How And Where To Sell Unwanted Jewelry Without Getting Scammed
If your jewelry box is a tangle of bling you no longer wear, you may be able to turn those baubles into a car payment, a vacation, a bathroom remodel whatever you value.
To get the most out of your unwanted jewelry, you need to know what the jewelry is worth and where you should sell it. You also need to know yourself. How much effort do you want to put into selling your jewelry? asked Martin Fuller of in McLean, Va., who is a master gemologist and senior accredited appraiser. Its a balance of what your time is worth and what you might recoup selling your jewelry.
To truly know the value of what you are selling, you should get an appraisal by a member of the American Society of Appraisers, the International Society of Appraisers or the National Association of Jewelry Appraisers. Members of all three groups have to adhere to standards and ethics. Appraisals range from $150 to $350 per hour. To give you an idea, a simple diamond ring might take about an hour to appraise, whereas one with multiple diamonds and an elaborate setting might take more than three hours. Some appraisers charge by the item, but under no circumstances should an appraiser charge you a percentage of the items value.
An appraiser can also tell you whether your jewelry is best sold as-is or for scrap. Some jewelry by well-known designers is more valuable intact.
Where To Sell Jewelry: 9 Places To Get The Most Money
This blog has partnered with CardRatings for our coverage of credit card products. This site and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone and have not been reviewed, endorsed or approved by any of these entities.
As an Amazon Associate, I earn from qualifying purchases. More information
Knowing where to sell jewelry can help you fetch the most cash.
You can sell your jewelry at local retailers, such as jewelry stores or pawn shops, or online. Choosing the best option will depend on several factors including how fast you need the money and what jewelry youre trying to sell.
How Much Can I Get For Selling Rhodium
Rhodium is a valuable precious metal, but its not very commonly traded and has a very small market. Nevertheless, its prices have been soaring. As of August 28th, 2020, the current market price for rhodium is $11,800.00 per ounce, or $379.38 per gram.
The amount of money you can get for your rhodium will vary based on the buyers rate, but this is the information their offer will be based on.
Read Also: 18 K Gold Worth
Where Can I Get The Most Money For My Gold
Our biggest advantage is that we refine our own metals, so we can offer you a higher payout. Most locations send their metals to a smelting house and they have to pay a commission. The commission comes out of what you are paid for your gold. We dont think that you should have to pay this fee, so we dont charge you. We know you want to get the highest price when youre ready to sell your gold. We will offer you a higher price than other any other location in the tri-state area.
We will carefully inspect your jewelry or hand-test the metal if you are unsure of its quality. We always consider the possibility that your gold jewelry could fetch a higher price at an auction or online. We are here to make sure that you get more than just the metal value for your piece whenever possible. Gold pieces may be worth more through resale and here at Unique Gold & Diamonds, we have a different approach to buying. No matter the piece, well do the examination and make you the best offer possible.
How To Trade Gold Futures
These gold trading derivative instruments allow traders to speculate on the future gold price movements through the purchase of exchange-traded contracts.
Such gold futures contracts can be found on exchanges like the Chicago Mercantile Exchange , Tokyo Commodity Exchange , and the London Metal Exchange .
Futures contracts come with a fixed or variable . When purchasing a futures contract, the trader has the choice to accept the agreed-upon delivery date or perform whatâs called a ârolloverâ.
A rollover means that the contract is extended for a later delivery date.
Gold Futures Contracts Explained
Gold futures trade on the COMEX, which is part of the Chicago Mercantile Exchange. The following is a summary of the contract specifications for Gold Futures , along with E-Mini Gold, and Micro Gold.
Read Also: War Thunder Golden Eagles Generator
Kitco’s Price Of Gold
Kitco is a leading gold and precious metals buyer and seller, as well as creator of precious metals commodities news. The Kitco Gold Index is a popular measure of real-time gold pricing today. Unlike the stock market, which is a dynamic marketplace, daily gold prices are set by independently owned markets. Kitco is one of these markets.
How Much Can You Get For Selling Silver
Much like gold, silver is at or near all-time highs. Silver is also a highly sought-after commodity, both for investors and for practical uses in products like electronics , and in pharmaceuticals .
Silver prices also can fluctuate quite a bit based on market demands as both an industrial commodity and as an investment. Prices can change dramatically from day to day, or week to week as short-term demand rises or declines.
To determine the value of the silver you want to sell, youll need to determine the weight and the purity, just like selling gold.
Online silver buyers make it convenient to price out your silver jewelry, flatware, coins, bullion, and scrap silver.
If youre looking for a reputable place to sell silver, consider starting with Cash for Silver USA, the sister site of CashforGoldUSA. It pays within 24 hours after appraisal and guarantees the highest price or your item will be returned, free of charge. If you happen to have silver, gold and diamonds to sell, you can sell all of these on CashforGoldUSA.
Also Check: Tinder Gold Free Trial
How Do I Sell Silver Jewelry
There are many places that purchase silver , but the easiest way to do it is to use an online jewelry selling service. You simply send your jewelry to be evaluated, then decide whether or not to accept the amount offered. At Cash For Gold USA, we will pay you for your silver jewelry within 24 hours of receiving your items.
Start Trading Gold In 2021 With All The Knowledge About Methods And Brokers
Risk Warning: Your Capital is at Risk.
Gold is one of the most traded commodities in the world. But it is also one of the most challenging because of its use in various industries and as a store of wealth.
This guide will help you understand how and where to get started buying or trading gold.
In a hurry? If you want to get started trading gold, here are brokers available in to consider:
Disclaimer: Availability subject to regulations. Between 74-89% of retail investor accounts lose money when trading CFDs.
At the end of this gold trading guide, youâll find a list of relevant resources, like other popular precious metals to trade. Read on to find out about gold trading and handy gold trading strategies.
Don’t Miss: How To Get Free Golden Eagles
Avoid Scams When Selling Gold Online
Some companies send a check before you agree to their price, others assume you agree if you dont respond quickly enough and some dont send the jewelry back or pay you.
A little research goes a long way in avoiding scams when selling precious metals. Check whether there have been complaints with the Better Business Bureau against the dealer youre considering. Look at how long theyve been in business Davis recommended finding a dealer thats been around for at least 10 years. And of course, check their reviews online.
Remember that a bad review doesnt always mean its a scam. For example, some sellers will inevitably complain because they didnt understand that 10-karat gold is barely more than 40% gold. On the other hand, if 20 out of 25 reviews are negative, you can probably find a better company to work with.
Look for reviews that involve tests of companies using identical items. This feedback helps you discover which companies are difficult to deal with and which consistently pay the most.
Reviews Of 4 Jewelry Buyers
While you can use a local pawn shop, youre going to get a better offer from an online jewelry buyer like CashforGoldUSA. Online companies that buy gold, silver, diamonds and other fine jewelry typically have lower overhead and steeper competition than in-person, brick and mortar jewelry buyers in your local community.
Here is a quick comparison of top online jewelry buyers I’ve personally used:
You May Like: How Much Is 400 Ounces Of Gold Worth
How Much Is 14k White Gold Worth
14k white gold contains 58.3% gold. Because gold is a soft metal, and 14k gold has less gold in it, youll typically find that 14k white gold will be sturdier than 18k white gold.
To find out how much your 14k white gold is worth, you will need to:
- Look up the current spot price of gold.
- Weight your 14k white gold and multiply that number by 0.583 to determine how much pure gold is in the item.
- Multiply the number above with the current spot price of gold to determine how much it is worth.
How To Sell Jewelry Online With Cashforgoldusa:
Also Check: Selling Gold Dental Crowns
What Is The Best Place Online To Sell Gold
We can confidently say that Cash For Gold USA is the #1 place to get cash for gold and jewelry online. Heres why:
- We guarantee our customers the highest price for gold, coins, diamonds, and more.
- We make all payments within 24 hours.
- We provide free shipping materials that can be picked up from your door.
- Were insured by Lloyds of London for up to $100,000.
- We pay 3 times more cash for gold than our competitors, as confirmed by Fox Business News.
- Items shipped to us within 7 days receive a 10% bonus over estimated gold resale value.
Compare All Offers And Then Decide
Dont rush to sell to any single buyer before youve collected offers from all possible places where you could sell your gold.
