When the economy takes a downturn or personal finances get tough, many of us look for ways to turn our gold jewellery into cash. When the gold price is high, many advertisements flood the Internet, newspapers, television and radio encouraging owners to send their gold items in to receive quick cash. In most cases, sending your gold jewellery to strangers on the promise of an unknown amount of cash is the worst way to sell.
Steps to follow before selling your gold jewellery
Get an appraisal of the gold items you would like to sell from at least three reputed jewellers in your town. This is the first step in finding the weight as well as the purity of the gold in the jewellery and also to have an objective view of your jewellery’s real value.
Ask each jeweller to tell you the carat value of the gold and the weight in grams. Once you have a good estimate of the weight and purity of your gold, use an online calculator to determine its intrinsic value. After getting a value of your gold with the online calculator, act quickly to sell. Gold prices fluctuate daily, and a delay can cost you if the price falls.
It’s most likely that you won’t get 100 percent of the value, even from a reputable jeweller, but still knowing the real value will give you a good starting point for negotiations.
Selling your gold to a jeweller
If you intend selling it at a jewellery shop, it can be said to be a reasonable price if you get 80 to 85 percent of the value. Since the jewellers look for an opportunity to make a fair profit, you cannot expect more!
Selling your gold to a collector
You may consider contacting collectors, if you have unusual or very fine jewellery. Some gold jewelleries are worth much more for their design and aesthetic value than the gold they contain. Collectors value jewelleries for their artistic elements and rarity than on the value of the gold they contain. So, this can be a huge profit for you!
Selling your gold to a pawnbroker or other persons
It is suggested that you avoid pawnshops for selling your jewellery. Most of the pawn brokers are used to dealing with desperate sellers and are likely to offer far less than the gold’s real value. Be wary of media advertisements, mail-in offers, phone solicitations or other sellers you can’t deal with in person. They are most likely to cheat you!