Friday, July 12, 2024

How To Sell Gold Jewelry

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The Types Of Gold Jewelry We Buy:

How to Sell Gold Jewelry

14k gold is the most popular purities of gold available. Most gold jewelry is stamped with its purity, also known as karats. A karat is one part per 24, so 14 karats is 14 parts gold and 10 parts other metals. A typical European stamp on 14k gold might read 585, meaning 585 parts of gold per 1000, or 58.5% gold. Check if your jewelry is stamped with either: 14k, 14kp , 585 or even 583.

You can sell your white, rose or yellow gold rings at any Canada Gold location. If you are selling a gold ring with a diamond that is more than .25 carats, it is best to visit our Vancouver or Surrey locations where our GIA certified gemologist will accurately grade and evaluate your diamond . Gold rings set with gemstones can also be sold, however we will subtract the weight of the gemstone .

It is rare to find gold necklaces of a higher purity, as it is extremely soft and impractical unless fabricated with large thick links.

Some Chinese gold bracelets are made from pure 24k gold, and are usually stamped with a 999. However gold becomes very soft as it increases in purity, so pure gold bangles and bracelets, and even 22k gold are less common because they bend very easily.

Large heavy chains arent as fashionable as they used to be, so cashing in your unwanted gold chains makes more sense than letting them collect dust!

Haggle Before You Sell Gold

Don’t be afraid to haggle if you think you’re not being offered enough for your gold.

Check how many jewellers there are in your area. If there are several competing for business, you may find theyre more willing to negotiate over the best price for your unwanted gold, especially if youre offloading a lot of jewellery.

Gather quotes from several jewellers, then play them off against each other. See our tips on haggling etiquette to increase your chances of a successful negotiation.

Tips On Selling Gold For Cash Money

  • Be aware of scams. This is particularly true on eBay. Scammers may purchase your item, receive it, then claim it wasnt received or that they only received an empty box. The site then refunds their money, while the scammer keeps the item.
  • Always send packages with tracking, insurance, and proof of delivery. Though this cannot protect you from the empty box scam, it can give you some protection against a claim of non-delivery or missing items.
  • Dont accept offers instantly. Haggling is commonplace on the internet. When a buyer makes an offer that is lower than your research indicates is appropriate, dont be afraid to make a counter-offer.
  • Consider the value of the whole item, not just the gold, silver, or platinum in it. This is particularly true for jewelry, which can be much more valuable in its setting if it comes from a designer like Tiffany. However, it can also be true for gold-trimmed china pieces and other collectibles.

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Look At The Value Of The Whole Item Not Just The Gold

Gold buyers are generally interested only in the value of the metal making up gold items, rather than any precious stones in them or the value of the craftsmanship.

Cash-for-gold companies may remove stones from gold jewellery and discard them if you send off rings, earrings and necklaces set with precious gems – preventing you from cashing in on their value.

Likewise, high-fashion or branded jewellery may be worth more if kept whole, than if you sell it on for melting.

Other items, such as old coins, medals and keepsakes, may be worth far more than you’d ever receive from a cash-for-gold firm, or even from a non-specialist high street jeweller.

If you suspect any items you own have more value than just the gold in them, are antiques or might be of interest to collectors, get them properly assessed and valued before selling them.

Is It Safe To Sell Your Gold And Silver Online

How to Determine the Value of Your Gold Jewelry

If you use a trusted buyer, it is. As with any industry, there are untrustworthy actors out there. Because of the value of precious metals, ensuring that youre working with a legitimate buyer is key.

First, check shipping policies. A legitimate buyer will offer insured shipping, both for sending and for returns. They will also use trusted shipping companies.

Read buyer reviews on sites like TrustPilot. See what previous sellers have said about the company.

Finally, look at how long the company has been in business. The longer a buyer has been working with precious metals, the more trustworthy they tend to be.

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Shop Around For The Best Deal

Once you have a rough idea of what your gold is worth, you shouldnt accept the first offer you get thats close to the right number. Take the time to look up multiple gold buyers and shop around.

Dont be afraid to take your collection to several buyers and have them give you an offer. Making buyers compete usually means youll get a better deal.

How To Sell Gold Coins Gold Bullion And Gold Bars

You might be wondering if theres any difference between selling scrap gold, gold plated jewelry, or other forms of gold, as opposed to selling gold coins, bullion, or bars.

The short answer is no.

Buyers are more concerned with the qualities of the gold youre selling than what form youre selling. To them, it all comes down to melt weight and purity.

