Advertisements promising cash for your gold jewelry are very hard to miss – and not always for good reason. You’ve undoubtedly seen one of the many “We Buy Gold!” commercials and probably had a good chuckle at the-over-the-top characters in them. But while there may be a disconnect between serious gold sellers and the buyers who create cheesy ads to convince you to sell their jewelry to them, seeing great returns on your precious metal items is very possible indeed.
Ensuring that you get the best deal for your unwanted jewelry requires a bit of education about the gold buying market. While the opportunity to see good returns on your gold exists, it requires a bit of understanding around how to navigate a few pitfalls along the way. With this said, let’s take a look at how you can take maximize your earnings on your unwanted gold jewelry.
- Keep an eye on the value of gold
Throughout 2016, gold has performed very well against virtually all other asset classes. While the gold price is high at the moment, fluctuations do occur, so keeping tabs on its value can prevent you from trading at an unfavorable time, or see you smiling all the way to the bank. A good idea is to keep an eye on what investors are doing.
You’ll notice that they start to reduce their gold holdings if the gold price starts nearing $1,310 an ounce and start buying more gold when prices drop to around $1,100 an ounce. A good idea is to sell your gold when prices are in the higher end of this spectrum. Gold buyers who operate transparently will share this information with you. Better yet, you can check for the daily value of gold on most websites of trusted gold buyers.
- Know the true value of your jewelry
The karat reading of your gold refers to the parts of gold contained in the piece of jewelry. The maximum karat reading is 24. When karat readings are lower, it means that other metals such as zinc, copper and nickel are included in the jewelry. You will notice that there is a karat symbol on your jewelry items (K, kt or Kt) and you can determine the gold purity percentage by dividing the karat number by 24 and multiplying this number by 100.
The higher your gold percentage, the higher the price you can demand for your jewelry. If you are unable to see the karat reading on a piece of dated jewelry, for example, ask a reputable gold buyer to test your gold for purity with a gold testing kit before you accept a price for your piece.
- Attend a gold party
Gold parties are modeled after the traditional Tupperware parties and guests are invited to bring their unused gold jewelry or any gold item that they are wishing to sell. This way, they can sell their jewelry in a friend’s living room without having to go to a pawnshop or jewelry store. Not all gold party organizers offer their guests a fair deal, but this is a good place to research the buying and selling process and see what other people are being offered for their gold jewelry.
- Consider the intact value of your jewelry
Different gold jewelry will have different values, depending on their history, age, purity and context. Heirlooms, for example, may be much more valuable than the original price of the jewelry piece and a relatively new but used piece of gold jewelry can be worth significantly less. In this case, it would be wiser to sell the piece intact as opposed to recycling the gold. Even an antique pocket watch that no longer runs can get you a far higher cash value when sold intact.
A gold buyer will consider a number of things when determining the value of the piece, such as the workmanship that went into crafting the jewelry and other gems present in the piece. A bit of research, combined with advice from a reputable gold buyer, will give you a better idea of whether your heir loom or older piece has become a collector’s item or has fallen out of style, which will have a significant impact on the price you can expect from selling it.
- Find a reputable and transparent gold buyer
There are many ‘rogue’ gold buyers, also known as ‘pop up buyers’, who underpay their clients. Trusted buyers have generally been in the industry for many years, are licensed and have a transparent way of determining what your jewelry is worth.
As a potential seller you can set yourself up for success by using some of the tips we mentioned in this blog. You’ll thank yourself for it later because the potential for good earnings on your gold jewelry can be great – if you cover a few basic considerations.
Ross & Simons has been serving generations of loyal customers since 1952. Our Gold Exchange was created in response to requests from our customers who were looking for the most secure and easiest way to exchange their unwanted gold for cash. Since then, we’ve helped countless customers sell their gold transparently, safely and profitable. Contact us to learn how you can sell your precious metal items at prices that are fair and reflective of their true value.