Tips For Getting The Most Out Of Your Old Gold Jewelry

As you go through your jewelry box, you probably see a lot of pieces you never wear anymore. Perhaps they are damaged, you only have one of a pair of earrings, or you just have other things you prefer now. You may be surprised at how much money you can get for your old gold jewelry. Go ahead and pull those old pieces out and look them over. If you decide you won't be wearing them again, why not turn them into some cash and maybe buy something you will wear? Here are some tips for making sure you sell your gold properly and get the most money for what you have.

Separate the Gold

One of the first things you should do is to separate your gold according to karat or gold purity. Put pieces that are 24k in one pile and those of 18k in another, etc. The karat will determine how pure the gold is, with 24k being pure gold. You want to separate things because the jewelry is going to be weighed and the amount of actual gold determined. A buyer may put everything on the scale and then use an average purity to determine how much gold is there and how much to pay you. When you give them separate piles, they will then know the true weight of the gold you have and you will get more money.

Take Out Stones

Quite often when selling to gold buyers, the gems or stones in the pieces are not important. You should take out the stones and then sell them to a gem buyer or save them to be used in a different piece. You can take the money you make from selling gold and use it to have a new piece designed with the stones you saved. If, however, you are selling your jewelry to a jewelry seller or a pawn shop, ask how much they are offering for the gold and how much is for the stones. You can then decide whether you want to save the stones or not.

Research Gold Price

Unlike a lot of things you sell, you can get an exact price for how much gold is worth on a daily basis. Take the time to find out the going price for gold before meeting with the buyer. Keep in mind that they are going to offer you a lower price than the going rate to pay themselves for their time. You need to decide if what they offer is close enough to the daily gold price for you or if you need to find a different buyer. Of course, you can always talk with the buyer, letting them know you know the price of gold, and see if they will increase the offer. 

Don't Forget About Online Buyers

While you may need to use a local buyer when you need the money right now, if you have a bit of time, consider using an online buyer. Of course, do your research on the company before you send them your gold. However, there are reputable gold buyers online. You send them the pieces you want to sell, and they send you an email with an offer for them. If you decide to take the offer, they can send the money that day to an online paying portal or right to your bank account. If you do not accept the offer, or not for all the pieces, they will send you back what they do not buy. In many cases, you may not have to pay any shipping costs as they will send you the envelope to send the jewelry to them.

The price of gold has not dropped in a long time. You may have some savings in gold without even realizing it. Go through your jewelry and consider whether you can get cash for gold jewelry that you no longer want.