How to Sell Gold Jewlery
High gold prices have made it worthwhile for some individuals to sell their gold jewelry. Consequently, many people are considering selling their jewelry for the first time. Frequent advertising on television and billboards that offer quick cash for broken, outdated or unused gold jewelry keeps the idea fresh in mind. It can be a little confusing though. When there are so many offers to consider and each advertiser is claiming to offer the highest prices for your gold jewelry. How can you choose the best option to sell your gold jewelry?
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Things You'll Need
- Daily gold spot price
- Gold dealer's percentage under spot price
- Listing/selling fees
- Weight
Instructions
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Search for the gold spot price of the day before trying to sell your gold jewelry. You can access the NYSE (New York Stock Exchange) and enter ARCA ticker GLD or follow one of the links included in the Resources section of this article.
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2
Find local jewelry stores, pawnshops, gold buyers and coin dealers that are purchasing used gold jewelry.
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Ask how much they are paying for gold when you call them. Be sure to ask if the price they offer has fees calculated into it, or if they will subtract fees before payment. Gold dealers will typically pay a price under the daily spot price of gold to cover their cost. These fees may be reflected as a percentage under spot price or flat fees that are deducted before payment. Ask if you can expect immediate payment if you accept their offer.
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Take your gold jewelry in person to three local businesses that seem to be offering the best prices. Write down the offers for comparison. Be sure to go to all three on the same day as gold prices fluctuate daily.
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Call gold buyers with good reputations outside of your area now that you have actual weights and price offers to compare. Ask how long you will have to wait for payment if you must send your gold out of town.
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Check recent eBay sales of similar items to see what kind of prices people are receiving. Remember that if you list it on eBay you may have to wait for the item to sell and possibly wait for payment. Listing fees apply on eBay and if your buyer chooses to pay via PayPal then those fees will apply as well.
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Accept or choose the best option for selling your gold jewelry that also makes you comfortable with payment and delivery terms.
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Tips & Warnings
Weigh your gold on a postal type scale before trying to sell it to ensure the honesty of the gold buyer. Insist that out of town buyers call you with a quote and offer free return shipping if you decline their offer.
Beware of gold buying scams, check the gold buyer's reputation with the Better Business Bureau before sending your gold jewelry in the mail. If sending gold jewelry through the mail, be sure to insure the package.
References
Resources
- Photo Credit Julia Fuller
