How To Sell Your Old Gold Jewelry
If you’re planning to sell gold jewelry to take advantage of the high price of gold, you might be better off selling unwanted pieces as jewelry, rather than for the melting pot.
If you want to sell gold, it is fundamentally important to note that there is a spread - it is a difference – between purchase price and selling price there. This will vary dealer to dealer (Check other articles for more details) with banks and savings banks but tend to be significantly higher than for Internet precious metal dealers
Price of Gold
To know the actual price of gold, keep a track of the gold trading prices that are employed daily on the open markets. Since selling gold jewelry prices change everyday, knowing the trading prices of gold bullion or scrap gold will give you an approximate idea of the price you’ll be getting while selling gold jewelry. To calculate the value of your gold jewelry, check the karat weight on each piece. It is usually marked as 9K, 10K, 14K, 18K or 22K, as per the amount of pure gold in each piece. The gold purity increases with its karat weight, hence, gold with karat weight as 24K is 100% pure. The amounts calculated in percentage for 9K, 10K, 14K, 18K, 22K and 24K are .375, .417, .583, .750, .917 and .1000, respectively.
Divide the current daily spot value of gold by 31 to calculate the gram price of 24K gold and then multiple the gram price of the gold with its corresponding percentage. Once you have calculated its spot price per gram, if your gold item weighs more than 40 grams, multiple the price per gram with 40 and then this would give you the actual or spot value for your gold item. If your gold jewelry contains some expensive gem stones or is beautifully designed it may increase the price if taken under consideration by your buyer. However, if you are not sure with your calculations, go to an appraiser to know the price and other details.
Tips for Selling Gold Jewelry
- Determine the value of your gold by uncovering the number of karats and weight.
- Gold is typically measured in troy ounces.
- Pay for a professional appraisal for an accurate assessment of value.
- Try selling gold coins back to the dealer who sold them to you or to other collectors.
- Gold dental work like fillings, crowns and teeth may also be sold.
- Appraise gold trinkets or religious items to see if they’re worth more as collectibles or scrap gold.
- When selling gold online, ensure descriptions of quality and gold content are accurate.
Why Online Companies Are The Best Choice
Your best choice is to use an online gold buyer. Online gold buyers have to ability to pay more for a few simple reasons.
The first reason is competition. The online companies have to fight with each other to secure a share of the market. They try to win customers by offering the most cash for gold. The good news you come out the winner.
The second reason that online companies can give you more is because of their operating costs. It costs mush less to operate and advertise an online business compared to the costs of a brick and mortar store. Add on the fact that the online stores do much more business than a local store. With more profits they can pass some of that on to you.
Where to look
If you are ready to part with your gold, shop around for the best price. Jewelry stores generally offer better prices than pawnshops.
