How To Sell Your Gold
How To Sell Your Gold Jewelry Without Getting Scammed
With so many gold buyers, it is difficult to know who to trust. Many of the companies offering to buy your old gold chains, bracelets, and other pieces of jewelry, have very short track records. Are they dependable? Will they offer you a fair price for your items? Will they send you a check, or disappear once you send your gold pieces to them? These and other questions have made a lot of consumers understandably wary. We’ll show you how you navigate these waters below.
You’ll learn where to find the best prices for your old scrap gold as well as how to identify trustworthy buyers. We’ll also give you a few key tips for ensuring the process goes as smoothly as possible.
Know Where To Find The Best Prices
Consider who buys old gold jewelry. Jewelers and pawn shop owners will buy it, of course. You can also sell your pieces at a gold party. If you have the patience and time (that is, you don’t need the funds immediately), you can sell your pieces at garage sales and through online auctions.
The problem with each of these options, however, is that you’re unlikely to attract fair prices for your gold watches, rings, and necklaces. Jewelers and pawn shop owners can only offer a low price since they’ll want to “flip” your items for a quick profit. The buyer at a gold party has the same intent, and thus will also offer a low price. Garage sales and auctions require too much time.
There is another option: selling your gold jewelry to an online buyer. If you know what you’re doing, you can easily find a buyer who will give you a fair price, and send a check to you within a day.
Calculate The Value Of Your Gold
Suppose you have decided to sell your pieces to an online dealer. Before you mail your collection of gold jewelry, find out how much your items are worth. Don’t assume the first dealer you stumble upon will offer a fair price. The only way to know whether their offer is reasonable is to use your collection’s value as a benchmark.
All online buyers will offer to pay a certain percentage of your gold jewelry’s intrinsic value. The key is to find the highest percentage. Here’s an important tip: work with a refiner, not a broker. By doing so, you can essentially eliminate the middleman (i.e. the broker), attracting a higher offer in the process.
Research The Buyer
Prior to agreeing to send your jewelry to the buyer, invest the time to look through their website. Does it have a professional appearance? Does the company explain when you can expect a check in the mail? Do they describe the security procedures used at their refining facility? How much experience do they have in the refining business?
Look for communication options; if there is a phone number, call it to speak with someone in person. Ask the representative to clarify any issues that concern you. Have the person explain what occurs if you decline their offer (this information should also be detailed on their website).
The purpose of going to this trouble is to weed out companies that seem less than reliable. This minimizes the chance that you’ll be taken advantage of by an unsavory buyer.
Make Sure Your Gold Items Are Insured
Because it is possible to lose things in the mail, insure your gold jewelry items before sending them to the dealer. A reputable buyer will offer to send you a postage-paid kit with up to $500 of insurance coverage. That is, you should not be forced to purchase insurance with your own money. Having said that, if you would rather avoid waiting for the kit to arrive in the mail, you can purchase insurance from the post office.
Selling Your Scrap Gold Jewelry For Cash
With the price of gold hovering at near record highs, many people expect it to fall soon. To be sure, there have already been several wild fluctuations. If you intend to sell your gold watches, earrings, pendants, and brooches to an online buyer, review the information above. It will help you find the highest possible offer while avoiding the scams.