On Being a Savvy Seller of Gold

3 years, 5 months ago Comments Off
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Your great-aunt’s gold ring is sitting in your jewelry box collecting dust. While it is an heirloom, perhaps you were never close to your aunt and simply would like the cash to buy something you could currently use. Do you have “scrap” gold to sell; that is do you have gold coins or jewelry lying around your house that you are not wearing? Are you looking to cash in on today’s rising costs with gold currently trading at 25 year highs? A reputable cash for gold Gilbert buyer is just the ticket.

However, before you sell your jewelry or gold piece, do your homework. Know your buyer, and be a smart seller. First, make sure you know who is buying. A family-owned business with long standing customers is a good bet. You want a company who will give you the best price on market value, and will pay cash on the spot. Some companies will give you a price and let the offer stand for a period of time so that you can shop around to see if there are better prices out in the marketplace. It is good to make sure your gold buyer is registered with the Better Business Bureau.

Be an intelligent seller. The Better Business Bureau came up with some tips for gold sellers. First, understand the scales. Make sure they are certified scales to measure gold. Jewelers use a Troy ounce, and gold is measured at 31.1 grams per Troy ounce. Some buyers will use pennyweight to measure a Troy ounce, instead of a gram. Know that 1,555 grams is equivalent to a pennyweight. It is preferable that the buyer weighs and pays you for your gold by the gram, however. Otherwise, the buyer may be paying you less for more weight of gold.

Knowing your karats is a smart aspect of being a savvy gold seller. Since pure gold is too soft to be practically used, it is combined with other metals. These alloy metals will contribute to the different colors and become known as yellow gold, white gold, and rose gold. The jewelry is then given a Karatage, denoted by the letter “K,” to indicate the level of purity and fineness of the alloy. One karat equals 1/24 of pure gold by weight. So 14 karats would mean the jewelry was 14 parts gold and 10 parts alloy metals. Be sure that gold pieces of different karats are weighed separately. In other words, 10 karat should be measured with other 10 karat gold, while 18 karat with 18 karat, and so on. Also, know what the price of gold is for that day, and if a particular piece of jewelry is by a designer that may hold additional value.

Keep in mind that the gold buyer will discount the market value in order to make some money, so be prepared to receive an offer of, say, 90%- 94% of the total market value of the items you are selling. It may be good to pay for an appraisal before you attempt to sell your gold pieces, so that you have an idea of what they are worth. These are just a few tips for being a smart seller of gold.

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