Monday, February 15, 2010

How and Where Can I Sell My Gold Jewelry

Over the last few year we have seen a meteoric rise in the price of gold and equally a rise in the number of people looking to take advantage of this by cashing in their old jewelry. Daytime TV seems jam packed with infomercials encouraging us to part with our rings and necklaces or you may have received invitations from friends to come to their gold party where your jewelry is valued on the spot and you are offered a price there and then. But are these parties or mail in cash for gold companies the best and only real way you can sell your jewelry. This article seeks to outline some options you have in selling your jewelry and what information you might need.

Whichever way you decide to sell your gold jewelry it is important for you to know what the value of your gold is. The first thing you will probably realize is that when you originally bought your gold ring or necklace it had a huge mark up. For example a ring that may cost over $1000 retail may typically only have around $100 of gold in it. If you mail your gold in to a cash for gold company or sell it at a gold party, the purchaser is only interested in the gold content of your jewelry and is not going to turn around and sell it as a ring or necklace. Your gold is therefore referred to as scrap gold.Typically operators will get a bulk lot of scrap gold together and ship it off to a gold refiner where it will be melted back down to pure gold - so you really need to establish first of all what is the gold value of your items. If you know the karat value of your gold jewelry and its weight then you can easily find out the current value by going to sites such as the one in my signature which will easily calculate the value of your scrap

Once you know the scrap gold value of your items it will be easier for you to get the best price for your gold. It is highly unlikely that mail in cash for gold companies or gold party companies are going to give you the best deal for your scrap gold. I mentioned earlier that they will ship off the scrap gold t the refiner who will melt it down to pure gold. The refiner takes a 5-10% cut for his efforts then the company need to cover its over heads and make a profit leaving a lot less to be paid to you for your gold jewelry. Luckily these are not your only options.

The best option would be to try to sell it as second hand jewelry rather than as scrap gold. eBay is a great place for this and selling can be fun!!! Taking the time to open an account and taking a picture of your gold ring may mean the difference between you getting $80 as scrap gold or getting $300 by selling it as second hand.

If you don't have any luck selling it as second hand jewelry don't worry - there are many ways for you to sell it yourself as scrap gold - remember for every person looking to sell their gold jewelry there are many people looking to invest in gold and buying scrap gold can be an attractive way for them to do that.

- eBay is once again a great way to do this - you just need to advertise it as scrap and know the karat value and weight. You are more than likely going to get the spot gold value or higher for it.
- You could also advertise it on craigslist - there are many individual private buyers of scrap gold who frequently scour craigslist for good deals. Because you do not have to pay any fees you could offer 95% of spot value and still be doing much better than other avenues.
- Your local coin dealer or second hand jeweler will also probably but it from you. Yes they will also send it off to the refiner but they are in a better position to give you a better price as their overheads are lower (they probably have not had to pay some B Movie Star or Soap Actor to appear on an infomercial!!!)

The In Gold We Trust Coin Coin, Bullion and Scrap Gold Calculator is a website offering information on buying and selling and collecting gold and other precious metals. The Scrap Gold Calculator will calculate the price of all your gold coins, silver coins, bullion and scrap gold.

1 comment:

  1. Aside from jewelry, it is possible to sell almost any scrap gold you could already have. Scrap gold is simply just about any material that contains enough gold to be of financial worth.

    Sell gold jewelry