Selling your gold jewelry could be a good way to raise extra cash. If you have jewelry that you're not sentimentally attached to, then it may be much more useful when sold for cash than it is just sitting in your jewelry box. Here's a look at ways to sell gold jewelry and what to know about selling gold.
The Ways You Can Sell Your Gold Items
You might have other items around your home made of gold, such as home decor objects, although it's more common to find jewelry made of solid gold. You can take your gold items to a local gold buyer, jewelry store, or pawn shop. You might also look into gold buyers that operate online.
You may want to know how much your items are worth first, and you can do that by checking the current price of gold, which fluctuates daily. By following the price of gold, you'll know if prices are going up or down, and if it's a good time to sell gold. However, if you need money fast, you'll probably be willing to take whatever the market price is for the day.
The Amount Of Gold In Jewelry Varies
The first thing you'll want to do is separate gold-plated jewelry and solid gold. You might be able to sell gold-plated items too, but these aren't usually worth very much. Costume jewelry and inexpensive decor are usually gold-plated items. Solid gold is much more expensive, and the value is determined by the karats.
Gold jewelry is stamped somewhere on the piece with numbers that indicate the karat value. The higher the number, the more gold there is in the piece and the more it's worth. When you prepare your jewelry, separate the pieces by karat so you have an idea of the value of the jewelry as you add pieces to your sell piles.
Set pieces aside that have stones or other valuable metals because these might have more value than the value they have for gold alone. You'll want to get these items appraised individually. When you sell gold jewelry just for gold, the pieces get melted down to remove the gold, so they're not valued for their aesthetic beauty, only for their gold value.
The Offer Might Vary By Seller
You may want to compare offers from a few buyers if you have multiple gold buyers nearby. The price might vary from seller to seller, so you may want the best price you can get. However, you'll also want to work with a reputable buyer so you're sure to get your money and get the value that your jewelry is worth.