Did you know that there are more than 8,000 tons of gold on US territory? This gold is distributed as bullions, ingots, coins, and jewelry items across all 50 states of America. Gold is a type of commodity that routinely grows in value over the course of decades, so making transactions with this precious metal can be very profitable.
But how to sell gold jewelry items if you’re looking for quick cash? And how much can you get for your gold pieces? Selling old jewelry is not that complicated if you know a few tips and tricks. Keep reading to learn how to sell gold and make a lot of money.
Decide What Gold Jewelry Items You Want to Sell
Although you might have a lot of gold jewelry items in your collection, not all of them might be suitable for sale. For example, some of these items might have sentimental value and you might decide to keep them. Separate your “to-keep” items from the “to-sell” ones, so you don’t accidentally take to a jewelry shop a ring that holds a lot of emotional value to you.
Check the Gold Purity First
Whether you have just one gold necklace or a few different types of gold jewelry items, it’s important to know their purity. This is usually expressed in carats or karats. A 24K gold piece is almost 100% pure. This means that the item is made entirely from gold without additional metals such as copper or silver.
24K gold jewelry items are very rare. The most popular configurations are 18K gold items and 12K gold items. These contain about 50-75% pure gold. As a rule of thumb, the purer the gold, the more money you can make from it. A 24K gold item is more valuable than a 18K gold item. To find out the purity of your jewelry items, you can take them to a jewelry store for measurement or use a gold purity test kit.
Check Gold Prices Online
The prices of 1 gram of gold or 1 ounce of gold always fluctuate. It’s a good idea to check these prices first before selling to see how much money you should expect to get from your gold pieces. In most cases, you will get paid around 75-85% of the market value. Gold buyers keep a small fee from each transaction as profit. If you have a lot of golden jewelry items to be sold, you can easily make a couple thousand dollars in cash in a single day.
Sell Precious Stones Separately
Especially if you have inherited old jewelry items that contain diamonds or rubies, you should sell those separately. It’s recommended to have a professional jeweler inspect your inheritance to see the actual value of your precious stones. Chances are that you could make more money out of diamonds or emeralds if you sell them separately from gold.
Sell Designer or Antique Jewelry to Collectors
Although it’s a good idea to collaborate with jewelry stores to sell gold items, you could also sell them to collectors at auction events. Antique or designer jewelry pieces made by famous brands can be worth more than simply selling the gold by weight. You can find out more information about auction events or collectors on the internet. Contact them and see how much they could pay you for your precious jewelry.
However, if you decide to work with a collector, make sure that you get your valuables appraised first. An expert jewelry appraiser can tell you the real worth of your jewelry items with more accuracy. Once you have this information, you can negotiate with the collector more confidently and probably obtain a better price for your gold.
Work With Local Gold Buyers If You Need Cash Urgently
If you need cash to pay for medical bills or other expenses quickly, it could be possible to find a good gold buyer in your immediate vicinity. However, remember that you might not be paid as much as possible if you work with a local gold buyer. You can obtain a substantial sum of cash in a single day, but the gold buyer might pay you around 50-60% of market value for each gram of gold you sell.
Do Your Best to Find Reputable Jewelry Stores and Gold Buyers
If you’re not in a rush then make sure that you select a good gold buyer based on independent reviews and feedback from clients. For example, always check the Better Business Bureau (BBB) website and see if there’s any negative feedback associated with a certain gold buyer. Make sure that you also look for past reviews and comments from customers to see how their experience was.
If you have decided to work with a particular gold buyer or jewelry store, contact them by phone first. Try to obtain a rough estimate by phone and see how much money you should expect in exchange for your valuable golden jewelry items. If you want to collaborate with a prestigious gold buyer right away, make sure that you contact Crown Gold Exchange and ask for more details.
Avoid Online Scams and Questionable Websites
Since gold is such a valuable material in a compact design, a lot of tricksters take advantage of the naivety of certain gold sellers. For example, you might be asked to send your gold jewelry items for appraisal at a distance. This is an old trick that might leave you without your gold forever. Make sure that you only let professional jewelers with years of experience evaluate your golden pieces and never these items overseas.
Now You Know How to Sell Gold Jewelry
Hopefully, this article provided a few great answers to your original question – how to sell gold jewelry. The next step would be to sort out your jewelry items and look online for a reputable buyer that can give you the best price out there.
In the meantime, don’t hesitate to check out the other articles on our website to learn more about gold, precious stones, and how you can transform them into cash quickly.
