Many people want to sell their valuable gold and jewellery but don’t know how to do it. There are many things to consider and it’s easy to get lost in all the details. If you are one of these people, here are ten tips that you can use to guide you.
Don’t put your hope in getting a bunch of money based on how your jewellery looks. Just because you may see the value in your jewellery doesn’t mean that someone else will see the same thing. Many potential buyers are only interested in the value of the actual gold itself. They don’t care about how it looks because they’re probably going to melt it down and sell it.
2. See If There Is Value for Your Jewellery
Although your jewellery may not have any value to some people as an intact piece, it doesn’t hurt to check. It may be a particularly rare piece of jewellery, a trendy item, or something that has sentimental value to somebody else. There may be some potential buyers who may want to buy you jewellery without the intention of melting it down or taking it apart. Whatever it is, it’s up to you to figure that out. Do some research and see if your jewellery does have value as a complete piece.
3. Don’t Go To A “Cash-For-Gold” Company Right Away
“Cash-for-gold” won’t give you the best deal on your gold. It may be tempting to go this route because it’s easy but that also means that you have no say or power during the process. Take your time and do your research to ensure that you get the most money for your gold. Our guide to selling your gold for cash is a great starting point.
4. Figure Out What You Have
It’s very difficult to sell something if you do not know anything about it. When you sell gold jewellery, you need to know its karat value as well as its weight. Weighing your gold is the easy part. Put your jewellery onto a scale and record the weight in grams and ounces.
Finding its karat value can be a little more difficult. Most times you can find a marking on the jewellery that will tell you. If you can’t find one, you can put it through an acid test to figure it out. There are different acids for different karat values, so you may have to perform several tests to find the right one.
5. Get Your Gold Appraised
Even though you can figure out worth of your gold by yourself, it’s always a good idea to get it appraised by a professional. This value will give you a benchmark of how much someone is willing to pay you for your gold. You can get your gold appraised at many places, but you should go somewhere that has experience in dealing with precious metals.
6. Keep An Eye On The Gold Market
Just because your gold jewellery is appraised at a certain value doesn’t mean that you’re going to sell it at that price. Gold prices are just like stock prices: they go up and down depending on the demand for gold. If demand is high, then gold prices are high and vice versa. Keep an eye on the market and watch what it does. This should help you figure out the best time to sell your gold jewellery.
7. Be Aware That Different Karat Values Affects Value
Potential buyers aren’t going pay for your gold based on the market price because that’s the value of 24K gold, which is pure gold. Instead, they will buy it based on its karat price. 24K gold is more valuable than 10K gold. You can find these prices online.
8. Shop Around For The Best Price
Do not be afraid to shop your gold at different places to see what people are willing to pay for it. Remember, you don’t have to actually sell it. You’re just getting an idea of how much you can get for it.
9. Wait For Your Opportunity
Wait for the best possible time to sell your gold so that you can get the most money. This doesn’t mean that you wait for the perfect opportunity or you’re never going to sell your gold. It means that you wait until the time is right for you. Watching the market as well as gold prices will help you decide when to sell your gold.
10. Be Prepared To Haggle
This is why you do your research. If you know what your gold is worth, then you should be able to sell it for a price something close to it. Potential buyers probably want to sell gold at that price as well, so they will give you a lower price. You need to understand this and prepare yourself to haggle for the best price. You probably won’t get market value for your gold, but you should get something close to it.
Ready to sell your gold? Read our quick three step guide to selling your gold.
If you have any other questions about gold, feel free to contact us and if you’re thinking of selling arrange a private consultation today.