What is the best way to sell gold jewelry?
You can sell your gold jewelry in many places, both in jewelry stores and online. Sometimes you even get better online depending on the quality and design of the piece of jewelry. In some places, they pay well but others are intermediaries who will only pay you a minimum fraction of what your piece is worth because they earn by selling it. It is best to first investigate what the value of gold is before trying to sell it. This article will help you get the best price when you sell gold jewelry.
Find out what the current spot price of gold is per ounce and per gram. You will find that many sites on the internet provide real-time information about the price of gold. This price is almost always given in dollars per Troy ounce. How to determine the value of your garment?
1 pound = 12 Troy ounces (Jewelry is normally weighed in grams.)
1 Troy ounce = 31,103 grams
Now, weigh your jewelry using a scale that accurately weighs small amounts, i.e. grams and ounces. There are 12 Troy ounces per pound. There are 31,103 grams in a Troy ounce. To find out how many grams your jewelry weighs, use a scale that accurately weighs small amounts. Before doing the calculation, you need to know the purity of the jewel, that is, if it is 24K, 18K, 14K, or 10K. (The “K” stands for karat in pure gold. Gold jewelry usually has some other metal added to form a stronger alloy.)
The refiner who buys gold jewelry usually melts it to make .999 percent gold coins and bars, which are sold to investors. In the case of refiners, they pay you for the unique weight of gold in your jewel. They charge you to refine the gold alloy and remove the other metals to keep the pure gold to melt it. That is why it is not only knowing how much gold is in the market, because the market tells you the price of PURE gold, not with alloys with other metals.
The truth is that it is a bit complicated if you do not have experience. So if this sounds complicated to you, most jewelers will do it for you if they buy gold. The weight of pure gold in an item, minus the cost of refining and the merchant’s profit, will be the amount for which you can sell your jewel of gold as scrap metal.
I tell you what happened to me not long ago. I found a 14K ring. I said I’ll sell it and maybe they’ll buy it for $ 100.00. The truth is that I was disappointed when the very friendly lady who offered me $ 26.00. Even she recommended selling it online. I followed his recommendation and put it up for auction on eBay. He sold it for $ 67.00.
So sometimes it is better to sell it online. Find out if your jewelry is worth more as a piece of jewelry than as scrap gold. However, a designer piece or an antique jewel may be worth more as jewelry than for the weight of gold. If you decide to sell your piece of jewelry to a refiner, don’t sell your piece at the first offer. Visit multiple gold buyers to see who pays you the most.
Look what happened to me on one occasion, while the first pawn shops offered me $50.00, the third gave me $100.00. Double that, just for being patience. Don’t hesitate to get a second opinion on the value of the jewelry if you are not satisfied with an offer. A good buyer won’t be offended if you take a day to think about their offer.
Characteristic buyers are pawn shops, jewelry stores, antique dealers, and rare coin shops. Local buyers will generally pay more for gold than large buyers who spend thousands of dollars advertising on television and radio.
Warnings The price of gold on the world market fluctuates daily.
A quote to buy your piece can change in a week or in a month according to whether the prices rise or fall in the market. What will not change is the weight and purity of your jewel.
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