Must know things to remember when for Selling Gold

By on March 28, 2020

These days, it seems that there are morecash for gold business than there are jewelers. You can find them in your city, with blinking lights urging you to come in or you could find them in a kiosk at your local mall. You don’t actually need to leave the house if you are thinking of selling gold jewellery. You can find cash for gold buyers online. Just do a Google search and see the number of companies that come up.

Before handing your precious jewellery or gold bullion to a cash for gold dealer you need to understand that different businesses offer different prices. You could take your gold to a number of different buyers to get a quote and you are likely to end up with prices that are quite different. It is in your best interest to check the daily spot price of gold but you need to understand that gold buyers will only give you a fraction of that price. Educating yourself about the cash for gold or buy back industry will give you a better chance to get a favorable deal.

Here are some tips that will help you get the most cash for your valuable jewellery:

Check your motivation and resist impulse-driven selling

The reason you are thinking of selling gold jewellery is that you need the money. That might not always be the case. Some people want to get rid of jewellery because it holds unpleasant memories. Whatever your motivations are you should evaluate your jewellery pieces and know what you should be getting for it. You could have jewellery that is in good condition or scrap gold – either way take your time.

Get your jewellery appraised

If you have jewellery in great condition or you have antique jewellery, the best thing you can do for yourself is to have the pieces appraised by a jeweller before selling it to a cash for gold buyer who will only pay for the weight of gold being sold. Designer and antique jewellery often costs more when it’s intact. A jeweller or an auction house may be willing to pay more, not for the gold content but for the intricate design and the gemstones.

Do you have real gold?

You need to determine the quality of gold you have. Do you have 10k, 14k, 18k or 22K?Gold buyers purchasegold items for the content of gold in them. Pure gold is 24K but when it comes to jewellery, using 24K gold to create a piece would not be the best idea. At its purest for, gold is soft and can easily be scratched or dented which is why most jewellery is made with gold and other metal alloys: For instance,

Gold(Au) Silver  Copper Zinc Palladium (Pd)
9k 37.5% 42.50% 20%
10k 41.70% 52% 6.30%
14k 58.30% 30% 11.70%
18k 75% 15% 10%
22k 91.70% 5% 2% 1.30%

A gold buyer will only offer a price for those parts that are actual pure gold.

Find a reputable buyer

Check if the buyer is legit. You can do this by finding out if they are members of any professional association. Check with the Better Business Bureau and check whether the customer has had complaints.

Shop around

Don’t be afraid to take your jewellery to different gold buyers to get different bids. You don’t have to be stuck with one buyer when there are so many!

Get realistic

Have realistic expectations. Selling gold isn’t going to make you rich it could however help you solve your temporarily cash flow issues. Remember that a gold buyer will only pay the gold content and nothing else.

Boston, MA

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