There comes a time in our circumstances when we decide to let go of some jewelry pieces. For some of us, this is a financial decision, while it may be a sentimental or personal one for others. Whatever your reasons may be, once you have made up your mind to sell your gold jewelry, you must ensure to get the best price for it.
Is the most common question present in all first-time gold sellers’ minds is: How to sell gold jewelry without getting ripped off? Your inexperience may make you an easy target.
So, what can you do to avoid this? We have compiled a list of the most frequent reasons people lose money while selling gold jewelry and the tips you should follow to ensure you get your gold jewelry’s true worth.
Know the value of your gold jewelry
Selling gold jewelry is an excellent way of earning some quick money in cases of financial duress. When you opt to sell off such pieces of gold jewelry like wedding rings, bracelets, earrings, or necklaces, you will generally be receiving money in exchange for the gold metal and the stones set on the jewelry (if any).
The most important thing you must keep in mind from the beginning is that you will never receive a selling price that is the same as or very close to what you had initially paid for the gold jewelry. When you had bought the gold jewelry, you had also paid for the design and making changes.
But when you sell gold jewelry, you will only receive the value of the metal and stones. So, set your expectations accordingly before meeting potential buyers.
Know the worth of the Gold in your jewelry
Metal is the chief component in the case of any gold jewelry. It will form the bulk of what Gold buyers will be paying you for.
Now, when you sell Gold, the value of Gold in your jewelry is the price you will receive. For this, you should go and get a jewelry appraisal done. It will reveal the actual value of any piece of gold jewelry and make it so much easier for you to negotiate with buyers.
Once you know the karat of the gold jewelry, you can find out its worth. First, express the karat value in percentage form. Multiply it with the weight of the jewelry. It gives you the importance of how much pure Gold your gold jewelry contains. Next, multiply this value with the current gold price or spot price of Gold to get the final value. Gold prices fluctuate daily, so be prepared to expect a change in the final price you receive.
Note that here the weight of the jewelry mentioned refers only to the weight of the gold metal. It does not include any stones or extra items that fit into the jewelry, not Gold. It has calculated upon removing any stone that is attached to the gold jewelry.
Know the value of any stones and diamonds set in your gold jewelry
It depends entirely on the presence of any stones in your gold jewelry. But the bottom line remains the same – do not expect to get retail prices for the stones.
If your gold jewelry contains precious stones such as diamonds or even other gemstones, they will be assessed individually to determine their value. They will primarily be checked for the 4Cs – color, clarity, carat weight, and diamond cuts. These factors are critical in determining the value of diamonds.
Once you have gathered this basic information regarding your gold jewelry, you can proceed to sell it.
Now comes the all-important question – Where to Sell Gold Jewelry?
Local Jewelry Stores:
If anyone want to sell your gold jewelry immediately, you could visit your local jewelry store, preferably the one where you originally bought it from. The jewelers will inspect your jewelry and offer a price accordingly. But they may offer lower prices than what you expected. Some jewelry stores offer store credit instead of cash, so you can use it when purchasing new jewelry from the same store.
Thrift Stores and Pawn Shops
These are also tried and tested local options you can approach if you need instant cash. But keep in mind that such stores don’t have an in-house expert or trained gemologist for accurate jewelry assessment. As a result, they will pay you much lower than what your gold jewelry is worth.
Jewelry Auctions:
Jewelry auctions are only profitable if your gold jewelry has a unique design or is a rare piece. In such cases, buyers in the auction will place higher bids for your antique jewelry. You may end up getting a lot more money than you expected, in some cases. But this only works for antique pieces or exclusive designs by famous brands or designers. Otherwise, you will not get a good deal for your simple gold jewelry.
Platforms like Sell Your Jewelry:
Do you want to sell your gold jewelry for instant cash and without any hassle, then Sell Your Jewelry is perfect for you.
Upon booking an appointment with Sell Your Jewelry, you receive a 100% free consultation with expert gemologists who will assess your old and pre-owned gold jewelry to calculate its resale value based on market prices and other factors that may affect it.
Rest assured, the entire selling procedure is fully transparent, safe, and hassle-free. The jewelry assessment occurs at our Singapore office, and your gold jewelry has been evaluated in your presence.
We consider factors that affect Gold and diamond pricing to offer you deals you cannot refuse. For free consultaion visit our website today.
