Are you trying to learn how to sell gold jewelry? If yes, you should check out some of our best tips by clicking right here.
Did you know that nearly 50% of all the gold mined worldwide has been used to make jewelry items? Gold preserves its value very well and it’s a good investment option. However, you can also make a lot of money quickly if you decide to sell your gold jewelry items.
But many people don’t really know how to sell gold jewelry. Since this is very valuable merchandise, you need to know how to analyze your gold and sell it to trusted businesses to get the best price for it. Keep reading to learn more about selling gold jewelry and how to get more money from your transaction.
Analyze Your Gold Jewelry Carefully
Many people who have gold jewelry inherited the items from a deceased family member or maybe they received them as gifts. Before selling them, it’s a good idea to go through each gold piece and see which one should be sold or not. Some gold jewelry items might have emotional value for you and you will probably decide not to sell them.
Never act on impulse. Some people sell a piece of jewelry only to realize later that its emotional meaning does not outweigh the price they’ve received. Don’t make the same mistake and have regrets. Carefully evaluate your set of jewelry and look out for ideal items like broken, damaged, or outdated ones, earrings with a missing pair without any emotional value.
Clean your gold jewelry
Over time, jewelry can lose its lustrous sheen due to natural skin oils, dust, and dirt in the environment. A quick cleaning can do wonders for your gold jewelry, restoring its former glory and making it more appealing to buyers.
Before you sell them, simply dilute dish soap in a bowl of lukewarm water and dip the items. Then, gently clean the pieces of jewelry using a soft, lint-free cloth or a soft bristle toothbrush. If your jewelry includes precious stones, it’s best to bring them to a professional to ensure they’re safely polished and keep them clean and looking new.
Get Your Jewelry Items Appraised
If you have complex jewelry items, it would be a good idea to have them appraised first. The same story is true for antique gold pieces. A professional appraiser might find your gold items much more valuable in comparison with selling them by weight. For example, designer jewelry items or very old pieces can be worth much more than you previously thought and an appraiser can help you make more money out of them.
Be wary that intricate or antique items be resold as they are for higher pieces instead of melting them down. Always determine if your items value more as finished pieces or scrap gold. If you have a necklace, bracelet, or earrings coming from a well-renowned maker or designer, but the buyer is offering you the price for scrap gold, don’t accept it. Your pieces of jewelry are worth beyond the gold they’re made of.
Determine the caratage
Gold jewelry is measured by the purity or fineness of gold, which is expressed in carats. It’s an important unit, given that it can significantly dictate the resale value of your items. The higher the caratage, the purer the gold, and the more expensive it is.
As such, you must always know the caratage of your jewelry pieces to know their actual worth. You can use a magnifier since this hallmark is stamped in the jewelry itself. Typical stamps will contain a number followed by the letters “ct” or “K,” such as 10ct or 10K, 12ct or 12K, and so on.
When you sell your jewelry, don’t allow the buyer to weigh items of different caratages at the same time. Some buyers will try to trick you by weighing all items together and buying them using the lowest karat value. So, separate your jewelry items by their caratage before selling your items.
Check with Better Business Bureau
If you sell valuables for money, the Better Business Bureau (BBB) shows a list of multiple licensed places in your state that buy gold. It’s a good idea to check this list first to make sure that you pick a trusted gold buyer. If some establishment has a lot of complaints from past clients or is in the business for a very short period of time, maybe it’s a good idea to find another place.
Sell to Local Jewelry Stores
One of the best places where you can sell your gold jewelry items is at your local jewelry store. The jewelers are usually very experienced and they can give you a fair price for your gold items. Make sure that you call before you visit the jewelry store so you know in advance how much you should expect to receive for your golden items.
Sell to A Local Gold Buyer
If you need money quickly, you can also sell your gold items to a local gold buyer. However, make sure that they are licensed and offer fair prices. It would be a good idea to weigh your gold first and see how many grams they have in total. By doing so, you minimize the chances of being scammed.
Don’t settle for the first offer for your gold jewelry. Shop around and get quotes from different buyers to get a fair idea of the worth of your items. You’d be surprised how the bids you receive can vary dramatically depending on where you’re trying to sell them.
You can even call different companies and tell them exactly how much weight of gold you have and their caratages. If they don’t give you a total payout amount based on all the descriptions you’ve provided, chances are they’re offering terrible payouts, and you’d be better off heading to a different buyer.
After getting the quotes, don’t hesitate to haggle for a higher price. Remember, buyers will attempt to get the most profit they can. With that, they will provide you with the lowest offer possible. Try to negotiate upwards, as some jewelry will not mind increasing the offer, especially if you have designer items or have a couple of jewelry pieces to sell. If you’re not happy with the offer, you can always look for a different buyer who can meet your desired selling price.
Before leaving your gold jewelry pieces with the shop or shipping them to the buyer, take photos to document them. Send them using an insured delivery method and one where you can get proof that the company received it. Check also the reimbursement policy of the company and see if you’re protected in the event of a loss.
Now You Know How to Sell Gold Jewelry!
Hopefully, now you know how to sell gold jewelry and you can obtain a good profit from your gold items. Just make sure that you pick your gold buyer with care and everything else should fall into place.
In the meantime, feel free to check out the other articles on our website to learn more about jewelry items, famous gold pieces, and better investment opportunities!