With gold prices today nearing all-time highs, it’s a great time to cash in on old, broken, or unwanted gold jewelry. Even selling small amounts of gold can bring in cash, so it’s not doing you any good gathering dust in the back of your closet!
But how can you make sure that you’re getting the best deal? Just remember these “Three Rs” of how to sell gold:
Before you look for a buyer for your unwanted gold jewelry, make sure that you know exactly what you have and what it’s worth in today’s market.
While prices are high and the market is favorable to sellers, you should think carefully before disposing of pieces that have sentimental value. If your gold jewelry is intricate or antique, make sure to get it appraised by a jeweler before you rush off to sell it for scrap. Scrap buyers are interested in the weight and purity of the gold and don’t pay a premium for craftsmanship.
Inspect your jewelry for hallmarks or karat stamps, indicating the purity (14 karat, 18 karat, etc.) of the gold, and then weigh it. Use a scale designed for small weights, such as a postage or food scale to get the most accurate measurement. Once you know the karat and weight of your pieces, check with an online gold calculator for an estimate.
While you can’t expect to make top market value for scrap gold, (after all, buyers need to make a profit, too,) knowing what your gold is worth will give you a ballpark figure of the price you should accept. Keep in mind that gold prices fluctuate daily, so the estimate may change. Depending on where and how you go about selling gold scrap, you could receive between 20% and 90% of the scrap value. It’s worth being smart about who you are dealing with!
Take out any stones and remove any non-gold parts of the jewelry so the buyer can get an accurate weight. If they need to estimate the weight, the estimation may be conservative and you could lose out.
Read the fine print
If you’re selling your gold scrap online or through a mail service, make sure to read all the details. Look for hidden fees and check to see which index the buyer uses when calculating the daily gold price. Does the buyer require a minimum volume? Who pays for shipping and what happens if you’re not happy with the valuation?
It’s worth taking the time to go over each of these steps in detail. It’s a great time to sell, but there’s no need to hurry. If you feel pressured, walk away. This is a seller’s market and buyers should treat you with courtesy and respect. Selling your old gold is easier and more lucrative than ever. With just a little prep work, you can make sure you’re getting the best value out there.