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Avoid Getting Ripped off: How to sell your Gold Jewelry for Cash
Are you considering selling that old gold jewelry for much needed cash? With the current market price of gold per ounce averaging over S1, 000, selling old jewelry can be a boon in these hard economic times. Maybe you’ve seen the many ads on TV and in newspapers and magazines about companies that offer money to mail in your old unwanted jewelry. Even though this may seem like a good thing to do, wait! Not all of these companies are reputable. There may be better options for you. Put a little effort into it and learn how to get the best price for your gold jewelry.
Steps to take in selling your gold jewelry
Step 1. Know the value of your jewelry
Have your jewelry appraised. Since you’re not an expert, you probably don’t know how much your jewelry is worth. It could be worth only its scrap value (value of the metal only) or it could be highly valuable. Credentialed appraisers can be found at websites of the National Association of Jewelry Appraisers and the American Society of Appraisers. Fees range from $50-$200.
Step 2. Know how much gold you actually have and what price to expect for it.
Since gold jewelry can be made with varying percentages of gold, find out how much gold you have to sell and what price to expect for it. You can make that determination by using the following assessment:
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- The price of pure gold is based on a troy ounce of 24-karat (k), which contains 31.1 grams. Gold less than 24 k is discounted proportionately. For example, 18k is 75% pure gold; 14k is 58.3 % pure gold and 10k is 41.7% pure gold. At all of the above k values, a gold item will have a small k stamped on it.
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- Separate the 24K from the 18k and 10k pieces.
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- Weight each group individually and multiply the number of grams by the current price of gold. You can find the current market price of gold per gram or per ounce in the newspaper, online, or at Kitco, or GoldPrice.org.
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- Deduct the percentage value of the appropriate amount of non gold from each group.
Step 3. Only sell your gold for its scrap value if it has no resell value.
When you sell gold for scrap value, you will lose a percentage of the value. Most likely you will lose 75% of the retail value of the piece. The value of the metal alone won’t reflect the craftsmanship, aesthetics, antique value or emotional value. However, if a piece is damaged, mismatched, or missing a part, then it probably should be scraped.
Where to Sell your Gold Jewelry
1. By far the best place to sell your old jewelry is at a jewelry store. You will get a better price than at most mail-in companies because the esthetic value and craftsmanship as well as the gold is considered.
2. Mail-in companies for scrap gold -usually pay lower prices and it is very difficult to find a reputable one. As stated by Dave Rogoway president of Rogoway Jewelers in Portland, Oregon, “For consumers, I think it’s probably the biggest rip off going on right now.” If you decide that you’d like to use a mail-in business, try to find a reputable one that gives free trackable shopping online, with a money back guarantee. Send a detailed description with photographs, remove the jewels and keep copies. Some sites to check into are Goldbuyer.com and empireGoldbuyers.com. Be sure to check all companies with the better business bureau.
About the Author
Audrey Robinson is a research scientist in Cell and Molecular Biology. She is dedicated to the field of cancer research and has striven to support this research through her internet business marketing products for financial education and wealth management. She is also a coach for internet marketers. Visit her websites http://www.meetaudreyrobinson.com/?t=articlesbase and http://www.theprosperitymall.com/?t=articlesbase which offer help for those seeking financial freedom and independence, wealth management education, and information on important health and social issues.
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