How to Sell Gold Jewelry
Try to sell to jewelry stores., Avoid selling to pawn shops., Stay away from gold buyers., Shop around., Know what affects the price you get., Know what you have in your collection., Always check with the BBB before you sell.
Step-by-Step Guide
-
Step 1: Try to sell to jewelry stores.
You should always try to sell your gold to jewelry stores first.
Especially if they are major jewelry stores, they are less invested in ripping you off, since their major source of income is elsewhere. -
Step 2: Avoid selling to pawn shops.
Pawn shops are in the business of paying the least amount of money possible for something that they can sell, so it's best to avoid going to a pawn shop if at all possible.
Not only are they less likely to recognize high quality pieces, but they are also manipulative by nature. , Many gold buying companies have popped up in recent years and most are either scams or at least highly likely to take advantage of you.
Some, like GoldLine, are well known for unsavory practices.
If you can, avoid these gold buyers altogether. , Always get multiple quotes before selling your jewelry.
Different stores may offer lower prices than others, depending on how much of a cut they take and whether they can recognize special pieces. , Don't be swayed by the price of gold by the ounce that you see on the news.
Only 24 carat gold gets full price. 18 gets 75%, GP means it's just plated in gold and probably can't be sold, etc.The weight you should be working with when you make your own estimates should also factor in stones or other settings, since these don't count towards the weight of the gold. , Most of the pieces that you sell will be melted down, so don't expect something to be worth more just because it's a wedding ring.
However, if you have pieces in your collection that are from well-known designers, then that may increase the value.
Always do your research. , Before making your final decision about where to sell, always check the company's reputation with the Better Business Bureau or your country's equivalent.
There are many companies with terrible reputations when it comes to treating people fairly, so be careful. -
Step 3: Stay away from gold buyers.
-
Step 4: Shop around.
-
Step 5: Know what affects the price you get.
-
Step 6: Know what you have in your collection.
-
Step 7: Always check with the BBB before you sell.
Detailed Guide
You should always try to sell your gold to jewelry stores first.
Especially if they are major jewelry stores, they are less invested in ripping you off, since their major source of income is elsewhere.
Pawn shops are in the business of paying the least amount of money possible for something that they can sell, so it's best to avoid going to a pawn shop if at all possible.
Not only are they less likely to recognize high quality pieces, but they are also manipulative by nature. , Many gold buying companies have popped up in recent years and most are either scams or at least highly likely to take advantage of you.
Some, like GoldLine, are well known for unsavory practices.
If you can, avoid these gold buyers altogether. , Always get multiple quotes before selling your jewelry.
Different stores may offer lower prices than others, depending on how much of a cut they take and whether they can recognize special pieces. , Don't be swayed by the price of gold by the ounce that you see on the news.
Only 24 carat gold gets full price. 18 gets 75%, GP means it's just plated in gold and probably can't be sold, etc.The weight you should be working with when you make your own estimates should also factor in stones or other settings, since these don't count towards the weight of the gold. , Most of the pieces that you sell will be melted down, so don't expect something to be worth more just because it's a wedding ring.
However, if you have pieces in your collection that are from well-known designers, then that may increase the value.
Always do your research. , Before making your final decision about where to sell, always check the company's reputation with the Better Business Bureau or your country's equivalent.
There are many companies with terrible reputations when it comes to treating people fairly, so be careful.
About the Author
Kathleen Wilson
Writer and educator with a focus on practical home improvement knowledge.
Rate This Guide
How helpful was this guide? Click to rate: