People decide to sell their gold jewelry for many reasons. Maybe the piece reminds you of an ex and brings back memories. Perhaps you just don't like your jewelry anymore and would like to make a few extra bucks. Whatever your reasons for selling your gold, it's important to understand the process first.
Research Your Jewelry
It might be tempting to head to the first jeweler you see, but you'll likely lose money. Research your pieces to learn their value before you sell them. If the jewelry has gemstones, find out how many karats they are. You'll also want to know how much the jewelry weighs. Finally, learn about the spot value of gold. The price varies daily and you aren't likely to receive an offer at spot value, but knowing what it is helps you determine if you're getting a fair price.
Know How the Scales Work
A standard scale isn't what jewelers use. U.S. scales measure 28 grams to an ounce. Gold scales use the Troy ounce. A single Troy ounce is equivalent to 31.1 grams. Some jewelers use pennyweight scales to measure a Troy ounce. A pennyweight is the equivalent of 1.555 grams, so be sure your dealer doesn't weigh your pieces with pennyweight but try to pay you by the gram. This takes money from your pocket.
Read the Fine Print
When it comes to where to sell gold, you have two options. Some people sell their jewelry at a physical place. Others prefer to use mail-away services. Regardless of your preference, always read the fine print before completing a transaction. When selling through the mail, remember to insure the pieces and find out how long you have to accept or deny the offer as well as how long it will take to receive your payment.
Sell To an Expert
Just because a business claims to be an expert in buying gold, doesn't mean it is. Talking to an experienced handler ensures you get the most for your jewelry. A true expert will recognize that some pieces of jewelry have more value if melted down while other pieces make more money for them (and in turn, you) if resold intact. The decision typically requires a jeweler who understands the value of the stones as well as the gold.
When selling your gold, pay attention to your intuition. There are plenty of unscrupulous companies out there. If the offer you receive seems too good to be true, it probably is. Check out consumer reports and online reviews before deciding which gold buyer to approach.
