Gold jewelry is an investment that you can wear, enjoy and resell when you’re ready to upgrade your collection. Selling your old gold jewelry can also be a quick way to earn some extra cash, but getting the best deal isn’t always easy.
There are a lot of specialist cash for gold organizations to select from, but these may not offer you the best price. On the other hand, selling to a high street jeweler or through an online trading website may take longer, but it’s likely you’ll be offered more money.
You might ask yourself questions such as, where can I sell my gold? Or, how can I sell my engagement ring locally? Below are our key expert tips on how to sell your old gold jewelry and get the best deal from Palm Beach County.
Clean your gold jewelry before listing it
One simple and smart way to make your gold jewelry more attractive to buyers is to restore its lustrous shine. To clean your pure gold jewelry, simply dip your jewelry in a bowl of lukewarm water and dish soap and gently clean it with soft bristle toothbrush. For a deeper clean or to clean gold jewelry that also has precious stones, take it to a jeweler to ensure it is safely polished.
Consider the best time to sell gold
The laws of demand and supply dictate that if more people want to invest in a commodity, its price will increase. Gold tends to be in more demand when the economy is looking rocky, as it’s considered as a safer bet than other investments, such as stocks and shares.
It’s therefore worth considering the state of the economy when selling your old gold jewelry. If you think harder times are on the horizon, it might be worth holding out for gold prices to rise. Nevertheless, as with any investment, it’s very difficult to accurately predict future rises or falls in value.
Know the karat of your gold jewelry
Pure gold is a very soft metal, therefore, to ensure its durability for jewelry-making, gold is mixed with an alloy metal such as silver, nickel, or copper. This ratio of pure gold to alloy metal is the gold’s karat.
The karat of your gold jewelry is vital as it can greatly influence the resale value of your item — the purer (or the higher the karat) the gold, the more expensive it is. Therefore, know the karat weight of your gold jewelry so you are not undervaluing it.
Determining the value of your jewelry will help you to assess how much your items might be worth, based on current gold prices. You can also get a valuation from high street jewelers to give you an idea of what your gold is worth.
Don’t act on impulse
Carefully evaluate the piece of gold jewelry that you are looking to sell. Most pieces of gold jewelry have some emotional value. Ensure the emotional value does not outweigh the price that you will receive. Ideal pieces of gold jewelry to consider are broken items, earrings with a missing pair, or outdated items with no emotional attachment
Shop around
Call multiple jewelry, coin stores, gold buyers and pawn shops and ask them how much they pay for your gold, or if they are in your area, stop by for a quote. Get all the quotes on the same day if you can because the price of gold fluctuates. Gold buyers, including those online, give better prices for larger volumes of gold and some may be willing to negotiate, so try haggling – particularly if you think you’re being low-balled. Watch out for tricks, such as a gold buyer rounding down the weight of your item.
Always get various 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.