Guide on how to sell gold jewelry
When you’re short on cash, the easiest way to get money is to sell your gold jewelry – get cash for gold. The price of gold has been on an upward trend and there are many advertisements flooding the newspapers, internet, radio and television of gold buyers.
To get the most out of your gold jewelry, you need to be very cautious and go through the right channels.
how to sell gold jewelry
You should start by separating jewelry into different categories: broken pieces, missing pieces, and antiques. Your next step should be to find the correct value for your gold. You should be aware that there are many people who pose as professional jewelers, but they are not.
To be sure, you should find reputable jewelers at your local Better Business Bureau. If you live in the United States, you should find great jewelers from The American Gem Society.
The jeweler will analyze the gold and give you the karat value and the weight of the gold in pennyweight. There are some jewelers that will give you the weight in troy ounces. You should not settle for the value given by a jeweler, you should get the value from at least three professionals.
In addition to getting the value from various jewelers, you must also determine the intrinsic value of gold online. The good thing is that there are many calculators online that will help you determine the value in seconds.
You can also calculate the value on your own. You should start by determining the percentage of gold in your jewelry. Always remember that 24 karat is 100% gold; therefore, to get the percentage of gold in your jewelry, you must divide the karat of your jewelry by 24.
For example, an 18 karat piece of jewelry is 75% (18 karat/24 karat = 0.75 = 75%)
With the percentage you can determine the weight of the gold. To do this, you just need to multiply the percentage you get by the registered weight of your jewelry. For example, an 18 karat gold ring weighing 20 grams has 15 grams of gold (29g X75=15g).
To convert weight to ounces, you must remember that 1 g = 0.0353 oz; therefore, 15 g = 0.53 g (1 oz/0.0353 g).
To get the value of gold, you multiply the weight of gold (in ounces) by the current price. For example, 0.53g X $1000/oz = $530
With all the information with you, you now need to explore your selling options. As mentioned above, the price of gold is increasing; therefore, it is easy to find a gold buyer. You should be aware that different buyers will accept different qualities of gold. For example, online shoppers will accept broken jewelry, but jewelry stores will only accept intact jewelry.
If you have broken jewelry, you should consider selling it to scrap gold buyers or broken jewelry buyers and saving the intact jewelry for jewelers.
You need to approach different buyers and compare their prices. As a general rule, you should buy from the buyer who offers the best prices for your gold.