How to Buy Scrap Gold Jewelry

Many people sell jewelry inexpensively if they no longer wear it.

Buying scrap gold jewelry can provide a second income. Some enjoy the process so much that they make a living buying and selling scrap gold. Starting this type of venture is risky if you do not acquaint yourself with the types of gold and its current value, which changes daily. Once you buy the scrap gold you can sell it to a dealer or a refiner to make a profit. You may even have enough spare cash that you can purchase the gold and hang onto it until prices soar higher, therefore garnering you a higher profit margin.

Instructions

1. Research the types of gold that will be profitable for you to buy. Your goal is to buy mostly 24k gold since it is pure gold or gold that is at least 18k, according to Goldprice. It is fruitless to buy gold leaf or gold-plated items because they are not worth much and many dealers and refiners will not purchase them from you.

2. Watch for garage or estate sales that advertise gold jewelry in their newspaper ads. Often, you will be able to find bargains at places such as these. If they are not willing to let the jewelry go for a bargain price, leave your name and ask to be called at the end of the sale if the jewelry has not sold. The seller usually prefers for the item to sell at any price rather than to be stuck with it.

3. Look on auction sites such as eBay or eBid. People list gold jewelry on these sites at bargain prices. If you watch them consistently, you can find excellent prices, especially from inexperienced or desperate sellers.

4. Check online at sites like Craigslist.org and BuySellCommunity.com that encourage people to barter, swap or sell miscellaneous items. You may have an old TV or some other possession that people will swap for gold jewelry they no longer wear.

5. Ask friends, relatives and neighbors to spread the word that you will buy scrap gold. Many people are not aware that they can sell broken gold watches, single gold earrings or broken necklaces. People do not normally throw this stuff away--it just lies around in a drawer or old jewelry box.

6. Advertise that you buy scrap gold on community bulletin boards, such as those in laundromats, grocery stores and community centers.

References

• Goldprice: Scrap Gold Price