How to Sell Your Gold

Gold and CZ flower ring

21kt yellow gold ring

It would seem like a no brainer. You need cash but you only have gold, so it just makes sense to sell your gold for the cash you need. As with most no brainers however, there is more to the process than meets the eye. In order to ensure that you are getting top dollar for your old gold and broken jewelry, it would behoove you to do your research on gold value before you start gathering up your trinkets and baubles for sale. As such, if you are thinking about entering the used gold market, here are five tips to ensure that you are receiving top dollar for your old jewelry.

TOP 5 TIPS FOR SELLING YOUR GOLD

Understand the Scales…

Among the many factors buyers use when assessing the value of the gold for sale is the weight of the gold. When weighing gold, jewelers utilize a Troy ounce. Whereas, U.S. scales measure 28 grams per ounce, gold is actually measured at 31.1 grams per Troy ounce. Additionally, while some jewelers will weigh your jewelry using grams, others have adopted a weight system known as a pennyweight. One pennyweight is the equivalent of 1.555 grams. Be alert to unscrupulous dealers who weigh your gold using a pennyweight system but pay you by the gram as a devious way of paying you less than your gold is worth.

Understand the Karats…

Diamonds are not the only thing measured in karats. By its very nature, pure gold is too soft to use in a practical manner, so other metals get added to the mix for color and durability. The United States government, through the Federal Trade Commission, mandates that all jewelry in the United States is assigned a karat fineness to judge the amount of gold in the piece. One karat of gold is equal to 1/24 of pure gold, so eighteen karats translates into eighteen parts gold and ten parts other metals. Jewelry that is comprised of less than ten karats can’t be advertised as gold. Finally, prior to weighing, be sure that you separate out each type of karat and weigh them out separately. It is not unheard of that jewelers will weigh all your different types of karats together and then pay you at the lowest karat value.

Understand the Value…

In the same way that you can transform a piece of wood into a finely wrought piece of furniture, so to can you add intrinsic value to gold by shaping it into jewelry. As such, before merely weighing your gold and settling on a price, research the designer and maker of the piece to assess its value properly. If the piece comes from a well-known design house, the total value of the piece may well be worth much more than the gold itself. If you suspect that the value of the piece exceeds the value attributed to the weight alone, you should reach out to an appraiser to learn the true value of the jewelry. Additionally, prior to seeking a buyer for your gold, be sure to check out the going rate for gold. The world market for gold fluctuates wildly, so to ensure that you are receiving top dollar, check out the daily price for gold by checking online to verify the current market price for gold. There are numerous outlets to determine this amount such as www.goldprice.org.

Understand Your Buyer…

There are plenty of buyers of gold out there, and you need to understand your buyer to determine whether they are a reputable dealer. Towards that end, do not be afraid to shop around before settling on your ultimate buyer. As mentioned, if you suspect that your piece of jewelry is worth more than the sum of its weight, then you should consider having it appraised to see whether its intrinsic design and workmanship adds value to the piece beyond it weight and karats. While forking out the cost appraisal fee might end up costing you more up front, the result could be that you will fetch significantly more money for grandma’s old necklace than its weight would otherwise warrant. Common sense should rule your judgment when seeking out a buyer. Obviously, if your gold dealer wants to conduct business under a freeway overpass at two in the morning, perhaps they are not the most reputable dealer you could be working with.

Understand Your Goals…

As can be seen from this brief list, numerous factors go into the valuation of gold jewelry, and you are in a position to make sure that you understand each of those factors. Closely tied with any buying situation is the motivation of the seller. If you need to come up with quick cash to make sure that the electricity stays on in your apartment puts you at a disadvantage relative to sellers who are not feeling those money pressures. Regardless of your motivation, you should expect that you would probably receive upwards of eight to ninety percent of the value of the piece from a reputable dealer. In order to find that reputable dealer however, you need to do your research and understand what it is you are selling so as not to be put at a disadvantage by disreputable dealers.

If you are shopping your gold jewelry around the Boca Raton area, then you should definitely add Raymond Lee Jewelers into your calculations. They have been trusted partners in the secondary jewelry market for more than three decades, so you know that you can trust them to deal with you fairly and honestly.

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