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How To Sell Your Gold Jewelry

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Ring Display at Jewelry StoreIf you’ve considered selling some of your unused gold jewelry for some cash at $900+ an ounce, you might be in for a very rude awakening. Selling gold jewelry is pretty easy, even if you spend the extra time to avoid the scam artists and rip-offs, but the reality is that whatever you sell will be melted down and the gold will be reused. Since it will be melted and reused, you will only be paid for for the gold in the piece minus whatever markup and fees that the buyer has. $900 an ounce sounds pretty good, but you won’t get anything near that for typical pieces of jewelry.

How Much Is It Worth?

Well, you basically are getting the spot price of gold minus a cut if you go the gold route. 24-karat gold is pure gold. You’ll get the full weight of the piece if it’s 24K gold. 18K is 75% gold, etc. Anything with 10-karats or more will have a stamp on it, anything less and you’re probably out of luck in terms of selling it as gold.

If the piece is especially ornate or shows craftsmanship, it may be worth more than its weight in gold. In those cases, you’ll want to get it appraised and try to sell it as a piece rather than as gold. It requires more time and more effort but you might get a lot more.

Where To Sell It?

Here’s where it pays to shop around, just as if you were buying it in the first place. Think of it as comparison selling. You’ll likely get the least at pawn shops and probably the most at jewelry stores. Try to go with someone with a reputation, that way you know you won’t get cheated on the scale or something else. Reputation in the jewelry business is everything.

One thing about all those infomercials or magazine advertisements of companies asking you to ship them your gold pieces for cash, avoid these unless you can verify their reputation. Sending anything through the mail is risky, sending hundreds of dollars to a stranger is simply foolish. As you can expect in any industry dealing with high dollar items, there’s plenty of fraud so you always have to be on your feet.

Selling Process

There’s some lingo involved in selling gold and here’s a primer so it doesn’t fly by you in a rush. Precious metal jewelry is measured in either pennyweights (DWT) or in grams (GR). An ounce of gold is a troy ounce and there are 20 pennyweights or 31.1 grams per troy ounce. When you go to sell, the buyer will tell you the price in dollars per pennyweight (that’s their daily price) as well as the weight of the piece prior to the transaction. So, if you bring something in that weights 10 pennyweights and they’re paying $45 per pennyweight, then the 10.0 DWT piece at $45/DWT is a $450 sale. They may also have higher daily prices based on volume and avoid buyers who won’t tell you this beforehand.

That’s basically it!

Here are some useful resources if you’re considering selling gold jewelry:

(Photo: Pink Moose)

{ 4 comments, please add your thoughts now! }

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4 Responses to “How To Sell Your Gold Jewelry”

  1. Rob says:

    Just wanted to note that I’ve sent in gold jewelry ( some stamped, some not ), to Midwest Refineries, and recieved a check. They pay 94% of spot value for pure gold. I don’t work for them, but have used them before.

    Don’t forget though, there will be parts of any gold jewelry that aren’t gold. Bracelet or necklace clasps often are just plated ( why, I don’t know ). So even if you weigh the item beforehand and do the math, keep this in mind.

  2. Unfortunately, I was recently put in a position where I needed some extra cash and I got completely bailed out by selling some of my old gold that I never wear any longer. I am back on track now, but that extra check really saved me! I didn’t know who to trust online, but was recommended a site by 2 different friends. The site is GoldPawnShop.com. My experience was great, but I generally don’t take the time to recommend a site. However, I know some people are probably in the situation that I found myself and I feel like this may help you get through a hard time like it helped me. Good luck!

    Suzy

  3. Michael says:

    I completely agree with this article. There are a lot of scam sites out there that will pay you almost nothing for your gold (I got ripped off by cash4gold). I think if you’re careful about it and do your homework, you can find a lot of good places also. One way to test is if they have a phone number and will actually talk to you. It’s a great way to make sure they are legitimate and will help you if you have any problems. My personal favorite is http://www.grandgoldbuyer.com because they have great customer service and pay the most for gold that I’ve found. I’ve also had reasonably good luck with a few of the other big sites.

  4. NotAnIdiot says:

    I think anyone who says “I don’t work for stalyourgold.com” or “I never make recommendations” probably works for those sites, DUH – to be avoided like a snake in the grass.


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