Of course, the exception here is if youre selling forms of gold that have numismatic value, such as rare coins, antique gold jewelry, and so forth.

But for the vast majority of gold, your best bet is to start with Cash for Gold USA.

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How Can I Sell My Jewelry Fast

The quickest way to sell your jewelry is to walk into a local pawnbroker or jewelry store and sell it for whatever they offer. However, those places can smell desperation from a mile away, so do no expect to get the most money.

The online jewelry buying industry is very competitive, and a handful of quality jewelry buyers highlighted here can be trusted to give you the highest price, and in the case of CashforGoldUSA, within 24 hours. Read our CashforGoldUSA review, which explains:

  • CashforGoldUSA pays within 24 hours,
  • Found by Fox Business News investigation to pay 3X their competitors
  • BBB A+ rating

How Much Is 18k Gold Worth

Tips to Sell Gold Jewelry

18k gold consists of 75% gold and 25% some other metal. Since it is less pure than 24k gold, youll get less money for an item that is 18k gold than one that is 24k gold.

To find out how much money your 18k gold item is worth, all you need to go is:

  • Look of the current spot price of gold in grams
  • Weigh your 18k gold and multiply that number by 0.75. This will tell you how much pure gold you have.
  • Multiply that number with the current spot price of gold.

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Counterfeiting Also Ties Into The Quality:

Brand-name jewelry like Tiffany Co. and Gucci have their fair share of counterfeiters. It can be fun to visit China on vacation and haggle for some counterfeit Bvlgari earrings, but your customers won’t appreciate it if they pay top dollar for counterfeit jewelry, only to discover it’s not the real deal.

The conclusion is that selling discounted counterfeit jewelry is not a good idea since you’ll probably be caught and shut down.

Local Precious Metals Dealers

If you live near a precious metals dealer, you can probably sell your gold to them. These companies have experience determining the authenticity of precious metals and assessing their true worth.

With a reputable dealer, you have a good chance of getting a good deal and the convenience of making a sale in-person.

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What Is Gold Used For

Aside from jewelry, and as an investment, gold’s durability and heat-conducting properties make it valuable for many other uses. These include:

Industry and technology, including wiring and data storage, as well as a reflector on glass.

Space technology, as NASA uses gold on astronauts’ visors, as well as in the wiring of space equipment.

Medicine, as gold’s healing and diagnostic properties are applied to treat cancers and rheumatoid arthritis.

Fun fact: Did you know that gold prices historically soar during a recession? Learn more about why it makes sense to sell gold during a down economy, and other financial tips for surviving and thriving in a recession.

Check The Reputation Of Potential Buyers

Sell Gold

Finally, dont forget to vet the reputation of any potential buyer you are seriously considering. This is especially important for online dealers that ask you to mail your gold to them.

The website of the Better Business Bureau can be helpful in this regard, as you can check online if there are any complaints against a particular gold buyer.

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How Can I Tell If Gold Is Real

Before you try to sell your gold, youll want to know if your gold is real. If youre expecting a payday from selling gold, only to find that you dont have actual gold to sell, youll be sorely disappointed.

There are a few ways to determine whether your gold is real or fake.

One is to look for . Often, real gold jewelry is marked with its purity, usually on its clasps or the inner part of rings. It will be a number between 1 and 999 or 0K and 24K.

As a bonus, these markings indicate the purity of the gold, from 0 to 99.9%, or 0 karats to 24 karats.

These markings may be accompanied by a GF, GP, or GEP, standing for Gold Filled, Gold Plated, or Gold Electroplate respectively.

Another method is to see if yourgold floats. Authentic gold is quite heavy, so it will quickly sink in a bowl of water. If it floats, it is an imitation or fake gold.

Real gold is not magnetic. If you have a powerful magnet, see if it attracts your gold. If it does, the gold is impure or false. However, youll need a strong magnet for this test. Most kitchen magnets wont be enough.

What Is Gold Filled

Gold-filled jewelry is constructed in two or three layers: The core metal is brass, and a gold alloy is then bonded to one or both surfaces of the brass core with heat and pressure. Gold-filled jewelry contains a much thicker layer of gold than plated or vermeil items and will hold up better with wear comparatively.

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Get The Best Price For Gold And Silver

Youll find current gold and silver spot prices online, but only institutional sellers get the spot price. Why? Companies that buy your bullion or jewelry pay for advertising, overhead, melting jewelry, etc. and they have to make a profit so they buy below spot.

