Do you have gold jewellery lying around your house that you don’t wear anymore and want to sell? If so, you will obviously want to get the best possible price for it. However, if you’re new at selling pre-owned pieces, you probably won’t know where to go and how to be absolutely sure if you’re getting a good deal or not. However, know that the process isn’t as complicated as one may think. With a bit of preparation and research, you can sell your gold jewellery for the best value and walk away with as much cash as you can. Here are some things you should keep in mind.
- Know the Gold Karat
Jewellery makers have to combine gold with an alloy to make it durable as it’s a very soft metal and cannot be used on its own. The ratio of pure gold used with the alloy metal depends upon its karat. Every piece of gold jewellery contains a hallmark or identity number which signifies its purity too. The karat of your gold jewellery is important as it can impact the resale value of the piece. Remember, the higher the karat or purer the gold, meaning the more expensive it is. So, it’s vital for you to know the karat as this ensures you don’t undervalue it and settle for an amount which is much less than what it could have actually fetched.
- Never Act on Impulse
Jewellery generally holds emotional value in our lives as they’re excellent presents used to mark and signify major life events. Make sure the emotional value of your piece doesn’t outweigh the price you will receive for it. This is why you should take the time to carefully evaluate what you want to sell. Ideal ones would be those that don’t hold much meaning in your life, items that may be missing a pair, broken and outdated ones.
- Clean the Piece
This is a smart and easy way of making your jewellery more attractive to potential buyers. Clean your precious metal piece and restore the lustrous shine by simply dipping it in a bowl full of lukewarm water mixed with mild dish soap. You may use a toothbrush with soft bristles to get dirt that may be stuck in crevices. However, if you’re looking to deep clean a piece with precious gemstones, it’s best to take it to a professional cleaner so it’s polished safely.
- Create a List of Questions
Try and understand the basis of the offer your buyer makes. For this, you can prepare a list of questions you may ask to negotiate the best possible price. Inquire them if their price is based on the value of just the gold or the gold along with the gemstones. Moreover, ask them to itemize the value for the gemstones and the gold separately. Any experienced gold jewellery buyer will be able to do this without any hassle. Ask these questions to every potential buyer and compare the answers to be absolutely sure you’re getting the best value for your piece.
- Manage Your Expectations
Before you get carried away thinking of the money you’ll be making, it’s important that you manage your expectations. You might have a gold heirloom bracelet that belonged to a great-aunt, but to the people, you’re trying to sell to, it’s just a bracelet. Additionally, it’s extremely rare for a pre-owned piece to be sold anywhere close to the purchasing price. This happens as there are many factors, such as rarity and beauty, among others, that dictate how much you sell it for.
- Sell to Dealers
If you need quick cash, sell your gold jewellery to dealers who have been in the business for years. But don’t just strike a deal with the first one you visit. Collect a few offers and compare them to see who is giving the best deal. As a rule of thumb, you can expect to receive about 80% of the current market value of the precious metal.
- Get an Appraisal
If you’re trying to sell an intricate or antique jewellery, have it appraised before selling. Generally, antique and designer ones are worth much more than regular pieces. The appraisal from a reputed jewellery will be documented and help assess the quality of your jewellery, so you can price it better. However, do not confuse this with a gemstone grading report as they are both completely different. Although doing this may cost you something up front, but know that your piece will probably be worth much more than what you invest in the appraisal.
- Sell It for Scrap
This is another fast and easy way of making quick cash. When you’re selling your gold jewellery for scrap it means you are only selling it for the value of the materials used to make up the jewellery. However, this also means that your piece will most likely be disassembled into bullion later. All you need to do for this is to take your piece to a gold buying store and you will receive an offer almost immediately. But, before you decide to go ahead with this, you should educate yourself on the scrap value of gold so you know what you’re working with.
- Be Realistic
It’s true that selling a piece of your jewellery isn’t going to make you rich. It may, however, help you make some extra cash that you can use as you want. Also, many dealers will only pay you for the amount of gold used in the piece. They may deduct a fee for refining the gold to be re-used. It’s best to be prepared for this to ascertain there are no surprises and for the sale to go smoothly.
- Bring all Documentation
Keep any documentation you may have related to your gold jewellery with you. Certificates and appraisals are important as they help determine the quality of the items. For instance, if you can’t find the certificate for the diamonds used in the jewellery, the jeweller will have to have the stone graded and sustain additional costs. This will result in you receiving a reduced price as they will need to compensate for the same expenses.
Gold is a precious metal most commonly used in jewellery and is also a form of investment that you can enjoy and sell when looking to update your collection. Selling pre-owned gold jewellery isn’t as complicated as most may think and with proper planning, it can be done smoothly and fetch you a good price too. Follow the above-mentioned tips to ensure you get the best value for selling your gold jewellery.