How to Sell Gold Jewelry
While our network connects you with established and reputable gold buyers in your area, it is still important to have an idea of the value of your gold. If you are unsure of the content of your items, read our guide below to get a better understanding of the gold selling process.
1 – Calculate The Value of Your Gold
You can begin the process of selling your gold by collecting the items that you are willing to sell. If you have any documentation for the items, it could help in determining what the value might be. Also look for markings on the gold, which may tell the weight or other important factors when determining value.
Be sure to leave your items in the condition that they are currently in. Gold buyers will clean the items with tools and products that may be unavailable to you and some people actually lessen the value of their gold by cleaning it incorrectly.
Now that you have the gold items that you want to sell, the first step to calculating their value is separating them by purity. Marks on your gold displaying the purity can be found using a magnifying glass. Most of the time, a number on the item will determine a percentage which can be used to find the karat value. Look at the example below to better understand how to determine karat value.
Number Marked On Gold = 750
750 = 75%
24k gold equals 100%, so 75% would mean you would have 18k gold.
Many times the markings on your gold may not be visible or inexistent leaving you completely unaware of the value. One reason for this could be that your item is a combination of metals making it hard to determine the exact content. If you do not see any markings, there is no reason to be worried. There are other precious metals that it could be combined with that may still be worth some money. This is where having documentation of the content of an item can be important. Despite the lack in markings, gold buyers will use different tests to determine value. Because of the possible inconsistency of different testing methods, we recommend getting your items valued at multiple locations to find the most information about your gold.
If you did find markings on your gold, then you can weigh the items yourself before going to a gold buyer. Because items of different karat values are worth different amounts, separate your gold by purity before weighing them. Once you have found the weight for each type of gold that you have, check out our (link)gold calculator(link) to get a better understanding of what you may be offered by a gold buyer.
Despite the price that was given to you by the gold calculator, retailers will offer you less to make up for the other costs that they incur throughout buying and selling gold. 70-85% is generally what most organizations will offer people for their gold.
2 – Find A Gold Buyer Location
Now that you have an idea of the value of your gold, you can begin to look for a gold buyer in your area. Find your city in our database to get connected with the most reputable gold buyers in your area. Do some research on the different organizations before picking one to do business with. As we mentioned earlier, it is not a bad idea to get your gold valued at multiple locations. Gold buyers often advertise their guarantees or the fact that they offer a higher price for gold than their competitors. Despite these claims, you will never know what they are going to offer for your items unless you take them in. Browsing through reviews from past customers is another good way to see how an organization handles their business.
3 – Sell Your Gold
By selling to gold buyers locally, you are given advantages that would not be available through an online retailer. One of these advantages is the speed of the transaction. Online gold buyers are only as fast as the postal service is and you will be waiting to receive your check long after you mail in your gold. Local gold buyers will complete the transaction while you are in the store allowing you to leave with cash in your pocket. The postal services are notorious for losing and damaging packages, which is not something that you want to deal with when shipping valuable items. The benefits of dealing with a local buyer far outweigh the disadvantages and selling gold locally is what we would recommend.