While there are numerous reasons why people choose to sell their gold jewellery, what is common about them all is a less than comprehensive understanding of the best ways that they should go about it. Regardless of the fact that there are many buyers with different interests yelling at you to sell your piece to them, it will be in your best interest to know clearly and have a clear picture of what you’re looking for in a jewellery buyer. Therefore, here are some tips on how you should go about selling your gold jewellery to allow you to make the right choice.
Know the best time to sell
The general rules of supply and demand state that if a certain commodity is more in demand, it’s price will go up. Similarly, with gold commodities, they are more in demand when the country’s economy becomes rocky and uncertain as it is looked at as a safer option than any other form of investment such as shares and stocks. Therefore, it’s worth considering the condition of the economy when looking to sell your gold jewellery. If you think harder times are approaching, it’s a good idea to hold on to your piece till the prices start rising again. Still, just like with any other investment type, it’s difficult to accurately predict the rise and fall of gold value.
Look for sellers with ethical practices
Reputable gold buyers need to use certified scales for transparency and accuracy. They are expected to examine and weigh the items in front of their customers to ensure there are no forms of alterations taking place with the piece. The offers are expected to be posted clearly so that the customers can see. Additionally, they should ask for identification information of the seller and supply a receipt of the transaction taking place between them.
Recognize your jewellery’s true value
The karat reading of all gold jewellery denotes the amount of gold present in them. 24 is the maximum with 12 being the minimum. Jewellery containing lower karat readings signify that the piece contains various other metals such as nickel, copper, and zinc. However, you don’t need a certified jeweller for this as the karat of any gold jewellery can be understood by the K, kt or Kt symbol present on the items. Know that the higher the gold percentage, the better a price you can ask for from your buyer. You may also ask a reputable gold buyer to test the value of your gold using a testing kit before you agree upon a price for it.
Don’t rush to sell your jewellery
You can certainly use a high-quality cash for gold company as they are convenient. However, numerous studies have shown that you are unlikely to receive better value in return for your precious metal from such an organization. Most of the companies offer lower value for commodities when compared to online gold buying services and high-street jewellers. This is why it is vital for you to compare prices with as many sources as you can to ensure you receive the best value.
Consider selling it online
If you are unable to find a decent deal on the high street or if you live in an area where many gold buyers aren’t available, consider selling your piece online. Websites such as eBay are great as they allow users to bid on the products and allow you to choose to sell to the one offering the best price. Since you are auctioning an expensive product, it will allow you to build a rational level of positive feedback from other users, so the potential buyers know you are reliable.
Avoid selling jewellery to pawn shops
All pawn shops have been in business for years and are popularly known for paying the least possible price for any commodity. This is applicable to gold jewellery too. They will never pay a hefty amount for anything, even if they can sell it for a higher profit. So, it’s best to avoid going to a pawn shop. Not only will they be less likely to recognize and distinguish between a high-quality and low-grade product, but they are also quite manipulative by nature and will not allow you to get a fair price for your jewellery.
Go to a gold party
The concept of gold parties has been designed after traditional Tupperware parties. This is a party where guests are invited, and they can bring their unused jewellery or other gold items which they are willing to sell. This is an easy way for them to sell their gold jewellery in the comfort of their friend’s living room and don’t have to go through the trouble of looking for a jewellery store or pawn shop. However, know that not all gold party organizers will offer you a fair deal on your piece. However, it is a great place for you to research the selling and buying process of your piece and see the difference in the price range being offered to you.
Think of the value of the whole item
Most gold buyers are typically only interested in the worth of the gold, and not the item as a whole. They will not take into consideration whether it has elements made of silver or precious gemstones on them or think of the craftsmanship either. Most cash-for-gold companies are known to remove precious gemstones from the jewellery and throw them away if you send necklaces, earrings, and rings that have any. This prevents you from cashing in anything on their actual value. Similarly, branded and high-fashion jewellery could be worth much more when kept whole. Items such as keepsakes, medals, and old coins are generally worth much more than you would receive from a non-specialist jeweller or a cash-for-gold firm. So, if you think your jewellery has more value than the gold in it, it’s best to have them appropriately assessed before making any commitments to sell.
An informed seller is one who makes reasonable decisions for a favourable outcome. Reselling your gold jewellery can fetch you high returns, if you know the right way to go about it. Considering the above-mentioned tips, you can get a fair deal for your piece.