When the value of gold rises, items that were purchased even a couple of years earlier become far more valuable than what people paid for them. Even broken or damaged gold can command a high price, and one of the more popular items being sold are gold chains. If you have gold chains at your house, then you can easily cash in and get a decent sum of money.
Check the value of your gold chain before you consider selling it. The easiest way is to use a digital scale to see how many grams the gold chain weighs. Once you know the weight, you can look on the Kitco website to see the current market rate for gold, in either grams or troy ounces (see Resources below). This will give you an idea of the wholesale melt value of your gold chain. It is not an exact measurement of its worth, but it will give you a rough idea of whether or not the offers you receive are genuine.
Post an advertisement on Craigslist to sell your gold chain. This is essentially the same as having a classified ad in a newspaper, except it is online and it’s free. Because Craigslist is sorted by geographic area, your ad will be seen by people in your local area, increasing your chances of having a person-to-person sale. Just use good judgment and common sense when offering to sell gold jewelry to strangers.
Take your gold chain to local jewelry stores. This may sound obvious, but many people never think of a jewelry store as a place to sell old jewelry. Many jewelry stores will pay you cash for your jewelry, especially if it is in good condition and has the potential for a high resale value. Even if you go to a jewelry store that does not buy jewelry themselves, they will likely offer to sell the item on consignment. What this means is that you leave the gold chain in their store and they will call you when it is sold. If you sell an item on consignment, the store will get a commission on the sale. Be prepared for it to take time for your gold chain to sell.
Check out pawnshops in your area if you are not satisfied with the results you got from the jewelry stores. Pawnbrokers will always buy gold. The problem is that they usually prefer to buy gold based on weight, rather than paying anything remotely close to the retail value of the gold chain. You have to be prepared to haggle and negotiate when dealing with pawnshops, and even then it is difficult to get what is considered a fair price.
Sell your gold chain at an online auction site, such as eBbay. This is a popular method of selling gold jewelry. Using online auctions allows you to expand your search beyond your local area, which makes sense because the person willing to pay the most for your gold chain may not live anywhere near you. The main key to successfully selling your gold chain in an online auction is to not set your opening bid too high. Keep the opening bid low to attract interest, and leave it up to the bidders to drive up the price.
Tips & Warnings
- Do not feel as though you have to accept the first offer someone makes for your gold chain. Feel free to explore all of your options, then make a decision on which option is the best one for you.
- Photo Credit Joi, Flickr.com Creative Commons License
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