Many sources, including the Kiplinger article mentioned above, suggest that you should aim to get 90 to 95% of the spot price when selling gold and silver bars or coins, and 70 to 80% of melt value for jewelry and other items.

How Much Is Gold Worth Per Ounce

How To Sell Gold Jewelry

This sounds like a simple question, but it does not come with a simple answer.

Three factors primarily drive the answer. They are:

1. When do you want to cash in your gold?

The price of gold is constantly changing. Market forces, supply and demand, and global economic conditions all influence the price of gold. That creates short and long-term trends in the price of gold. In times of turmoil, gold can bounce up and down quite a bit.

You can get a sense of how gold moves from several places. One of the best is the AMPEX website. For example, you can see that gold cratered on March 19, 2020, at $1,481.90 per ounce. But as of July 23, 2020, gold had trended upward to $1,877.60 per ounce.

If youve got 500 ounces of gold to sell, thats a $20,000 swing in your favor if you sell at the right time.

2. What form of gold do you have to sell?

If youve got scrap gold, thats one thing, but if you have gold coins that will bring a premium, or have numismatic value, thats quite another. You may also have an antique that could also fetch a big dollar amount and you may not even know it.

3. Where do you want to sell your gold?

The smart answer is where you can get the best price. However, youve got to know where that is so you can make the most of your selling opportunity.

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How To Convert Gold Into Cash

The process is fairly simple, but to get the best price for your gold, you need to take some specific steps to protect your interests.

If youre a complete newbie to the process, you may want to visit the end of this article first. Weve put together a Glossary of Gold Terms that well be referring to throughout this article and you might find it helpful to know exactly what Im talking about if youre not sure.

First, you need to decide when you want to sell your gold. You may be financially strapped after a divorce, or the divorce itself may be forcing you to sell as part of the agreed-upon settlement.

You may also simply want to redistribute and allocate your investments, pay for college tuition, buy a car, or a house, or if the gold market appears to have topped out, perhaps youll shift your funds to trading in other types of metals.

If you can afford to wait so that you can find the right time, that may be your smartest move. Youll want to start following the spot price for gold which changes daily. Listen to gold market and futures experts on where gold is going to go and be prudent in your timing.

Next, youll need to find a trusted place to sell your gold. A local pawn shop or coin dealer will give you the opportunity to talk to someone in person and walk away with money in your hand that same day.

But some dealers, such as APMEX, offer a 1-day guarantee, meaning youll be paid within 24 hours from the time your products are validated .

What Does The Spot Price Of Gold Mean

If youve ever visited a gold price or gold buying website, youve probably seen the term gold spot price thrown around. The term spot price refers to the price at which any commodity can be bought or sold at that specific moment.

The spot price of gold often differs from the price of gold futures contracts, which involve the future delivery of gold. In simple terms, the spot price is the markets current price for gold right now, and the most important price that you should pay attention to if youre looking to sell.

As we mentioned above, the price of gold changes often. Gold is a popular commodity thats traded worldwide on markets like New Yorks COMEX and Londons Bullion Market. As such, the spot price of gold can vary based on the current level of demand for gold futures.

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Option : Post Your Gold For Sale On Social Media

Websites like Facebook host buying and selling groups. Some of these are specific to precious metals, like the Gold and Silver Forum on Facebook, while others focus on selling unwanted items in local communities.

These groups are often private, so you will need to request to join before you can post your item to buy.

Are There Other Online Gold Buyers Worth Considering

Sell us your gold jewelry, and we

Yes. There are certain niche buyers in the marketplace who may be a better fit for your gold selling needs.

Weve mentioned rare gold coins and antique jewelry. Some of those can be quite valuable, way above the melt price youd receive from a gold buyer only interested in weight and karats.

There are literally thousands of specialists who know the market for rare gold coins, antiques, heirloom and estate pieces. They have the connections and can offer you top dollar, or they can assist you in a competitive auction situation if warranted.

To truly know the value of what you are selling, its advisable to get an appraisal by a member of the American Society of Appraisers, the International Society of Appraisers or the National Association of Jewelry Appraisers.

Appraisals should be done on a flat fee and should range from $100 to $400, depending on how long the appraisal takes. Simple rings may take no more than an hour but larger pieces with elaborate settings and multiple gems could take three or four hours to appraise.

Appraisals, often conducted for insurance purposes, determine the retail replacement cost of your jewelry, not the resale price.

If youre getting an appraisal with the idea of reselling, then ask the appraiser if he or she can also give you a resale price estimate.

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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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