5 Best Secrets to Selling Gold for Cash
If you want to make some cash for your gold jewelry that you don’t wear anymore or maybe sell the gold coins you inherited from a relative you are probably wondering, ‘Where can I sell my gold?’ and ‘How much cash will I get for my gold?’ Along with these great questions, there are other important things to consider when you are looking for a gold buyer. We want you to get the most for your gold so here are some secrets to selling your gold and getting the best price based on what you have.
1. Know Gold Language
It is always a good idea to understand the words a gold buyer will use when talking about your gold so here is a quick guide to get you used to gold lingo. Depending on how much gold you have, the weight will either be categorized as troy ounce, gram or pennyweight (abbreviated as DWT). A quick calculation is 1 troy ounce = 31.10 grams = 20 DWT just so you know a little bit about the math that goes into the weight of your gold because the higher the weight the more money you can get. The other factor that determines how much cash you get for your gold is the karat which measures the purity of gold and ranges from 10k-24k. The higher the karat, the higher the price so your gold will be classified between 10k (lowest value) up to 24k (highest value) which is the purest form of gold with no higher ranking than that.
2. Gold Quotes by Piece
If you want to sell several gold pieces like rings, necklace or coins we suggest taking it to your trusted local jeweler to confirm karat and price quotes of each piece. This way your mind can be put to ease as you watch while the jeweler measures everything in front of you and then you’ll know how much each piece is worth. If a gold buyer just gives a bulk price for all your gold you may want to check other places or come visit us as we offer price quotes for each gold piece free of charge!
3. Compare Gold Prices by Calling Local Jewelers
Don’t feel like you have to sell to the first gold buyer you visit. We always encourage our customers to call around to see what others are paying for gold to make sure to get the best price. An honest jeweler or gold buyer will give you a spot price of what they are paying for gold over the phone and will honor that for a few days.
4. Ask About Gold Jewelry With Gemstones
If you have gold jewelry with any precious gems you’ll want to consider whether you want to sell the whole piece or if you want to keep the gemstones. Obviously the price quoted could be different depending on whether you want to sell the gold jewelry as is or if you take the gemstone from its setting. We understand that some gems mean more to you than just their face value and have sentimental meaning, like a family heirloom or a special gift. It can be helpful to decide this before selling the gold so that you can ask the jeweler how much they charge to remove the gemstone. If you need any ideas of what to do with your loose gemstones, you could use them to create something new and unique as we also offer custom jewelry design!
5. Bring In Gold Jewelry With Your ID
We want your gold selling experience to be a seamless process, free of stress! This is one of the ways you can prepare so that you don’t have to run back and forth if you forget your ID. By law, gold buyers are required to ask for your government-issued identification which helps you, as a consumer, to avoid buying any stolen property. If a gold buyer doesn’t ask for ID then they may not be reputable so think about taking your business somewhere else!
Selling your gold should never be an uncomfortable process and most everyone we work with feels more at ease once they’ve come in and talked to us face to face. So take your gold and find a local jeweler that helps answer all your questions and encourages you to seek out competitive pricing while guaranteeing their quote to you. Feel free to call or visit our Gilbert showroom to get a quote for your gold and we’ll treat you as we would want to be treated, with fairness and honesty!
