How to Sell Gold and Jewelry

It’s easy to sell gold today there are stores and shops on every corner and two on some! The real question is how do you sell jewelry and not get ripped off? The first thing is to learn more about the types of stores that buy gold read our article on where to sell gold to learn more about the places that buy gold.

Selling gold without getting ripped off!

The right way to ensure that you are getting the best price for your gold and jewelry is to know what you have, before you set out to sell gold. Sort your jewelry by the carat weight 10K, 14K and 18K or other, in the United States all jewelry sold must be stamped with its designated weight and no jewelry sold in the U.S. can be less than 10 carat, use a magnifying glass if you need to find the markings. For reference 10K gold is 41.7% pure gold, 14K is 58.3% and 18K is 75%. Now look for the current market price of gold and get your calculator ready! To determine the full value of gold multiply the current gold price by the percentage of gold you have (example of 14K with gold priced at $1600 x 58.3% = $932.80 per troy ounce) and divide it by 31.1 for gram value or by 20 for pennyweight value ($932.80 / 31.1 = $29.99) you should know both and have it written down before you set out to sell gold or jewelry. Next determine the gram (g) or pennyweight (dwt) of each type of gold if you have access to a scale, if not let the store you are dealing with weigh it while you watch and be sure you know which unit of measure they are using. It is important to understand you will not get the full value of your gold when selling it to a gold buyer. There are many factors that go into the price a gold buyer will pay per unit including their costs to have it smelted, their profits, deductions for stones or non gold items attached to the gold and more. What you want to shop around for is the buyer that will get you the closest to the full value.

Check Used Jewelry Dealers or a Consignment Jewelry Store

If the jewelry is not broken, you may be able to sell it to a used jewelry store or a consignment jewelry store for at least full gold value or more. Often these types of stores will pay you the full value if they feel they can sell it for more than that but have a safety net of at least breaking even quickly if it does not sell. You should always check these types of stores before you make the decision to sell.