Sell Gold Jewelry

There seems to be a gold-selling craze going on right now but how do you know that you're really getting what your gold is worth? WikiHow can help you navigate these treacherous waters and get you to the treasure you deserve. Just get started with Step 1 below.

Steps

Knowing Your Options

  1. Try to sell to jewelry stores. You should always try to sell your gold to jewelry stores first. Especially if they are major jewelry stores, they are less invested in ripping you off, since their major source of income is elsewhere.
  2. Avoid selling to pawn shops. Pawn shops are in the business of paying the least amount of money possible for something that they can sell, so it's best to avoid going to a pawn shop if at all possible. Not only are they less likely to recognize high quality pieces, but they are also manipulative by nature.
  3. Stay away from gold buyers. Many gold buying companies have popped up in recent years and most are either scams or at least highly likely to take advantage of you. Some, like GoldLine, are well known for unsavory practices[1]. If you can, avoid these gold buyers altogether.
  4. Shop around. Always get multiple quotes before selling your jewelry. Different stores may offer lower prices than others, depending on how much of a cut they take and whether they can recognize special pieces.
  5. Know what affects the price you get. Don't be swayed by the price of gold by the ounce that you see on the news. Only 24 carat gold gets full price. 18 gets 75%, GP means it's just plated in gold and probably can't be sold, etc.[2] The weight you should be working with when you make your own estimates should also factor in stones or other settings, since these don't count towards the weight of the gold.
  6. Know what you have in your collection. Most of the pieces that you sell will be melted down, so don't expect something to be worth more just because it's a wedding ring. However, if you have pieces in your collection that are from well-known designers, then that may increase the value. Always do your research.
  7. Always check with the BBB before you sell. Before making your final decision about where to sell, always check the company's reputation with the Better Business Bureau or your country's equivalent. There are many companies with terrible reputations when it comes to treating people fairly, so be careful.

Selling to A Dealer

  1. Before you visit a gold dealer you want to organize your gold. By organizing your gold before your visit, you will save the gold dealer time. Since time is money, the gold dealer will be more likely to pay you more if you don't waste his time. Begin by removing as many of your items in your collection that are imitation gold. The best way to start this process is with a strong magnet. Anything that sticks to the magnet is very, very likely not solid gold. If anything besides the clasps stick, it's probably best to leave those items at home.
  2. Sort the gold. Use a magnifier to check the little labels on the gold for "10k," 14k," etcetera. Put all the like kinds of gold in the same Ziploc bag. While you are looking at the gold stamp, if you see "GF" or "GP" that stamp indicates the item is only gold on the surface. These ones should be put in a separate bag (most gold dealers only buy solid gold, so they won't buy these).
  3. Go measure the weight for each type of gold you have. It is best to measure in grams, though many gold buyers will use a special weight system called a Troy ounce, so don't be surprised or put off[3]. If you do not have a scale, you may be able to use one at your local post office.
  4. Get quotes from the buyers. Now that your items have been sorted and weighed, it is time to get quotes. You should get at least three quotes. Start off with phone quotes. Any place that won't give you a phone quote, if you're able to provide an adequate description of what you have, is probably hiding their prices because their payouts are terrible. If a place does give you a phone quote, ask them if there are fees they are not disclosing over the phone (many times there are).
    • While you are getting quotes, make sure and get a quote from a refinery. According to Gold Refinery of San Diego, 99% of the gold that jewelers and pawn shops buy, is resold to a refinery. So, if you want the most money, get a quote from a refinery that is open to the public like Gold Refinery of San Diego.
  5. Do your research. Before you go to the place that gave you the best phone quote, check them out on yelp.com and bbb.org. In the past few years many "cash for gold" shops have popped up out of nowhere. Take the steps we have covered here to protect yourself from being ripped off by some unscrupulous gold buyer, and to ensure you are getting a fair deal.

Tips

  • Organize your jewelry before trying to sell it!

Warnings

  • Look out for scam artists. If someone seems like they're a bit off, they probably are.

Sources and Citations

  1. ↑ http://www.ritholtz.com/blog/2010/07/glenn-beck-goldline/
  2. ↑ http://www.bargaineering.com/articles/how-to-sell-your-gold-jewelry.html
  3. ↑ http://abcnews.go.com/Business/10-tips-selling-gold-cash/story?id=14356892

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