Shopping for an Engagement Ring

Planning To Sell Your Gold Jewelry? 4 Things To Know First

If you are like most Americans, you probably have a tangled pile of jewelry that you no longer wear. Sometimes this happens when the jewelry was a gift from a failed relationship, and sometimes it is just that your taste in jewelry has changed or the pieces have broken clasps or other repair issues. If the pieces contain gold, selling them can be a good way to come up with extra cash, while clearing room in your jewelry box for future purchases. But like the sale of any potentially valuable item, there are some things you should know in order to have a good selling experience. 

Sort the pieces by purity 

The carat value of gold is one of the most important factors in determining the value of the piece. To determine the purity, begin by cleaning the pieces and examining them carefully for hallmarks and markings given to them by the jeweler who created each one. Higher carat values, such as 22 carat, are more valuable than lower ones, such as 10 carat. If no marks are visible, take the pieces to a reputable gold dealer who can use a carat meter to determine the purity of non-hallmarked pieces. 

Decide whether you want to sell by the piece or by weight

If the gold jewelry you want to sell is broken or incomplete, such as when stones or part of a matched set is missing, then you may want to consider selling it by weight. Selling gold by weight will usually result in being paid the equivalent of the current spot gold price for the particular type of gold you have. When selling by weight, consider removing any valuable jewels and selling them separately to get more profit from the sale.

If the jewelry is in good condition, you may be able to sell it to a private buyer or by co-signing it to a reputable jewelry dealer. If the piece has antique or collectible value, selling it in this way will usually be the more profitable option, but be prepared for it to take more time to find a buyer. 

Choose to work with a reputable gold buyer

When selling jewelry, it is important to make sure that any buyer you work with is reputable. A good way to do this is to visit their place of business and ask them about their buying process. A reputable gold buyer will be eager to educate their customers and will be willing to answer questions and provide references to other satisfied clients who can vouch for the quality of their service. 

For more information, contact a company like Quakertown Gold & Coin Buyers.