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Buying and Selling Gold with Confidence

By Edited Mar 4, 2014 0 4

Selling your personal gold jewelry is common today. A jewelry box can be the perfect place to look especially with the high price of gold currently. You can turn that jewelry item that has been in the family, but you don't really like into cash and purchase something you do like. You can unfortunately have bad experience or be taken advantage of in the process.

Make sure to organize your gold pieces before you start to consider selling them.

Organizing your gold means separating it plastic bags, putting the 24K jewelry pieces in one, the 18K pieces in another, the 14K pieces in another and so on. Know the karat weight designations of your pieces. Take them to a jeweler to help you identify them, if the pieces are unmarked.

If several of your friends are considering selling their gold jewelry, you will probably get a higher price per ounce if you combine your jewelry and sell all at the same time.

Be prepared to be asked if you are the rightful owner of the jewelry. Legitimate gold buyers may ask for documentation or identification from you to protect you as well as protect themselves from engaging in the unlawful exchange of stolen property.

The price of gold changes daily. You will need to check the price of gold on the day you want to sell. There are many websites you can use to do this.

Go to 3 or more reputable places to get your gold pieces appraised. It is best to be referred to someone who does this, for your protection. Before you have someone appraise your jewelry make sure they are licensed to do it. Ask to see their license.

Get your gold pieces or jewelry appraised on the day you want to sell it. The appraisal and the price of gold will determine the amount of money you will receive. Appraisal values are different from appraiser to appraiser.

If you decide to sell your jewelry through a mail outlet, make sure to take pictures of your jewelry before you mail it in. The most reputable way to sell it your gold, is with someone who you can meet.

As a hedge against inflation, people are also engaging in the purchase of gold bars, not just gold jewelry. When engaging is such purchases, it is important to make sure the company who is acting as the agent is licensed to do so. It could be very easy to set up a

telemarketing operation and prey on the fears of people who are looking for investments that will give them some protection against inflation. Look into whatever resources contact you to insure they are legitimate businesses, and not companies engaged in unethical practices.

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Comments

Jan 14, 2010 7:19pm
rogerhum
Great article - very informative thank you. I’ve recently decided to check into selling my huge collection of older coins and when I got prices from my local jewelers and even pawn shops - I couldn’t believe how low the prices were. So I looked online at companies that buy coins and found the Silver And Gold Exchange. THEY PAID THE MOST since most older coins right now are worth more for their silver value (because silver has gone up so much). They’re very honest, offer a great price, have a great Better Business Bureau rating and pay for shipping. Great deal - great company.
http://SilverAndGoldExchange.com
Jan 14, 2010 7:22pm
kp3028
Thanks for the additional information. People who read this article may also want that information.
May 13, 2010 5:01am
kims3003
well researched and very well written. 2 thumbs up!
May 13, 2010 6:12am
kp3028
I wrote this article because I felt many people are uninformed and therefore taken advantage of when it comes to selling their gold. Some people are desperate to turn their 'old gold jewelry' into cash (many seniors) for example....although they are not the only ones.
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