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How Can I Price and Sell My Gold Jewelry?

By Edited Nov 13, 2013 0 0

You can price and sell your gold jewelry appropriately by conducting proper research. It is also imperative for you to know the amount of gold that is contained in every piece of your jewelry. In addition, it is important for you to know the prices of gold at the time of selling, and find a highly reputable buyer for your gold jewelry. This article shares gives an in-depth look into steps and tips to follow while pricing and selling your gold jewelry:

Steps to follow:

First and foremost, you ought to categorize your gold jewelry by type. Normally, the karat type is stamped inside the jewelry's rim or on the clasp. Separate all of your 10 karat gold, 14 karat gold and 18 karat gold and so on. If you notice that your pieces of jewelry contain precious stones, keep them separated as well. Most buyers would not pay you for the precious stones. Therefore, you will have to take them to the jeweler to determine if they have value. If they do contain value, try selling them there. Most jewelers recycle these precious stones for other pieces of jewelry.

Next, note down the purity of your jewelry types. This shown by the number of karats they contain: 10 karat gold jewelry contains 41.7% gold, 14 karat ( 58.3% gold), 18 karat (75% gold) 22 karat ( 91.7% gold). The very rare type, 24 karat gold, contains 99.99% gold. It is uncommonly used in jewelry because it is too soft and can be easily damaged.

Weigh each category of your gold jewelry using a jewelry or coin scale. You may use the postal scale at the post office if do not have one. Record their weight in ounces and ensure that the karat types do not get mixed up. If your scale records in penny-weight or grams, convert it into ounces - 1 oz. equals to 18.23 pennyweights or 28.35 grams.

Multiply the weight of each karat category by its purity. For instance, a 4 oz. 18 karat pieces of gold jewelry (75% purity) means that you have 3 oz. pure gold. Add all categories to come up with your full gold content.

Find out the current gold prices - also referred to as the spot price. These prices change on a daily basis, so it is vital to check these prices on the very day you intend to sell your gold jewelry. This information can be found on gold themed websites - several of these can be found on the internet. The spot price is usually rated in dollars per ounce.
Determine your gold jewelry's spot value by multiplying the spot price, by your gold content. This is the primary figure that you will be required to know while selling your pieces of gold jewelry.

Get a good gold refiner. The buying of gold jewelry is a thriving online business. You will find a lot of dealers, so try finding the best deal amongst the competing buyers. The best buyers usually list their fees and prices. As a seller, you are entitled to earn up to 95% of the spot price once all other fees have been removed. The majority of buyers will send you a mailing envelope for shipment. They will first examine your jewelry before making an offer. If they offer less than what you expect, your jewelry will be shipped back to you. All shipments have to be insured.

Tips for Sellers

Like any other form of business, the gold market is full of risks particularly for rookie sellers. The following are some general tips for sellers:

- Be Realistic

Your antique ring or necklace may fetch you a good amount of cash, but it will not make you rich. Most dealers are only willing to pay for the quantity of gold that is contained in your jewelry. As a matter of fact, very few pieces of jewelry are manufactured from solid gold. The buyer will also perform his own karat fineness test; this entails scratching of the metal to establish gold content.

- Get an Appraisal

If you happen to have intricate or antique jewelry, have them appraised before selling them to buyers that pay by weight. Collectible jewelry adds more worth to the gold itself. Moreover, if you own a unique type of high-end jewelry, you will get more value by having it sold as a full piece. This means that a designer piece of jewelry manufactured in the 60s, for instance, would earn you more when sold as it is, rather than scrap gold.

- Comparison shops

Since there is a good market for gold both online and offline, it is always advisable that you get numerous bids before selling. The price of the gold is determined by various factors. It will, most importantly, depend on the current gold prices and where the gold is sold. For instance, some home-party sponsors will offer you 50 percent value of your gold because they have to pay a commission to the homeowner and companies hosting the event. On the other hand, dealers who operate in small shops will pay you between 60% and 70% value because they have to pay rent, salaries and the refiner's cost.

- Protect them from loss or damage

Ensure that you obtain an appraisal before shipping your jewelry to a potential buyer. An appraisal acts as the proof of value incase the jewelry is lost or damaged. Remember to check the reimbursement policy of your buyer whenever a loss or damage occurs.

- Show and ask for identification

Lastly, as a gold dealer, you are required by the law to have some form of identification issued by the government. This stipulation helps the police in the investigation of stolen property and deterrence of money laundering. Only conduct business with gold buyers that abide by these rules. Furthermore, the business must be licensed by the relevant authorities to purchase gold. You ought to search for a buyer that has been in the business for a number of years. Buying gold should be their main line of business.

In conclusion, the above tips and guidelines will only give you the basic knowledge needed when pricing and selling your gold jewelry. There are other intricate pieces of information that you will learn as you delve deeper into the business.



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