When you are strapped of cash the easiest way to get money is to sell your gold jewelry-get cash for gold. The price of gold has been on upward trend and there are many advertisements flooding newspapers, internet, radio and television from gold buyers.
To get the most from your gold jewelry you need to be very cautious and follow the right channels.
How to sell gold jewelry
You should start by separating the jewelry into different categories: broken, missing parts and antique. Your next step should be to find the right value of your gold. You should note that there are many people who pretend to be professional jewelers, but they aren’t.
To be on the safe side you should find reputable jewelers from your local Better Business Bureau. If you live in the United States you should find great jewelers from The American Gem Society.
The jeweler will analyze the gold and give you the carat value and the gold’s weight in pennyweight. There are some jewelers who will give you the weight in troy ounces. You shouldn’t settle with the value given by one jeweler-you should get the value from at least three professionals.
In addition to getting the value from a number of jewelers, you should also determine the intrinsic value of the gold online. The cool thing is that there are many online calculators that will help you in determining the value within seconds.
You can also calculate the value on your own. You should start by determining the percentage of gold in your jewelry. Always remember that 24 karat is 100% gold; therefore, to get the percentage of gold in your jewelry you should divide the carat of your jewelry by 24.
For example, an 18-karat jewelry is 75% (18karat/24 karat=0.75=75%)
With the percentage you will be able to determine the weight of the gold. To do this you only need to multiply the percentage you get by the recorded weight of your jewelry. For example, an 18-karat gold ring weighing 20 grams has 15 grams of gold (29g X75=15g).
To convert the weight into ounces you need to remember that 1g=0.0353 oz; therefore 15g =0.53g (1 oz/0.0353 g).
To get the value of the gold you need to multiply the weight of gold (in ounces) by the current price. For example 0.53g X $1000/oz=$530
With all the information with you, you should now explore your selling options. As mentioned above, the price of gold is rising; therefore, it’s easy to find a gold buyer. You should note that different buyers will accept different qualities of gold. For example, online buyers will accept broken jewelry, but jewelry stores will only accept intact jewelry.
If you have broken jewelry, you should consider selling it to scrap gold buyers or broken jewelry buyers and save intact jewelry for jewelry stores.
You should approach different buyers and compare their prices. As rule of thumb you should buy from the buyer providing the best prices for your gold.