22191 Powerline Road #12b, Boca Raton, FL 33433

Selling Gold 101

Selling Gold 101

We all run into financial problems from time to time. Sometimes they are of our own devising, while other times if feels as if the cosmos have conspired to mess up our day. Whether it is because you failed to remember that your power bill was already overdue when you spent too much on dinner last night, or an unexpected flat tire has deflated your checking account balance, when it comes time to scramble for cash many Americans are parsing through the contents of the family jewelry box in search of items to sell. If you find yourself in this situation, and the power is about to be turned off, read about these simple tips that will help maximize the amount of money you earn.

Beware Dishonest Brokers

Your first task when deciding where to sell your family jewels is to find a reputable gold dealer. When gold prices rise, so too does the number of disreputable dealers, who are seeking to defraud those looking to make a sale of their family heirlooms, also rises. Indeed, according to the Better Business Bureau, there were nearly 600 complaints against seedy precious metal dealers in 2010 while the next year witnessed a doubling of those complaints. As such, prior to heading out with a baggie filled with jewelry it behooves you to do your homework and practice due diligence in your attempts to locate an honest jewelry broker. An excellent starting point for this quest begins with the Better Business Bureau for solid, honest information about your proposed precious metal dealer. Additionally, talk to your circle of friends and acquaintances about their experiences in looking for gold buyers in Boca Raton before settling on a place to sell gold jewelry in Boca. To further bolster your confidence in who you are working with, keep an eye out for accreditation, membership to esteemed jewelry commissions, and any industry certifications they may have under their belt.

Know the Market

The price of gold continually fluctuates, and timing your sale correctly demands that you have a passing awareness of the price of gold when you walk in the door. You are unlikely to try and sell your car without first arriving at a reasonable selling price, and the same thing applies when trying to move your jewelry. Even the most cursorily of Google searches will direct you to a plethora of reputable sites that will give you the information you need to determine the going fair price for gold on the market. When determining your price, remember that the jewelry industry eschews the standard 28 gram ounce in favor of a 31.1 Troy ounce. Anyone who is considering buying your jewelry should be prepared to quote you a price by the gram or ounce, and if they are unable or unwilling to do so, then you should view that as a warning sign to take your merchandise elsewhere to sell.

Value of Karats

The value of gold is determined by its weight as noted above, but it is also conditional on the number of karats in the gold. As a general rule, the karat references the amount of pure gold that is contained in the metal. For instance, ten-karat gold contains 42% gold content, fourteen-karat gold pieces have a purity level of 58%, and eighteen-karats contain upwards of 75% of pure gold. As such, assuming that gold is nominally selling for $1,000 an ounce, ten-karats would fetch 42%, or $420 of that $1,000 value, while a fourteen-karat piece would garner $580 per ounce, and an eighteen-karat piece of jewelry would be able to claim $750 per ounce.

Needless to say, karats are an important determinant when arriving at a fair price for your gold, and disreputable dealers will often weigh all your gold together before offering a price at the ten-karat level. To ensure that you are not leaving any money on the table, always make sure that they weigh each karat category separately before arriving at a price to quote for you. Their unwillingness to do so should be a red flag that you need to grab your property and find a new dealer who is brokering honestly for your business.

When the Parts Equal More Than the Sum

You now know that any offer on your jewelry by a gold dealer will be conditional upon its weight and quality. That being the case, the prices you are likely to command are what are referred to as scrap metal prices. As is the inherent nature of jewelry however, pieces that features unique characteristics or settings can in fact fetch far more than the simple calculus of weight and karats would suggest. If you believe you have a vintage, or valuable, piece that would obtain a much higher price then you should separate that piece out from the remainder of your collection for an appraisal. An honest appraisal will assign a value for the weight and quality of the gold before adding on the intrinsic value of a finely wrought piece of jewelry. Although an appraisal will result in additional out-of-pocket expenses, knowing the true value of a piece will well position you for negotiations regarding an eventual price.


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