Last Updated on Sep 12, 2020 by James W
While selling your gold jewelry can be a quick and fast way to get you out of a financial fix, getting the best deal isn’t always easy. Many companies buy and sell gold jewelry but choosing the one that will offer you the best price can be challenging. However, catch some tips on how you can maneuver it all and get the best deal for your gold jewelry.
Keep tabs on the value of gold.
Like any other asset, gold fluctuations occur. Sometimes the price can be high, and sometimes it can be lower. So, keeping an eye on its value by following what investors are up to is the best way to prevent you from trading at an unfavorable time.
Gold tends to be on high demand when the economy seems shaky; that is when investors prefer gold as a safer bet than other investing forms, such as buying shares or stocks. It can be worth more to hold your gold until the prices get on the higher end of the spectrum. On most occasions, trusted and transparent gold buyers will share this information with you.
Find a licensed and reputable gold buyer.
Genuine and transparent gold buyers such as U.S Coins and Jewelry are licensed, have been in the industry for many years, and have a transparent way of determining your gold jewelry’s worth.
Many rogue gold buyers underpay their clients. Find out if the company has a genuine license to buy and sell gold in your estate, check with the Better Business Bureau, and through online searches but beware of paid adverts and see if they have customer complaints.
Know the exact value of your jewelry
Most jewelry in the United States is made of 10-, 14- or 18- karat gold comprising gold and other alloys. That means gold jewelry is rarely made of pure gold; therefore, you will only get paid for the pure gold parts.
There is always a karat symbol on jewelry indicated in K or Kt. The maximum karat reading is 24, and the lower the karat reading, the more other metals such as nickel, zinc, copper, etc. have been included in the jewelry. Determine the gold percentage by dividing the number by 24 and multiplying by 100. The higher the rate, the higher the value. Alternatively, ask the gold buyer to test it for gold purity using a gold testing kit. However, some items have more value being intact than just the gold in them.
Consider the intact value of your jewelry.
If you think your jewelry is more valuable as an antique or might be an exciting item to collectors, it might be a good idea to sell the piece intact instead of recycling the gold. For instance, a designer or antique watch can get you the highest dollar when sold intact even if it no longer runs.
To determine the value of your jewelry, an honest gold buyer will consider the craftsmanship that went into making the piece, other gems present, and whether it has fallen out of style or whether it can make a useful item for collection. However, do your research or do an appraisal to get a better idea of the exact amount you can get from selling it.
The key takeaway
To get the best offer for your gold jewelry, be realistic, and do not act on impulse. Do your research and shop around, including online shops, to find a reputable gold buyer.