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How to Sell Gold Jewelry

Thinking How to Sell Your Gold Jewelry? Worry Not, We'll Help You

How is gold purity evaluated? How can gold jewelry be sold for cash? Read to find all the answers.
Omkar Phatak
Last Updated: Jun 3, 2018
There are very few people whose eyes don't light up at the sight of gold. The shiny metal has been the most coveted object on Earth, since ancient times. A lot of people may advise you that the best investment in recession is gold and silver. Stock prices may fall and investment in any other security may not work for you, but gold investment always works. Even though gold prices do fluctuate, they have always been on the positive growth curve and many people who have put their faith and money in gold, have been rewarded handsomely.
A word of caution before we move ahead. Beware of scam artists who put up websites and pose as gold buyers. They promise you a higher-than-market price and dupe you in the end. If you must make an online transaction, then make sure that you do so, only after you have verified the authenticity of the website.
Selling it For Cash
Selling jewelry is a transaction that you must carry out carefully, if you expect to expect to get paid, according to the current market prices. The three questions that should pop up in your mind are - How to evaluate purity of the jewelry? How and where can you sell it? Let me answer all these questions, in that order.
Evaluate Purity
Firstly, test and evaluate the purity of your gold. The price you get is a function of its purity. Gold purity is measure in carats. 24 carat is the purest form of gold. Any value in carats, less than 24, means that your jewelry contains other metals mixed in. The carat value is engraved on it nowadays. Using a magnifying glass, if you carefully observe the surface of the jewelry piece, you will find that the value is engraved on it. If it is an antique or heirloom piece, you will need to get its purity evaluated by a jewelry store. You can take help from the National Association of Jewelry Appraisers, to evaluate it.
Check Out Latest Gold Prices
After you know what is the purity value of the gold in carat, you must check out what are the current prices of the metal in the bullion market. Calculate the per gram value, from the market quoted value, and then get the price of your jewelry evaluated according to its carat value. Jewelry stores can do that for you.
Find a Good Seller
The best place to sell is to make the transaction at a certified jewelry store. Another option is to sell it to a gold scrap dealer. The second option is the least recommended as you will get a better price at a jewelry store. Other option is to sell the piece of gold in an auction if it's an heirloom piece of great value. Selling gold in an auction can fetch a much higher price for it, than market value, if it is a really old and rare antique piece. You could sell the gold online, but remember that this remains the least secure of all options.
As I said before, make sure that you check the authenticity of the buyer, before going for a sale. Rather than going for online sales, I would personally suggest that you go and sell your jewelry in person and handle the whole transaction on your own. Make sure that you get the purity evaluated before you go in for an actual sale. Ensure that you are paid according to the quality of the jewelry in carats and according to the current market prices. Don't settle for anything less than what you are entitled to.