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 industry. Just because you see advertising telling you that they, “Give you the most cash for your gold”; doesn’t mean that it is true. You need to research carefully each and every company before dealing with them. 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 30%-50% of your gold’s value. That is unacceptable. And is one of the reasons 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 Pawnbroker
The first method that you can use to sell your jewelry is go to your local jewelry store or pawnbroker 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 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 is 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 than 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 cash for gold companies (barring a few exceptions like Sell Your Gold) will cut you a check that is much lower than the 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 99% of people who are selling their gold jewelry.