Selling Gold Jewelry?!- Heres what to know
Gold rates have started hitting record highs as the financial uncertainty of the situation has caused people to start hoard the precious commodity. Selling jewelry has never been easier as there is no shortage of choices on how to sell, ranging from your local pawn shop or to an online jewelry store. Even eBay has added a new section to its website called the Bullion Center, a place for people to trade bullion including but not limited to gold and silver coins and bars. No matter where you decide to sell your metal, here are some tips to keep in mind while doing so.
Check out all your options: Always get a quote from at least a couple of local jewelry shops to have a base price in mind while negotiating offers. This also makes sure you’re not cheated out of your jewelry’s actual worth.
Always read the fine print: Consumers are always advised to make sure they read all the terms and conditions while making a deal especially online. Even legitimate online dealers can cause you to lose money by surprising you with hidden costs.
Don’t mix karats: ‘Gold parties’ are a relatively new way to sell gold. Though they may be convenient, you may not always get the most for your gold as many cuts have to be paid. At some places, it is weighed together and valued according to the jewelry of the lowest karat.
Beware rogue buyers: “Hotel” buyers are known to move from town to town setting up camp in hotel ballrooms, promising high buying rates but end up paying a lot less before disappearing.
Check credentials and look for reviews: Always check these before dealing with a potential buyer. Legitimate buyers always have a state-issued license to buy gold and are required by law to ask for picture ID when buying from you.
Observe the scale: Though pawn shops and jewelry shops are regularly checked for compliance to weighing regulations, hotel or house-based buyers could pay you less for more gold by altering the units used while weighing your jewelry.
Is it scrap or history? Before scrapping your jewelry, you should check whether your item a valuable antique that could attract a way higher price than its scrap value.
Master Jewelers, a jeweler you can trust, will purchase your gold jewelry. With over 20 years of plus experience in jewelery industry, you know the value of jewelry is more than just money. Visit us online