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 scammed or 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. 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 karats. Solid gold jewelry is 24 karats. Anything other than pure gold has less gold content and more of other metals and hardening agents. If you want to check your own jewelry the karats 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 you have an antique or well crafted piece this is defiantly your best option. The other options involve selling it 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 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 gold. They are gold refiners and scrap gold dealers. You can also find local dealers in the yellow pages. 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 gold jewelry appraised at several different places before you sell gold so you know what your jewelry is worth. That way you have much lower chance of being ripped off. A lot of these online refiner for gold and scrap gold dealers 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 looking to sell their gold jewelry.
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