Important Things to Know Before You Sell Your Gold Jewelry
Posted: Apr 28, 2019
When you’re planning to sell your gold jewelry, you should consider many crucial things that can help you get the best resale value. This is important because gold’s value varies based on the financial market. You might not receive the actual worth as its selling price may not be similar to its buying rate. However, it can bring you cash if you’re in need or bored with the jewelry and wish to buy some new ones. To get the best rate, keep reading this blog-post.
Conduct thorough research
Besides getting online tips to sell your gold, you should also compare buyers. Sticking to one buyer from the beginning is an absolute no-no. Rather, you should visit a few different local jewelers or pawn shops and ask them to give you an estimate. By doing so, you can get a rough number in your mind and can ask for a fair deal from your selected buyer.
Tip:"Do not hesitate to ask a few pawn shops about the value of your gold jewelry as they are in the business of giving you estimates."
Be careful of ‘Rogue’ buyers
There may be many ‘rogue’ buyers also known as ‘hotel’ or ‘pop-up’ buyers who promise high prices and set up a shop in a hotel ballroom. Their big offers can allure many sellers and if they fall in their trap, they might end up being underpaid which can’t be rectified as they disappear after collecting a good amount of gold. So, it’s always wise to check with the Better Business Bureau when you decide to sell your precious items to a particular buyer.
Consider karat value in gold parties
Are you planning to attend a gold party? If so, then do not forget to consider the karat value of your gold jewelry. Gold parties are like ‘Tupperware’ parties where a small group gathers at a host’s home to sell their gold jewelry to a buyer. In such events, the buyer weighs all the jewelry together compromising on the karat value thus offering low resale value. Instead, separate all your items by karat prior to the assessment and make sure you’re paid accordingly.
Study the scale
You should pay close attention when your gold jewelry is measured by a weighing machine by the buyer. You will get the resale value according to the weight. However, the buyers use two systems to pay you back- one is according to grams and the other one is pennyweight which is 1.555 grams. Always make sure that your gold items are not weighed by pennyweight and paid by the gram to prevent the buyer from keeping more gold in lieu of less money.
Check the buyer’s credibility
This is essential to avoid gold scams. When you select a buyer, always remember to ask for his/her state license. This official document can add to his/her credibility and can make you confident in your decision.
Q. How can I check the credibility of the buyer?
"A reputed gold buyer will produce ID proofs and ask you to provide the same to prevent money laundering and sale of stolen assets."
Carry the invoice
When you buy gold jewelry, you get an invoice that mentions the karat of gold. This can come handy if there is any dispute regarding the purity of gold in case you decide to sell the item in the same shop.
These are some of the important things that you should know before you decide to sell your gold jewelry. By doing so, you can prevent getting defrauded and get the best resale value of your precious items. All the best!
Jessica Arnold is a specialist in blogging, article writing and press releases. With a degree in journalism Ms. Arnold started her career as a Communication Manager for a start-up.