How to Sell Your Old Gold Jewelry for Big Money

You've probably noticed the signs posted in front of your local jewelry store advertising the guaranteed best price for your broken and unwanted gold jewelry. The guaranteed best price? Really? How can you be sure? If you've been thinking about selling your gold jewelry, don't just hand over your old gold jewelry to the first jewelry store you encounter. Learn how to get the best price when you sell your old gold jewelry.

Instructions

Difficulty: Easy

Things You’ll Need:

• Unwanted gold jewelry
• Daily newspaper
• Telephone book

1. Gather your gold. Start by ridding your jewelry box of all broken gold jewelry. Jewelry repairs can be quite expensive, so unless a piece is very valuable or has a significant sentimental value, it is probably not worth fixing. Look over the rest of your gold jewelry and consider parting with pieces you no longer wear.
2. Inspect your gold to determine the karat. You will find a stamp indicating the karat on the clasps of bracelets and necklaces, on the inside band of rings and on the fasteners of earrings. There will be a number (usually 10 or 14) followed by the letter K. The higher the karat, the more pure the gold in your jewelry pieces. The more pure the gold, the more money you will make.
3. Spend some time studying the current trend of the value of gold by checking its value in the newspaper. Gold is priced by the ounce, and the price per ounce can vary greatly from day to day. You'll want to be informed on the current trend so that you don't part with your jewelry on a day the price has taken a dip.
4. Grab the phone book. Call several jewelers in your area the day you plan to sell. Ask what they are offering for gold that day. This can vary significantly from store to store. Taking the time to find the highest paying jewelry store is worth a few minutes of phone research.
5. Take your unwanted gold pieces to the jewelry store and ask them to weigh your gold and make an offer. Be sure the offer they make is in keeping with what you were told when you called on the phone.

Tips & Warnings

• A legitimate jeweler should be able to weigh the gold in front of you. Be suspicious of someone who disappears behind closed doors to weigh your pieces.
• Many jewelry stores offer a discount on a future purchase to those who sell their unwanted gold. If you've had your eye on a new piece of jewelry, selling your old gold to fund your purchase can lead to big savings.