Last updated on October 11th, 2023 at 06:37 pm
Is it time to declutter your old jewelry box? Or, maybe you’re hoping to give your budget a quick boost by selling some unwanted or out-of-style jewelry.
When it comes to gold, this valuable precious metal comes with a ready-made marketplace. If you have old jewelry, there are plenty of people eager to take it off your hands.
But, before you part with your valuables, follow these tips to make sure you get the most money possible when selling your gold jewelry.
Tips for Selling Your Gold Jewelry for More Money
1. Check for Hallmarks
Before you sell your gold, you should find out exactly what you have.
This means you’ll need to find out what the purity of your gold is. Gold purity is measured in two ways: karats and as a percentage.
Karat simply means parts-per-24, so 18-karat gold is 75% gold, and 24-karat gold is pure gold with no other metals added.
You can find the karat information on the hallmark of a piece. On your gold jewelry, you can usually find this information somewhere inconspicuous, like on or near the latch of a necklace or on the inside of a ring.
2. Separate Pieces by Gold Content
Now that you know how much gold is in each piece of your jewelry, separate your items according to gold purity. Keeping 10k, 14k, 18k, and 24k gold separate can help ensure you get the best price.
A reputable gold buyer should evaluate your gold and calculate the value of each piece individually, but there are some buyers who may want to weigh all of your gold together and pay you a rate based on the piece with the lowest purity.
3. Watch the Market
Additionally, the current market price of gold plays a significant role in determining its value.
Gold prices can fluctuate, so selling when the market is up can yield a better return.
When you’re ready to sell your gold jewelry, use online calculators or consult with a reputable jeweler to get an estimate.
4. Find Reputable Gold Buyers
There is no shortage of gold buyers these days. As the value of gold has risen, so have your options for selling your gold jewelry.
Don’t settle for the first buyer you find. Research local jewelry stores, pawn shops, and online gold buyers to compare offers. Look for reviews and check their reputation to ensure you’re dealing with a trustworthy buyer.
5. Get Several Quotes
Don’t be afraid to get quotes from several different gold buyers. You should be able to shop your old jewelry around to find the best price.
6. Consider the Design
If your gold jewelry has a unique or intricate design, it may be worth more than just its weight in gold. Designer or vintage pieces can fetch a higher price from collectors or specialty buyers.
7. Check for Additional Fees
Some buyers may charge refining fees or commissions, which can eat into your profits. Make sure you understand the terms and fees associated with the sale.
Put the Money Toward Your Goals
Now that you have some extra cash in your pocket, make the most of it!
If you’re in debt, consider putting the money toward your loans or credit card accounts with the highest interest rates. The faster you can pay down debt, the more money you’ll save in the long run.
Or, use that extra cash to put toward something you’ve been saving for, like a vacation, a down payment on a home, or your child’s education. Every little bit helps!
Unwanted jewelry can turn into found money and may be worth more than you think. Make sure you find out everything you can about the gold you have and get several quotes to ensure you’re getting the best price possible.