BLOG: Cashing In Your Gold Jewellery: Tips & Advice

By: Colleen Patel

If selling your gold is on your to-do list next weekend,  you will be surprised at how easy it is. Depending on how you want to proceed, you can go to a one-time sale location, request a special envelope from a company and mail your gold to them, or go to a permanent gold seller’s location. The third option is the best, and the second option isn’t one that is actually recommended by the Better Business Bureau.

If you need cash right away, selling your gold is a great way to do it. if you take it into a storefront buyer, the entire process takes around 20 minutes. If you have unworn, unwanted jewellery lying around, you might as well sell it; the only drawback is that it’s a buyer’s market. Your goal is to get as much as possible for your gold. Here are some tips and tricks to get you the best deal you can.

Check the price of gold.

This is the very first thing you should do. You can do this online any site that shows the continuously updated financial market numbers. Remember that the craftsmanship of the pieces has nothing to do with what you will get for the gold. To get an approximate of gold prices nowadays, KITCO has figures that you may consult on their website.

See how much gold is in your jewellery.

You will need to determine the gold content in your jewellery, and you will want to sort it accordingly. Your jewellery will be stamped with a number like 10, 12, 14, or even as high as 24 karats. The higher the number, the more gold is in your piece. Something that is 12 karats will be a half-and-half mix of gold and a combination of other metals like copper and silver.

Compare prices among two or three buyers.

It’s best not to use online buyers because you mail away your gold and there have been people who have had troubles with this method. There’s no regulation, and some scam artists take advantage of that fact.

Get quotes from an expert.

If you have a trusted jeweller, take the gold pieces to him or her to get a quote regarding its value. This way, you have an idea of what to work towards if the gold buyer wants to deal with you.

Be realistic.

A gold buyer is there to make money, and his or her profit margins grow smaller the more money you get. The trick is to find a balance where you are both happy with the amount you receive for your gold.

Check the BBB for any buyer you plan to use.

Look online at bbb.org and check to see if there are any negative reviews or complaints about the buyer you were considering.

Gold Parties

There are even gold parties cropping up most recently. You can host or attend a gold party, where the buyer comes to your residence and you invite your friends who are interested in selling their unwanted jewellery. The buyer brings all of the equipment needed, and will buy gold for cash. Don’t forget to follow all of the above tips before you sell at a gold party, though! You still need to be careful and will want to get the most possible cash for your unwanted gold pieces.

Tip: Gold buyers will take scrap and broken gold jewellery, gold coins, gold bars, gold watches, gold jewellery, and even dental gold. Most gold buyers will also buy platinum and silver.

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