Lately, the fashion of selling gold jewelry seems to be going crazy. But how do you know if the gold you sell is valued correctly? WikiHow can help you navigate these treacherous waters and help you find the right path. Start with the first step below!
Steps
Method 1 of 2: Know the Options You Have
Step 1. First, try to sell your jewelry in dedicated stores
In fact, in the great jewelers it is very difficult to be skinned, since their main source of income certainly does not come from the purchase and sale of gold.
Step 2. Avoid taking your jewelry to the pawnshop
Here your jewelry will be resold at the lowest possible price in exchange for other items to be relisted, so it's best to avoid this option altogether if possible. At the pawnshop, not only will your jewelry not be valued for what it is really worth, but you will also be fooled more easily.
Step 3. Stay away from gold buyers
Lately, many shops with the "Compro Oro" sign have come out of nowhere. These are often scammers or vendors deceiving customers. Many of them are part of dodgy rounds and you'd better try to avoid them altogether.
Step 4. Take a tour of the various shops
Get quotes from various stores before selling your jewelry. Many sellers offer lower prices than others, depending on how much they make from sales and the ability of the individual seller to recognize pieces of value.
Step 5. Find out how your jewelry is valued
Don't be fooled by the gold price per gram you see advertised in the newspapers. Only 24-karat gold is valued at full price; 18 carats are only valued at 75% and gold plated jewelery is often not even considered. gold.
Step 6. Look at what you have
Many of the pieces you sell will be melted down, so don't expect an item to be more valuable just because it's a wedding ring. Jewelery signed by famous designers, on the other hand, have a higher value. Do some thorough research.
Step 7. Do your research before selling your jewelry
Before finally deciding who to sell your jewelry to, you should look for more information about the shop on the internet or by contacting some Consumer Association. There are many companies that have a very bad reputation when it comes to transparency towards the customer, so be very careful.
Method 2 of 2: Selling Gold to a Trader
Step 1. Before going to a gold dealer you have to select your jewels so as not to waste time
Since time is money, the merchant will be happy to pay you if you don't waste precious minutes. Therefore, eliminate all jewelry that is not made of real gold. To recognize them, take a strong magnet: everything that sticks to the magnet is not made of gold. If in addition to the hooks, your jewel completely sticks to the magnet, then it is worth leaving it at home.
Step 2. Divide the different types of gold
Use a magnifying glass to read the tiny abbreviations marked on gold, such as "10k", "14k", etc. Store jewels with the same name in airtight bags. At this stage, see if you also notice the initials "GF" or "GP": they indicate that the jewel was only superficially covered with gold. Therefore, put these jewels in a separate bag, as many traders want to buy only pure gold and may therefore not be interested in this type of object.
Step 3. Measure the weight of each gold piece you own
It would be best to measure everything in grams, even though most traders own a scale with a Troy Ounce measurement system, so don't be surprised if the measurements are different from what you took. If you don't have an accurate scale, try to use the one in the post office in your area.
Step 4. Get quotes from merchants
Now that your jewelry has been selected and weighed, it's time to have it evaluated. You may initially request quotes over the phone; if the trader does not want to tell you the price, even though you have provided all the data in a precise manner, it is probably because his fees are very low. If, on the other hand, the merchant gives you the quote, ask him if there are also additional taxes to pay (very often there are).
While getting quotes, try getting your gold to be appraised by a refinery as well. According to this American Gold Refinery, 99% of the gold that is bought by traders or pawn shops is resold to the refineries. So, if you want to make more money out of your jewelry, try getting a quote from a refinery that's open to the public
Step 5. Do your research
Before you go to the place that gave you the best quote over the phone, look to see if that store exists on Yelp.com or the Yellow Pages. In the last few years, a lot of "Buy Gold" stores have popped up out of nowhere, so these tips may help protect you from being scammed by unscrupulous vendors and secure a good deal.
