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Tips on Selling Your Gold Jewelry for Cash
Before you empty your jewelry box and begin selling gold jewelry for cash it is important to stop and think about the following suggestions so that you can optimize how much you receive for your gold jewelry.
- Understand Gold Weights
Gold weights are not like standardized weights and you should be aware of this before you enter into any discussions about selling gold jewelry for cash. Some dealers who are less reputable may try to play on the fact that you are not 100% sure of terminology when it comes to gold weight so make sure that you avoid this by doing some research first.
Know your gold purity
Jewelry is never made from pure 100% gold as it is simply too soft and malleable. It is always alloyed with other metals such as copper and silver to give the resulting gold that is used to make jewelry. The way to understand the gold level within your jewelry is to look for the gold markings which will indicate how many karats the gold is. Karatage is a measure of the gold purity. 18 karat is standard in the US and the jewelry piece will be marked with an 18 k stamp somewhere. If you purchased it in Europe it may actually give the percentage as 3 figures. For example 18 k is 75% pure gold. The figures stamped on a piece of jewelry from Europe would read 750. It is important to understand the markings before selling gold jewelry for cash.
- Separate the Jewelry
Make sure that you keep your jewelry pieces of different karats separately as this will mean they get weighed separately when the buyer is deciding what price to offer when you are selling gold jewelry for cash. You do not want an 18 k piece of gold being weighed with a 14 k piece which has a lesser purity and then to be paid for only that weight in 14 k gold.
- Check the Gold Price
Have a rough idea of the gold price before you begin selling gold jewelry for cash as although you will not receive its full price it will act as a guide for you to understand how much the buyer is actually offering as a percentage of the overall gold price.
- Research Your Buyer
Make sure you only deal with reputable gold buyers when selling gold jewelry for cash as there are also many sharks in the industry willing to take advantage of your lack of knowledge about gold prices or alternatively your enthusiasm to make fast money. It is worthwhile to check up on the business accreditation rating that the company has been given by BBB.
- Understand the Jewelry
Some jewelry will not be worth more as a jewelry piece than it is for its weight in gold. This is not always the case however and it is important that you do some research as to how much you would achieve selling gold jewelry for cash in alternative areas such as pawnbrokers or through eBay. If it is by a well-known designer or from a particular period it may actually sell at a higher value because of this. Selling gold jewelry for cash as scrap is not always the most profitable.
- Read All of the Terms and Conditions
Make sure that before you put your old jewelry into an envelope and send it off that you have read all of the relative information. How long should processing take, is it insured etc. Knowing your rights and reading the fine print is always advisable when selling gold jewelry for cash especially online or via mail.
- Bring Photo Identification
Law stipulates that you must provide ID when selling gold jewelry for cash.
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