When you have bills or expenses that you can't afford and gold jewelry that you no longer want, you can use the jewelry to help you pay off the expenses. However, bill collectors don't take gold necklaces or watches, so first you have to find a gold buyer who will give you a good price for your jewelry. That can be tricky for someone who's unfamiliar with selling gold. Check out some smart tips that will help you ensure that you get the best prices for your gold jewelry.
Separate Jewelry of Different Karats
If you know anything about gold, you know that each piece has its own karat value. The karat value tells you how much of the metal in the jewelry is gold and how much is another metal. Pure gold is too soft to use to make jewelry by itself, so the gold is combined with harder metals in order to make durable jewelry. The higher the karat value, the higher the amount of pure gold in the jewelry, so 14 karat jewelry has more gold in it than 10 karat jewelry.
If you have jewelry in a variety of different karats, it's important to separate them before a gold buyer weighs them. If the buyer weighs them all together, they're likely to only pay you the money for the lowest karat value. You'll make more by dividing up the jewelry by karat them so it can be weighed and valued separately.
Learn the Price of Gold
It's a good idea to check the going rate for gold before you try to sell it. There are plenty of websites that can tell you what the going rate is. Gold prices can vary widely depending on a variety of factors, like the stock market or inflation rates. It's a good idea to have at least a rough estimate of what the gold is worth before you try to sell it. You don't have to be an expert, but you need to know enough so that you can't be taken advantage of.
There are a number of different ways to sell your gold, from online dealers that will accept your gold by mail to local jewelers (such as Ed's Coins) and even pawnbrokers. Even if you're in a hurry, it's worth checking out a variety of sources to make sure that you get the best price for your jewelry.
You can check out gold buyers with the Better Business Bureau to see if they're reputable or if they have any complaints. Don't let anyone rush you into making a deal without checking out the dealer or shopping around for a better price. A good buyer who is offering a fair price will understand if you want to look around first.
Don't forget to bring your ID with you – gold buyers have to ask for it by law. If you're prepared and you follow these smart suggestions, you'll easily get the cash you need by selling your gold jewelry.