Gold is at an all time high these days, and you may be thinking
about taking advantage of this by selling your old jewelry. There are
several different ways to do this, but you want to make sure you get the
most for what you are selling.
The different places you can sell your scrap gold to are:
1. A jewelry store
2. A gold buying party
3. Internet
4. Mail your gold
5. Pawn shop
Keep in mind that you are selling your jewelry as scrap, for its gold content only you will not get extra because it is a brand name, or designer item, you will loss what ever profit was made from the place you bought it from, and depending on where you bought it this could be substantial amount of money.
A jewelry store is a very good place to start, you would want to pick a store with a good reputation. You may not know what you have if it is gold, or not on the jewelry you will find a stamp that stamp will tell you if it is gold or not what stamp to look for.
Your may see a stamp like this:
21kt- IS 0.875 PURE OR 21/24= 0.875
18kt- IS 0.750 PURE OR 18/24= 0.750
14kt- IS 0.585 PURE OR 14/24= 0.585
10kt- IS 0.417 PURE OR 10/24= 0.417
Some gold jewelry may have a stamp that is 12kt, or 6kt. Others may have something like this 14kt GF or 10kt GF this is (gold filled), this is not gold it has been dipped in gold. If you are not sure, just take every thing into a jewelry store, and let them take a look. At the jewelry store they will test the gold either by an acid test, or a gold tester. They can then determine what you have, and what karat gold your jewelry is. If you have jewelry items with gem stones you might like to take them off before you sell. You can sell them separate, or make a custom piece of jewelry for your self. If you are selling a diamond ring make sure you have all your diamond certificates, or diamond grading reports with you. If you have a certified diamond center stone this should be sold separately from the rest of your scrap gold.
Your gold should be sorted by gold karat, and then weight you will then be given a offer for how much they will take your gold for. There are two types of weight systems that your gold can be bought by, penny weight (dwt), or gram weight you should understand these weight systems before you sell your gold.
1 gram = .64 pennyweight
* 1 pennyweight = 1.56 grams or .05 troy ounce
* 20 pennyweight = 1 troy ounce = 31.1035 grams
* 12 ounces = 1 pound troy = 373.24 grams.
You should go to several different stores to see who is offering the most for your gold items if you have 10.0 grams of 14kt you could get $12.00 per gram at today's price 10.0x12.00=120.00. Ask how they are buying if it is by penny weight, or gram weight.
Some things you should watch out for when selling to a jewelry store, never ever pay a handling fee, you should never be charged to sort, or test your gold. Make sure you can see the scale that they are weighting your gold on. Know if they are buying by penny weight, or gram weight. Do not fall for we will give you 50% more for your gold if you buy something from us.
Another option that is very popular is a "Gold Buying Party" these are party's that a friend may be having in there homes, they bring in a company that will set up in the host house, the host gets a percentage from what ever the company bought there. There are some steps that you should take before you go to a gold party, and there are some things that you should watch out for.
1. Do not let them mix the gold karat and for example 14kt mixed with the 10kt
2. Do not let them tell you that your items are less karat then they are for example stamped 14kt, but tell you it is really only 12kt, or 10kt.
3. Make sure you can see the scale that they are weighing the jewelry on.
4. Know if they are buying by grams, or penny weight.
There are 7 steps you can take before you go to a gold party.
1. Take you gold jewelry to a local jewelry store have it sorted, and tested into the different gold contents, 14kt, 10kt, and so on.
2. After it is sorted, have them weigh it separately by gold karat and write down the gram weight.
3. Have them give you a price write that down also.
4. Keep your gold jewelry separated in Ziploc bags, so you can take it as is to the gold party.
5. At the gold party have them weigh each bag separately, do not let them mix the gold karats together, and give you one price.
6. Make sure if you got a price in grams at the jewelry store that you get the price in grams at the gold party. (there is penny weight or dwt) if you did not get the price for that at the jewelry store you do not want to sell at dwt at the gold party. These are two different measuring systems.
7. If you receive a better price at the gold party sell if not sell to the jewelry store.
The internet is another way to sell your gold, and you should be very careful when going to do this make sure you know who you are dealing with look them up on the BBB, Do an internet search on the company before you do anything. Do not fall for any of these online appraisals. These online appraisals will tell you that your jewelry item is worth from 34.00 to 300.00. You may think that you will be getting 300.00 for your item, and then they will tell you it is worth after they have seen it only 34.00.
Mail out your gold, this is done by calling, and getting a per paid envelope to send your gold into the company they will weigh your gold, and give you a price if you are happy with the price you can have the money put into your account, if not they will mail it back to you (in most cases at your expenses).
Several things to be aware of here.
1. Giving out your account information
2. Not keeping your gold in your possession
3. Low pay outs
If you want to use one of this method it is in your best interest to have your gold sorted, and weight before you send it out. Take pictures of your jewelry before you send it out to make sure you are getting back what you sent in. Get a buying price from a jewelry store before you send it out, so you have something to compare it to.
Pawn shops, are not buying your gold they are pawning it, they are giving you money and charging you interest, you have the option to come back, and get your jewelry after you pay the money back with interest. Pawn shops give a very low price for your items, and they should not be confused with a place that is buying your gold.
No matter what method you use to sell your gold jewelry, you should make sure that you are getting the most for your items. Who ever you are selling to should be licensed to buy, you will be asked to fill out paper work with an ID.
