Before you sell all of your unwanted gold, make sure you know how to approach the situation. The first thing you need to do is figure out how much your gold jewelry, gold watches, and gold scraps are worth.
A recent article on BankRate.com discusses how you can tell what your gold may be worth, whether you’re trying to sell jewelry, gold coins, or even old dental scraps of gold. Read the article here.
The article will take you through the basic process of selling gold, from what the jeweler may do with the gold to how you can take steps to value your gold first before you sell it at an uninformed price.
Important things to remember when valuing and selling your gold:
- “The less gold content in a piece of jewelry, the less money it will be worth to anyone who intends to melt it down.” This means that you need to set your value expectations at a reasonable level. Though you may have paid several hundred dollars at a retail store, a second hand store or estate jewelry buyer will probably only pay you what the piece is worth in metal and gemstone value.
- “Most buyers of gold won’t pay anything for stones, with the exception of diamonds. So if you want them, remove them yourself or have them removed before you turn a piece of gold jewelry over to a buyer.” More often than not, the jewelry buyer is most interested in the gold value. While some buyers do offer money for the diamonds (as we often do at Estate Watch & Jewelry Co.), some will be more than happy to remove the gemstones for you if they have more sentimental value to you than market value.
- “[The current price of gold] fluctuates constantly, so what you see [quoted in the stock market] is unlikely to be what you’ll be paid for your gold, but it will give you a ballpark figure.” Remember that the jeweler is in business to make a little money off of the deal as well, so you may not be offered 100% percent of the gold value. If you know how much your gold weighs and where the market is that day that sell it, you should have a pretty good idea of what a reasonable offer should be (somewhere between 10-30% less than market value).
If you come armed with knowledge of what your gold is worth before you sell it, you will be in a much better position to make informed decisions about your transaction (and you might even be in a better position to negotiate getting more for your gold!)