gold party, the hottest trend on the block, where you can have your jewelry appraised and get paid cash on the spot.
But not so fast.
With every good deal comes a case of buyer’s and, in this case, seller’s beware, a reminder that consumers should do their homework before selling their jewelry at gold parties or in a local jewelry store.
The Better Business Bureau advises consumers that while gold parties may be a fun and convenient way to make some cash, they may not provide you the best deal.
Follow these tips from BBB to make sure you’re getting the best value for your gold.
1: Understand the Scales
3: Keep Your Karats Separate
Don’t let jewelry of different karat value be weighed together. Some dealers will weigh all jewelry together and pay you for the lowest karat value. Separate your jewelry by karat value before attending a gold party.
4: Know the Value
5: Know Your Buyer
6: Know What You Are Selling
7: Know the Fine Print
8: Shop Around
9: Be Realistic
10: Bring Your I.D.
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Whats The Best Way To Get The Most Return On Your Jewelry
Selling estate jewelry is the art of compromise. There is a balance between dollar paid and quickness of payment and ease of transaction. If you want the high price, fast and easy, you are dreaming. The higher the price gained from the sale of estate jewelry, the longer the time and more difficult the transaction. Finding another consumer to buy your jewelry is the most profitable but the most difficult, time consuming and problematic. Walking into a dealers shop is the easiest and fastest way to sell but you are selling at wholesale or less. Finding the balance is a personal judgement call.
Each method of selling estate jewelry has its strengths and liabilities. Besides the price received for the jewelry, the time investment you have to make to sell the jewelry enters the equation. What are your time and energy worth? I have known people who have driven around town for two days just to make $20 more. Dont over look the ease of transaction. Not all people decide to buy and pay cash on the spot. Some individuals take two or three visits just to make up their mind to buy. There could also be a measure of trust in shipping the jewelry across the country or even a payment plan could be the only way a person could afford your jewelry. The balance of dollar paid versus method of payment can be very tricky.
Selling estate jewelry is the art of compromiseEach method has its strengths and liabilities.
How Pure Is Raw Gold
Raw goldis 100% pure gold in its natural state, and always contains some kind of impurities.;
When these impurities consist of other metals, the gold is considered to be an alloy. The most common metal to be found with gold is silver, but gold can also be found with copper, iron, and lead impurities as well.
Raw gold is commonly found as 18 karat gold, it can be as low as 14 karats in purity.;
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Make Sure The Jewelry Isnt Valuable
Before you send any jewelry off to be melted down, first determine if its worth more than the melt value of the silver or gold. Get an appraisal or ask a used jewelry dealer how much hell pay for your things. Who knows, you may have an antique on your hands!
Once youre sure your items are worth no more than their melt value, heres a four-step process to get the most money when cashing in your gold and silver:
Your Turn: Do you have some old jewelry or other items that have valuable silver or gold in them? Have you tried selling them?
Ready to stop worrying about money?
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Pawn Shops Near You That Buy Gold
Many pawn shops purchase gold jewelry, coins and bullion. Selling locally to a pawn shop is an easy way to sell your gold for cash quickly. However, youll almost always get a lower price than you would by selling to a reputable online gold buyer.;
As weve explained in more detail in our guide to selling gold jewelry to a pawn shop, pawn shops usually offer significantly lower prices for jewelry than online buyers. In every secret shopping we tried, Abe Mor offered at least 10% more than the local pawn shop. Often much more.
The reason for this is that pawn shops make the majority of their revenue by loaning money to their customers. In order to get a good return on investment by buying gold, the pawn shop will need to buy it for a low enough price to be able to sell it with a reasonable profit margin.;
There are also several other disadvantages to selling at a pawn shop, from employees that may not know much about gold to the occasional high-pressure sales process. Weve listed these a little further down the page.
Advantages of selling gold to a pawn shop include:
- Instant payment. When you sell gold jewelry, coins or other gold items at a pawn shop, youll usually be paid right away. This can be a huge advantage if you need to get cash right now and cant afford to wait for several days.
Disadvantages of selling gold to a pawn shop include:
Bottom Line Recommendation:
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Cash For Golds Price For Gold Calculator
If you know some of the details of the gold you have to sell, you can get a fairly accurate idea of how much you might get paid by Cash for Gold USA.
The front page of the website has a gold calculator so that you can get an estimate based on todays price of gold on the spot market. Its about 2/3rds of the way down on the right side. See it outlined in red below:
If you know the weight and karats of your gold, you can get an instant price . Of course, the price is not binding and does not reflect the actual payout. Youll have to submit your gold for an actual appraisal before a dollar amount can be locked in.
How Much Do Gold Buyers Pay
Just like everyone else, gold buyers are in business to turn a profit. That means the less they have to pay someone who walks in the door and wants to sell some gold, the greater potential there is for them to turn a profit.
You will need to shop around to find the best deal when you want to sell. Recognize that a dealer has overhead and they will need to buy your gold at some kind of a discount before they can process what they buy and resell it to others in the gold marketplace.
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Why You Wont Get Exactly The Spot Price When You Sell Gold
All businesses that buy gold in small quantities will buy it for less than the spot price, meaning you wont get exactly what the gold is worth when you sell it.
This is simply a reality of business. All businesses have expenses, and the companies buying gold need to be able to make a profit in order to stay in business. They also need to cover the costs associated with melting and refining your gold jewelry so that it can be reused.
As such, the amount of money youll receive from the business buying your gold wont be the exact gold spot price. Instead, itll be the spot price minus the fee the buyer adds to make the transaction economical for them.
The amount youll lose compared to the spot price depends on the type of gold youre selling and the merchant you sell it to.;
If youre selling old gold jewelry in small quantities, youll generally get a lower price per gram than you would if you were selling, for example, a larger amount of gold in the form of bullion coins or bars.;
As for gold buyers, commissions can vary hugely. We generally recommend Abe Mor for gold jewelry, as their fees are lower than other gold buyers, meaning youll get a higher percentage of the spot price for the gold you sell. However, there are many other buyers out there.
Below, weve explained what you do to get the best price for the type of gold youre selling.
Evaluate The Gold And Stones Separately
If your gold jewelry has stones set in it, find out how much they are worth if sold individually.
There are gold buyers that will purchase your jewelry with its diamonds or other gemstones, but you should be aware of their value so that you know if you are getting a good deal.
Ask several gemstone dealers how much money they would give you for your stones only, and then ask gold dealers to give you a price only for the gold in your jewelry. It might turn out that you would be better off selling your stones and gold .
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So How Much Will I Get For My Gold From A Gold Buyer
Usually, gold buyers will pay about 70-80% of the market price for your gold, by weight. If you are selling extremely pure gold like a 24 karat gold coin you may get up to 90% of its market value.
If you want to weigh your gold and get a commitment-free quote for selling your gold in Melbourne, we recommend that you come into Gold Buyers Melbourne right away. Were always happy to weigh your jewellery and scrap gold, and provide you with a quote for its value, based on todays market prices and spot value! Get started today.
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