Last Updated on Mar 27, 2020 by James W
A great way to make extra cash is to sell any unwanted gold or items of jeweller. Since the economic crash several years ago there has been a large increase in the number of ‘cash-for-gold’ companies that promise excellent prices for your gold but that does not mean it is the best deal because there are other ways of selling gold.
It is possible to sell gold online through the likes of eBay or even selling it to an independent high street jeweller. This may be more difficult but it will mean that you get more money. The following tips will help you to get the most for your gold.
- Take your time and don’t rush
It may be the simple solution to use a cash-for-gold company but research has shown that you are likely to lose out on how much you can get. The prices these companies offer are usually lower than those offered by pawnbrokers, jewellers and by selling online. Therefore, look at all options before you decide to sell.
- Find out what it is worth
Understanding how much your gold is worth can really help you to make an informed decision. Finding hallmarks and getting the weights of your jewellery will help you to put a price on what they are worth using current gold prices. A high street jewellers will also be able to provide a valuation so that you have a rough idea. Before sending your gold off to cash-for-gold companies it is important to get a valuation first because this will enable you to make a decision that is right for you.
- Compare and haggle
As with most things, when it comes to getting the most for your money ensure that you shop around and more importantly haggle. If there are a number of businesses competing for your business look to see if they will negotiate with you when it comes to offering you their best price.
- Online selling
If there are not many jewellers in your area or if you cannot find a deal that suits you then have a look at selling online. If you are selling an item that is of a high value then if you use the likes of eBay, having a high level of feedback will help to increase the price.
- Look at the bigger picture
Those companies that buy gold are only interested in the gold itself and not things such as precious stones. Cash-for-gold companies will often discard stones from rinks and earrings which does stop you from making more money. In some instances, high-fashion or branded jewellery can be worth more if they are kept complete rather than selling it to a company who will just melt it down. If you are unsure as to whether your item is worth more than just the gold that is in them then get them professionally assessed and valued before parting with them.
- Reputations are important
If you have decided that you will use a cash-for-gold firm then look at feedback for them. Online forums and blogs are a great way of finding more about their reputation and reliability and this can help to find issues or help you choose one.
- How is the economy performing?
If more people want to invest in gold then its price will increase and there is usually an increase in the demand for gold when the economy is struggling. So taking the state of the economy into consideration can help you to get more for your gold.
This article was contributed by family run jewellers and pawnbrokers, Jollys Jewellers.