The different places you can sell your scrap gold to are:
1. A jewelry store
2. A gold buying party
3. Internet
4. Mail your gold
5. Pawn shop
Keep in mind that you are selling your jewelry as scrap, for its gold content only you will not get extra because it is a brand name, or designer item, you will loss what ever profit was made from the place you bought it from, and depending on where you bought it this could be substantial amount of money.
A jewelry store is a very good place to start, you would want to pick a store with a good reputation. You may not know what you have if it is gold, or not on the jewelry you will find a stamp that stamp will tell you if it is gold or not what stamp to look for.
Your may see a stamp like this:
21kt- IS 0.875 PURE OR 21/24= 0.875
18kt- IS 0.750 PURE OR 18/24= 0.750
14kt- IS 0.585 PURE OR 14/24= 0.585
10kt- IS 0.417 PURE OR 10/24= 0.417
Some gold jewelry may have a stamp that is 12kt, or 6kt. Others may have something like this 14kt GF or 10kt GF this is (gold filled), this is not gold it has been dipped in gold. If you are not sure, just take every thing into a jewelry store, and let them take a look. At the jewelry store they will test the gold either by an acid test, or a gold tester. They can then determine what you have, and what karat gold your jewelry is. If you have jewelry items with gem stones you might like to take them off before you sell. You can sell them separate, or make a custom piece of jewelry for your self. If you are selling a diamond ring make sure you have all your diamond certificates, or diamond grading reports with you. If you have a certified diamond center stone this should be sold separately from the rest of your scrap gold.
Your gold should be sorted by gold karat, and then weight you will then be given a offer for how much they will take your gold for. There are two types of weight systems that your gold can be bought by, penny weight (dwt), or gram weight you should understand these weight systems before you sell your gold.
1 gram = .64 pennyweight
* 1 pennyweight = 1.56 grams or .05 troy ounce
* 20 pennyweight = 1 troy ounce = 31.1035 grams
* 12 ounces = 1 pound troy = 373.24 grams.
You should go to several different stores to see who is offering the most for your gold items if you have 10.0 grams of 14kt you could get $12.00 per gram at today's price 10.0x12.00=120.00. Ask how they are buying if it is by penny weight, or gram weight.
Some things you should watch out for when selling to a jewelry store, never ever pay a handling fee, you should never be charged to sort, or test your gold. Make sure you can see the scale that they are weighting your gold on. Know if they are buying by penny weight, or gram weight. Do not fall for we will give you 50% more for your gold if you buy something from us.
Another option that is very popular is a "Gold Buying Party" these are party's that a friend may be having in there homes, they bring in a company that will set up in the host house, the host gets a percentage from what ever the company bought there. There are some steps that you should take before you go to a gold party, and there are some things that you should watch out for.
1. Do not let them mix the gold karat and for example 14kt mixed with the 10kt
2. Do not let them tell you that your items are less karat then they are for example stamped 14kt, but tell you it is really only 12kt, or 10kt.
3. Make sure you can see the scale that they are weighing the jewelry on.
4. Know if they are buying by grams, or penny weight.
There are 7 steps you can take before you go to a gold party.
1. Take you gold jewelry to a local jewelry store have it sorted, and tested into the different gold contents, 14kt, 10kt, and so on.
2. After it is sorted, have them weigh it separately by gold karat and write down the gram weight.
3. Have them give you a price write that down also.
4. Keep your gold jewelry separated in Ziploc bags, so you can take it as is to the gold party.
5. At the gold party have them weigh each bag separately, do not let them mix the gold karats together, and give you one price.
6. Make sure if you got a price in grams at the jewelry store that you get the price in grams at the gold party. (there is penny weight or dwt) if you did not get the price for that at the jewelry store you do not want to sell at dwt at the gold party. These are two different measuring systems.
7. If you receive a better price at the gold party sell if not sell to the jewelry store.
The internet is another way to sell your gold, and you should be very careful when going to do this make sure you know who you are dealing with look them up on the BBB, Do an internet search on the company before you do anything. Do not fall for any of these online appraisals. These online appraisals will tell you that your jewelry item is worth from 34.00 to 300.00. You may think that you will be getting 300.00 for your item, and then they will tell you it is worth after they have seen it only 34.00.
Mail out your gold, this is done by calling, and getting a per paid envelope to send your gold into the company they will weigh your gold, and give you a price if you are happy with the price you can have the money put into your account, if not they will mail it back to you (in most cases at your expenses).
Several things to be aware of here.
1. Giving out your account information
2. Not keeping your gold in your possession
3. Low pay outs
If you want to use one of this method it is in your best interest to have your gold sorted, and weight before you send it out. Take pictures of your jewelry before you send it out to make sure you are getting back what you sent in. Get a buying price from a jewelry store before you send it out, so you have something to compare it to.
Pawn shops, are not buying your gold they are pawning it, they are giving you money and charging you interest, you have the option to come back, and get your jewelry after you pay the money back with interest. Pawn shops give a very low price for your items, and they should not be confused with a place that is buying your gold.
No matter what method you use to sell your gold jewelry, you should make sure that you are getting the most for your items. Who ever you are selling to should be licensed to buy, you will be asked to fill out paper work with an ID.
No comments:
Post a Comment