Anytime you need some extra cash, digging through your gold jewellery box is the most logical place to start. But before you get too excited about racking in that extra cash, it is important to be ground your expectations in reality.
Although you may consider that heirloom gold necklace as the most precious gift from your grandmother, to many gold buyers, it is just a necklace. In fact, it may not be of much value unless it has some weight.
In order to get the most out of your shiny goods, you should be savvier than the buyer.
Here are 6 of the best ways to be a smart gold seller:
• Know your options
It is important to know where you intend to sell your gold jewellery first. Anything light and intricate should be sold privately, most gold buyers are only interesting in items to melt.
Familiarise with current gold prices
A knowledgeable seller is a smart seller. While gold buyers may be the experts, it is equally important for you to understand current gold prices. This can be done by conducting online research. Some buyers know that you are looking for quick cash, therefore, they will not offer you the actual value of your gold.
• Shop around and find the best buyer for you
In order to successfully sell your gold jewellery, it is important to do your research and find gold buyers who will complement you. This way, you will at least have a base price in hand before you solicit other offers. Always go to a maximum of three or four stores and compare the prices that you receive.
• Keep an eye on the scale
The weight of gold usually determines its value. Gold’s standard measurement is called the Troy ounce, this is what is quoted on the news. However, there are those who may use the pennyweight or grams to weigh your gold. Ensure that a dealer does not measure your gold in pennyweight and ask you to pay in grams. Always get the real worth of your jewellery by keeping your eyes on the scale and that its weighed and paid in grams.
• Sell your jewellery for scrap
Selling your jewellery for its scrap value means that you are only selling it for the materials that it comprises of. As such, gold buyers melt it, have it shipped off to be refined into bullion later on. This is a quick way to make some cash. Anytime you sell gold as scrap, you are likely to receive up to 90% of its gold value. The difference reflects the buyer’s profits and the cost of melting and refining. Ensure you know the kind of scrap value that you are working with.
Selling gold can be an easy process but it does not come without its risks. With fear and uncertainty that the current economy brings, parting with your gold jewellery may be the only thing to do. Being a smart seller will give you an ace on the buyer at all times.