Everyday you see it, advertisements offering to buy your gold for cash or telling you to sell off your old gold jewelry. It seems that there has been an explosion of these cash for gold companies recently. And like with any new hot profitable trend, scam artists are taking advantage of people new to the selling gold field. Just because you see advertising telling you that they will give you the most cash for your gold it doesn’t mean that it is true. You need to research carefully each and every company before hand. It is also important that you pick a company that will actually pay you what your gold is worth. There are many gold refiners out there that will only offer you between 40%-50% of your gold’s value. That is unacceptable. That is why we created this guide which will tell you how to get the most cash for your gold jewelry without getting ripped off.
Selling to a Jeweler or Pawn Broker
The first method you can use to sell gold jewelry is go to your local jewelry store or pawn broker to sell your rings, necklaces, or bracelets for partial retail value or melt value. Shop around and get the piece appraised and then find the best price. In most areas jewelry stores generally offer better prices than pawnshops but always check first to make sure, it may be different in your town.
The gold content of jewelry is determined by the karat value. Pure solid gold is 24 karats. Anything other than pure gold has less gold content and more of other metals and hardening agents. Most gold jewelry is 10k, 14k, 18k, or 22k. If you want to check your own jewelry the karat value are usually inscribed somewhere on the piece. For example on the inside of a ring or bracelet or on the clip of a necklace or the back of an earring. If it is marked with three digits than it is using the millesimal fineness system which indicates its purity by parts per thousand. For example 750 is 18k, 585 is 14k, and 417 is 10k.
If you have an antique or well crafted piece this is definitely your best option. Your other options involve selling gold jewelry for scrap value which will be lower then selling it for retail if you do have a well crafted or antique piece such as a unique wedding ring passed down through generations or beautifully designed jewel-encrusted brooch.
Sell to a Gold Refiner or Scrap Gold Dealer
You’ve all seen the commercials on TV advertising quick cash for your gold. These companies are gold buyers and gold refiners. You can also find local dealers in the yellow pages. We also have many reviews of cash for gold companies available here on the site.
Class rings, plain wedding bands, heavy gold chains and bracelets, and most jewelry under 14 karats are a good choice to sell to these gold refiners and scrap gold dealers because they have little to no resale value. The scrap price is based on the value of the gold itself and doesn’t reflect any antique, craftsmanship, or aesthetic value.
Remember to always get your jewelry appraised at several different places before you sell your gold so you know what your gold jewelry is actually worth. We also have a gold value calculator that you can utilize if you know the karats of your pieces. You have a much lower chance of being ripped off if you know what your gold is worth. A lot of these online refiner for gold and scrap gold dealers (barring a few exceptions like Sell Your Gold or Empire Gold Buyers) will cut you a check that is much lower then value of the piece.
There are a few other places to sell gold jewelry, for example online auctions and the like, but the major two listed above will be the best bet for 90% of people who are selling their gold jewelry.
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It can be frustrating using shopping sites like eBay to try and sift through information when so many people try to get their items shown (spam) when looking for a particular item. For example when you look for Rolex Oyster perpetual you will see things like books, pens, lenses, and many other items that are probably not what you had in mind.
If you are selling gold near Palm Beach the you should try out the Lake Worth Gold Mine. Everything is tested and weighed in front you so you know what you are getting paid for. You also get paid on the spot in cash.
Traci,
Have you used this company before and if so, do they offer the correct online value of your gold or do they offer you less than what it’s worth?
Vonharringa Metals is a helpful source of information for those who are looking to sell their gold jewelry for a fair and honest price.