Tips for selling Gold Jewelry
Written by aditruhai on February 6th, 2011
We all see the ads on television-get quick cash for unwanted gold with thousands of satisfied customers flashing tons of cash in front of the cameras. Due to recent high price of gold, many people are considering sell your gold jewelry for cash. There are few things you should consider when you decide to selling your gold jewelry. I am a firm believer that knowledge is power and you must know what they have and know what it’s worth before attempting to selling gold jewelry.
First you need to realize how much gold is in your jewelry. Most of the dealers of the basis of their prices only from metal scrap value of your gold is worth marking gold watch to determine the carat weight. In most countries the law, the stamp of carats is a requirement on any gold jewelry to be sold in stores and is the first indication of the gold contained in any gold jewelry from a seller’s reputation. Most of the entries in the North American market was marked 10 k, 14 k, 18 k, to demonstrate the purity of gold in a particular piece of jewelry. European Standard is different and is measured in parts per thousand, and could be stamped 416, 585, 750. I will discuss what this means below.
If you have filled jewelry in gold, plated or gold plated jewelry then in most cases that would be worth to try and sell them for the content of gold and most traders will refuse to buy this type of jewelry. The most common stamps for these elements are GF (gold filled), GP (gold plated) and, finally, EGP (gold plated electro)
Carat gold are expressed in units of 24ths. So, the pure gold is 24-karat or 100 percent gold 18 karat is 75 percent gold, 14 carat gold is 58.5% (European stamp 585), 10-karat gold is 41.6% (416) and so on. Conversion is simple; divide the value k to 24 to get the percentage of gold, ex: 10/24 = 0054, and so on. The price of gold, that we all see on TV is based on a troy ounce, which is approximately 31.1 grams of pure 24 K gold standard in the form of exchanges such as bars or coins. If you are selling gold bars or coins, the spot price is what you should be aiming at but keep in mind that any offer from a reseller who will always be slightly below market value because the dealer has a profit.
Cash value for gold jewelry is much lower than the estimated value and there are a few reasons for this. First of all, the estimated value of a piece of jewelry includes work and mark up retail of your Gold Jewelry because the assessment is probably done for insurance replacement cost of a particular piece. Detail brandmark on jewelry are amazing and most people don’t realize that when trying to sell gold. The reason is simple; Since jewels are a luxury item and not go out of style, become obsolete or break down as an electronic (TV, stereo, etc.), is often on display for months and even years before being sold at a retail store, and since every jewelry store jewelry has high overhead, are often marked by 600 percent for turning any profit. You must assume that the price offered for the jewelry of gold will be much less than you paid for it. The value of gold constantly varies and depends on many factors. Always check the current price before selling and make a note of it when shopping around for a quote.
My advice is to avoid mail gold buyers. Most of these companies have a high overhead and costs of advertising and you lose some control when mail in your jewelry, because you can’t be there when your gold is checked and weighed. I have heard many complaints from my customers about these services and while it may be beneficial to someone who doesn’t have the time to shop, these customers end up paying for the convenience of getting a check by mail. I know what you’re selling first if possible!!! Go to the dealers of two or more to get quotes. Most reputable dealers are willing to tell you how much they will pay for your piece free of charge and without obligations.
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January 21st, 2012 at 5:44 pm
I normally wouldn’t be able to find such great content as this on other sites. You have done a great job with each unique point made on this topic. Thank you for your hard work.