Consider the offers you got online , the prices gold dealers gave you, and the value of the deals offered by jewelers.
Make a decision only after youve weighed the pros and cons of each option.
You May Like: What Channel Does Gold Rush Come On
Is It A Good Idea To Sell Gold For Cash
Yes, for many reasons! When youre short on funds, selling your gold is a great way to get quick cash to pay for bills, groceries, and other living expenses. Its also great motivation for finally cleaning out those old drawers. Stop hanging onto that broken necklace and that ugly ring from your terrible ex.
If you dont need the cash for other things, you could use the money to buy new replacement jewelry and update your selection. Another great idea is to put the money you get from selling unwanted gold into another type of investment, like a new business, real estate, education, or a retirement account.
The unstable state of the economy and the soaring price of gold makes this year the perfect time to sell your unwanted gold for cash. People everywhere are turning to gold as an investment, and even Warren Buffeta man who never liked gold as an investmenthas purchased a major stake in gold mining.
How Much Is 24k Gold Worth
24k gold is the purest form of gold that youll find. As such, youll get more money for 24k gold than for any other kind, such as 18k or 14k.
In order to determine how much your 24k gold is worth, all you need to do it:
- Look up the current spot price of gold in grams
- Weigh your 24k gold
- Multiply the weight of your 24k gold by the current spot price of gold
Recommended Reading: Pheet Wipes Reviews
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 Is A Gold Future
Gold futures are basically agreements to trade gold for a set price at some date in the future. This means that the buyer doesnt have to pay in full right away, and the seller doesnt have to worry about the price dropping in the meantime. If the price rises in the meantime, the buyer still only has to pay the price they agreed on.
Gold futures are also used in determining the LBMA Gold Price, the market value calculated by the London Bullion Market Association.
Also Check: 400 Oz Gold Bar For Sale
The Cheapest Place To Buy Gold
We live in a global economy, therefore the price of precious metals largely does not change from country to country.
Yes, you will see small differences due to a number of factors. But these are generally short-lived because there is always money to be made from arbitrage opportunities.
There are people who scour gold prices worldwide and exploit the difference for profit. That alone helps minimize the difference in prices across markets.
Of course you could be one of those people, but it takes considerable work. And generally you have to be on the ground, in the physical location, to take advantage of the lower premium.
The premium is the cost above spot price. The spot price is the current cost of a precious metal, based on futures markets.
If gold is worth $2,000 per ounce, for example, that is the spot price. And if a one ounce American Gold Eagle coin costs $2,100, then the premium is $100.
Finding the best gold price
Hong Kong could be the country with the cheapest gold price in the world.
You can walk into a number of banks and purchase gold coins, often with a lower premium compared to other countries.
For instance, when we checked in October 2020, the premium on a Hang Seng Bank branded one troy ounce gold bar was just $5 USD over spot price.
That is very cheap. But you generally have to walk into a physical bank branch in order to purchase gold from Hang Seng or other Hong Kong banks.
The cheapest places to buy gold coins online in 2020
How To Choose A Reputable Gold Dealer
Unquestionably, a company’s reputation is the number one criteria to evaluate and compare gold dealers. The single best measure of a company’s reputation is its transaction history, which can be assessed by customer reviews. Companies with a large number of reviews are typically more established or have built up their trust and reputation through a greater number of transactions.
Additionally, you should look for the following when evaluating a dealer’s reputation:
Recommended Reading: Kay Jewelers 19.99 Ring
How Much Does Scrap Gold Sell For
How much money you get for your scrap gold will ultimately depend on how you sell it. In any case, you are unlikely to get the full value of your gold. .
That being said, some general rules of thumb you should keep in mind are:
- Pawn shops will usually pay 25-60% of the retail value of your item
- Local gold exchanges or jewelry stores that purchase gold will usually pay a bit more than pawn shops, between 60 and 75% the value of your gold
- Online gold buyers tend to pay the most for the gold they buy. This is because they have fewer business expenses and have to compete with other buyers. While the exact percentage will depend on the buyer you choose, you can expect to get between 80 and 90% of the value of your gold.