Five Tips for Selling Your Gold Jewelry

Most people avoid investing in gold because of economic uncertainty. Doing any selling gold jewelry burnsville mn is a great way to get rid of your jewelry and make some money on the side. Before selling any of your unwanted jewelry, do your research to make sure you are getting a fair deal. Here are some tips to get the best value for your gold. 

Know the Karats of Your Jewelry 

Knowing how many karats in each piece of jewelry is important for selling your gold jewelry. This helps you get the best price, and it prevents dealers from taking advantage of you. The first thing you should know about karats is that is determined by the ratio of gold compared to other metals. If a piece of jewelry is less than 10 karats, then it is not considered real gold jewelry. 

Once you figured out how many karats is in each piece of jewelry, you should group them by karats. This prevents dealers from offering you the best price for the lowest karat weight. If you calculate the total karats of your gold before you sell it, you will get a better idea of what they offer you for each piece. 

Know the Actual Value of Each Piece 

Learn about the current market value for gold, so that you can sell your pieces at the right price. Not being aware of the current market value can cause you to sell your gold jewelry at a low price. You can find the current market value for gold jewelry at many online sites. 

Once you find out the current market value of your gold, the purity of your gold, and the weight of your gold, you can then determine its intrinsic value. No dealer will offer you the full market price. Another factor to consider is to determine whether your jewelry is worth more when melted or whole. The intrinsic value of gold should be worth more than its collector value. 

Research Various Buyers 

Do not choose the first buyer in your area. Not all gold dealers can be trusted. There are some who have no problem taking advantage of unsuspecting people. Some of them even offer poor customer service simply because they can get away with it. 

Choose at least two or three buyers in your area. Even get several quotes from a local buyer, a gold party, and an online source before you choose just one. Research each of the buyers by reading online reviews or testimonials. It is best to choose a buyer that has an A-rating with the Better Business Bureau (BBB). You want to choose one that has a history of providing good service or has positive reviews. 

Get Multiple Offers 

Get multiple offers if you plan to sell your gold locally. No matter how much research you put into this, you want to get the best price for your gold jewelry. Get a quote from as many buyers as you can get. Some dealers may even beat another one’s price. 

Even though you are eager to get rid of your gold and get some fast cash, do not take the first offer you get. Visit several jewelry stores and contact several buyers to see if you can get a better deal. Choose to get your jewelry appraised if you are planning on selling a large collection. 

Protect Yourself and Your Jewelry 

It is important to protect yourself when selling your gold jewelry. This means to take special precautions such as insuring your valuables, learning the buyer’s reimbursement print, and reading the fine print. When you leave your jewelry with a potential buyer, you want to make sure you have protection in the event that it gets lost or stolen. Find out their policy for lost or stolen jewelry. 

Receive as much information as possible before leaving your jewelry in their hands. If you are mailing your jewelry with a potential buyer, you want to make sure you have some protection in case the jewelry gets lost in the mail. Take photos of each of your pieces to keep on record. You will still have proof of the jewelry that you sent to them. 

These steps will help you get the best prices for your gold jewelry. It will also protect you from unethical buyers and dealers. Become informed about gold jewelry and the buying process as much as possible. Knowing this information and researching buyers will allow you to sell your good at the best value possible.

Leave a Reply

Your email address will not be published. Required fields are marked *