Tips for Selling Gold Jewelry

A lot of people are looking to take advantage of the high gold price and sell their unwanted gold jewelry to get hold of much needed cash. Although cash for gold parties seem to be a popular way to do this, it is certainly not the only way and may often not be the best. In this article I will describe some of the other avenues you have and how best to go about selling your gold jewelry.

Whichever way you decide to sell your gold jewelry the most important thing to do before you do anything is to find out the current scrap gold price of your items. Unless you sell your item as a piece of second hand jewelry to someone who wants is as such, when you come to sell your item you will get paid based on the amount of pure gold in that item. It can be a bit of a shock to find out that the much coveted ring that you paid $1000 for actually only has $80 worth of gold in it.  The scrap gold price refers to the value of the pure metal in your jewelry item. There is an article linked below that will explain in detail how you can do this. You will also need to know the weight  in either grams or ounces and the gold karat rating that is usually stamped on the item. Once you know the scrap gold price then you can compare different offers to the actual value.

Mail in Gold and Gold Parties

When you go to a gold party or you send in your jewelry to a mail in gold company you should realize that all they will do is turn around and send it off to a refiner to be melted down into pure gold - they will not sell it as gold jewelry.  The cash for gold company will get anywhere up to 99% of the scrap gold price for doing this.  They have their overheads, cost of hosting parties, advertising etc so your cut of the scrap gold price could be rather small. The more the company is spending on infomercials the less there is to give to you. Best advice is to compare any offer you get with some of the other options listed below.

Sell Your Gold Jewelry As Second Hand Jewelry

The best way to cash in your gold would be to try to sell it as second hand jewelry rather than as scrap gold. Online auction sites are a great way for this and selling can be fun. Opening an account and taking a picture of your gold ring may mean the difference between you getting $80 as scrap gold or getting $300 by sellling it as second hand. If you don't have any luck selling it as second hand jewelry there are many ways for you to sell it yourself as scrap gold - Every person looking to sell their gold jewelry there are many people looking to invest in gold and buying scrap gold can be an attractive way for them to do that. Online auction sites are a great way to do this. You will need to advertise your item as scrap and know the karat value and weight. You are more than likely going to get the spot gold value or higher for it.

Advertise in Local and Internet Classifieds

You could also list your items on local and internet classifieds.  there are many individual private buyers of scrap gold who frequently search through local classifieds for good deals. Because you do not have to pay any fees you could offer 95% of spot value and still be doing much better than the other ways.

Sell It Locally

The last method is to go to your local coin dealer or second hand jeweler. They will also send it off to the refiner but they are in a better position to give you a better price as their overheads are lower than cash for gold companies. Once again knowing the scrap gold price is going to be essential to get the best price