Have you had some unwanted gold taking up space in your jewelry box for some time now but don’t know what to do about selling it? Here are some tips on what to do to successfully sell your gold jewelry.
Consider What You Want to Sell and What You Wish to Keep.
Often times our jewelry has more than just a monetary value to it. Some pieces can also have an emotional value that is worth even more to us. Decide which pieces you are definitely willing to part with before going to sell them. Good items to consider are broken pieces, earrings with a missing pair, and jewelry you will never wear or pass down to others. If you are unsure about certain pieces, it is best to hold on to these for awhile so as to not later regret the decision to sell
Know What the Gold is in the Pieces You Have
Most jewelry is made up of 10 Karat, 14 Karat, or 18 Karat gold. The karatage of the piece indicates the percent of pure gold that is in the jewelry. So if a piece is marked 10 Karat, that means that it contains 41.7% pure gold. 14 Karat contains 58.3%, and 18 Karat contains 75% pure gold. The rest of the piece consists of metal alloys that increase the strength of the gold to make it suitable for jewelry. Most jewelry will be marked with its karat weight. 10K or 417 for 10 Karat, 14K or 585 for 14 Karat, and 18K or 750 for 18 Karat. The value of the gold in your jewelry will depend on the karat it is and the weight of the piece. For example, if you have 2 bracelets that weigh exactly the same, but one is 10K and one is 18K, the 18K bracelet has a higher monetary value.
If your gold jewelry is not marked, gold buyers can test your piece to determine the gold karat.
Know the Current Price of Gold
The price of gold is constantly changing based on the current market. Kitco. com is an excellent source to find the price of gold at the time you are looking. Keep in mind that this price is just a reference and it will NOT be the actual price you will get for your jewelry. Places that buy jewelry have refiner fees and other costs that affect their buying price.
Choose a Reputable Buyer
Do your research and visit only a reputable, licensed buyer to sell your gold jewelry. Check with the Better Business Bureau as well as read reviews of the company before taking your jewelry to them. There are many knowledgable and fair buyers that can make the process easy and rewarding for you.
Check to See if Your Jewelry Has Any Value In Addition to Its Gold Value
Some of your jewelry may have added value on top of its gold weight. Designer pieces, vintage and antiques, or highly sought after items may be bought at a higher premium. It is important to bring any paperwork, receipts, or boxes (if you have them) with you when selling your jewelry. Buyers need to authenticate and evaluate each piece that comes in and reputable places will pay more for jewelry that can be resold as a piece rather than just refined for the gold.
Selling your unwanted gold jewelry is a great way to earn some extra money and with a little knowledge, can be a very pleasant and rewarding experience.