You probably have some favorite jewelry that you wear frequently, perhaps even daily. But you may also own gold jewelry that you never wear because it no longer matches your taste or because it was a gift and you simply don't like it. Did you know you can convert your gold jewelry into spendable cash? This guide will explain all you need to know about selling your gold, such as when the best time is to sell, three places where you can sell your gold, and how to actually go about selling your gold jewelry.
When To Sell Your Gold
While you may never part with a family heirloom or your favorite pieces of jewelry, you might want to sell the jewelry that no longer interests you. If it carries no sentimental value, the cash you get for selling your gold is worth more than keeping the jewelry when you no longer wear it. You may also decide to sell your jewelry when gold has a high market value. The price of gold fluctuates frequently, and it's easy to check the current price of gold online.
Factors That Affect What Gold Jewelry Is Worth
While gold is a popular metal because it retains its value well over time, there are several factors that influence the value of gold items, such as:
- Current economic conditions. The general state of the economy and current interest rates impact gold prices. For instance, the price of gold often increases as the value of the stock market declines.
- Spot price of gold. The current price of gold at the moment is known as the spot price of gold. Businesses will offer you a percentage of the spot price for your pieces, so knowing the spot price will give you a general idea of the value of your items.
- Purity of the items. The purity of gold is measured in karats; the higher the karat, the purer the gold. Pure gold is 24 karats and is as close to 100% pure as gold can get, but it's bright orange and malleable, so it's not usually used to make jewelry. Most jewelry is 10K, 14K, or 18K gold. The price of gold indicates the price of pure gold, so the value of your jewelry will be the ratio based on its gold content. For example, 14K gold has 58.5% gold content, so your offer will correlate with that percentage.
- Weight of the pieces. Gold is priced according to its weight and is usually priced by gram, ounce, or kilogram. For jewelry, it's generally measured in grams or ounces.
- Type of jewelry. Some designer pieces are worth more as they are rather than melted, refined, and made into other jewelry. Also, if the piece contains gemstones, their weight will be deducted from your gold weight. You can either keep the stones or sell them separately.
- Percentage value where you sell the items. Businesses that buy jewelry pay cash for a certain percentage of the gold's value. This generally ranges from 50% to 70%, depending upon the business's policy.
Sell Your Gold Online
Online gold buyers are increasingly common and claim to pay the most for your gold. However, there are several potential drawbacks to using online buyers. First of all, it's difficult to determine if they are reputable. Second, you need to ship your jewelry to them. This takes time and might increase the chance of your items getting lost. Then you must wait for their offer and to receive payment. Finally, if you decline their offer, you have to pay the return shipping for your items and then wait to get your jewelry back.
Sell Your Gold at a Pawnshop
Pawnshops often buy jewelry for cash. However, pawnshops tend to offer significantly lower prices than the other options, so they'll usually give you the least return on your item's value. Another potential drawback of selling at pawnshops is that the staff usually aren't gold or gemstone experts.
Sell Your Gold at a Jewelry Store
Many local jewelry stores purchase gold. It's important to sell your gold to a reliable, trustworthy business. This is why selling at a jewelry store is a popular choice for many people — especially if you're selling specialty items, like brand-name watches or jewelry. You are likely to get a significantly better price at a jewelry store than at a pawnshop or an online buyer. Your offer may increase for designer pieces if you have original boxes and receipts.
How To Sell Your Gold
When you're ready to sell your gold, you can sell online or take your items in for a quote at a pawnshop or jewelry store. Clean your items so they look their best before you send or take them in for an offer. You may want to get two or more estimates from reputable establishments. Many businesses pay immediate cash when they purchase your gold. There are many places where you can sell your gold jewelry, so it's advisable to select a company with a good reputation.
We have a very simple process for buying your gold at Martin Busch Jewelers. You can bring your items in during store hours with no appointment and you'll receive a free no-obligation appraisal, generally within 15 minutes. You may then choose to receive immediate payment or trade-in value toward a new purchase. Gold prices are currently high, and selling your gold jewelry is a great way to quickly convert unused jewelry into spendable cash.
Martin Busch Jewelers has been serving the area for nearly 60 years. Visit our store and you can walk away with immediate cash. Come in to meet our friendly staff and learn more about selling your gold, diamonds, or other jewelry. At Martin Busch Jewelers, we buy gold engagement rings, necklaces, bracelets, earrings, and other gold jewelry. We also purchase gold, platinum, and silver coins, as well as gold bullion. Contact us today if you have any questions about selling your gold or getting an appraisal on any of your valuable jewelry.