It seems like gold sales are going crazy right now but how do you know you are really getting the value out of the gold you have. WikiHow can help you navigate these treacherous waters and find the treasure you deserve. You can simply start with Step 1 below.
Step
Method 1 of 2: Understanding Your Choices
Step 1. Try selling to a jewelry store
You should always try to sell gold to a jeweler first. Especially if the store is a large store, a store like this won't cost you much, because their biggest source of income is elsewhere.
Step 2. Avoid selling to pawnshops
Pawnshops are in business that pays the least amount of money possible for something they can sell, so if possible, avoiding selling to pawnshops is the best option. Not only do they lack recognition of high quality goods, but they are also manipulative.
Step 3. Stay away from gold buyers
Many gold buying companies have sprung up recently and most of them are either fraudulent or at least very likely to take advantage of you. Some, like GoldLine, are notorious for bad practices. If you can, avoid these gold buyers altogether.
Step 4. Conduct a survey
You need to have several options before selling jewelry. Different stores may offer lower prices than others, depending on how many pieces they will pick up and if they can recognize the special value of your jewelry.
Step 5. Know what affects the price you get
Don't be fooled by the gold price per ounce you see on the news. Only 24 carat gold gets the full price. 18 carat gains 75%, GP means it is only gold plated and can't even be sold, etc. The weight of the jewelry when you make your own estimate can also be included in the stone or other settings, but these items are not included in the calculation of the weight of the gold.
Step 6. Know what you have in your collection
Most of the jewelry you sell will be re-melted, so don't expect something to be worth more just because it's a wedding ring. However, if you have jewelry designed by a well-known designer in one of your collections, then it may increase the value of that piece of jewelry. Always do research.
Step 7. Always check BBB before selling
Before making a final decision about where to sell jewelry, always check the company's reputation with the Better Business Bureau or your country's equivalent. Many companies have a bad reputation when it comes to treating people fairly, so be careful.
Method 2 of 2: Selling to Merchants
Step 1. Before visiting a gold dealer, manage the gold you have
By managing the gold you have before your visit, you will save gold traders time. Because time is money, gold dealers will pay you more if you don't spend their time. Start by moving the imitation gold in your collection. The best way to start this process is to use a strong magnet. Anything stuck to the magnet is very likely not pure gold. If anything other than a tweezer is stuck to the magnet, the best thing to do is to leave it at home.
Step 2. Choose the gold you have
Use a magnifying glass to see the small labels on the gold for "10k," 14k, " etc. Put all gold of a kind into the same Ziploc bag. While you are looking at the stamp on the gold, if you see a "GF" or "GP" mark, indicates that gold is only on the surface. This type of jewelry should be placed in a separate bag (most gold dealers only buy pure gold, so they won't buy this).
Step 3. Measure the weight of each type of gold you have
It's best to measure it in grams, although many gold dealers will use a special weight-measuring device called Troy ounces, so don't be surprised or discouraged. If you don't have a weighing device, you may be able to use a scale found at your local post office.
Step 4. Get the price from the buyer
Once your jewelry has been selected and weighed, it's time to get a price. You should get at least three pricing options. Start by asking for prices over the phone. Any place that doesn't provide prices over the phone, even if you can provide a fairly clear description of the jewelry you own, then the place may be hiding their prices due to poor payouts. If a place gives prices over the phone, ask if there are any other fees they didn't mention over the phone (often they do).
While you are trying to get a price, be sure and get a price from an oil company. According to Gold Refinery San Diego, 99% of gold jewelry and purchases made by pawnshops are resold to oil companies. So if you want more money, get a quote from an oil company open to the public like Gold Refinery in San Diego
Step 5. Do your research
Before you go to the place that gives you the best prices over the phone, check back through the yelp.com and bbb.org sites. In recent years, many "money for gold" shops have sprung up everywhere. Take the steps we've reviewed here to protect yourself from losses caused by some rogue gold buyers, and to ensure you're getting a fair deal.
