Do you want to sell gold jewelry and you don’t know where to begin or how to get the best deal? Here are a few tips on how to start the process.
Assess whether your gold jewellery can be sold for over its melt value
When gold jewelry is sold to a gold dealer, it is usually melted down before being shipped off to the refinery, most gold dealers pay between 80% to 90% of the melt value. This is due to the cost in melting down your jewelry and the profit for the gold buyer you sell too. However, if your jewellery is an exotic designer piece or antique, you should first try selling it yourself privately before visiting a gold buyer to sell for its melt value.
To sell gold jewelry that is branded you should be able to get a better price that its melt worth.
Designer pieces can be sold on websites such as Gumtree or eBay. Remember when selling on these platforms keep in mind that these sites take a 10-15% commission.
Sort your gold according to purity
Before you and the gold dealer you can get an estimate of what your old unwanted gold jewelry is worth. Check the jewelry for hallmarks and sort it into karats, if necessary, you may need to use magnifying glass or eye loop. The number found on your jewellery refers to which karat gold it is, which indicates the percentage of pure gold in the jewelry piece. The higher the number means there is more gold in your jewellery and the more money you will get.
Get rid of and remove as many fake gold items from your jewellery collection as possible. A powerful magnet is the best approach to begin this procedure or items with hallmarks such as GP.
Calculate the value of your gold
After sorting the jewelry into carat weigh your jewelry using some kitchen scales and check the price per gram paid on the gold buyers’ website. You should bring it pre – sorted to the gold buyers in order to sell gold jewelry faster and assist with the quoting process.
Most gold buyers display the price they pay per karat gram on their website. It’s more convenient to use grams, even though the price of gold is frequently expressed as a price per oz.
You should also see the spot price of gold on the gold buyer’s website. You can also check an alternative website such as here for the spot price of gold to compare it to the gold buyer’s website. The final price a gold buyer will offer you for your jewelry is determined by the current spot price of gold, less their commission. This is known as the buyback rate.
Keep in mind, however, that the spot price is based pure 24k gold. The gold buyer’s buyback rates will be calculated by the appropriate carat they are buying to determine the value of your jewelry. This formula will be as simple as spot price less their commission multiplied by the purity IE 37.5% for 9k.
The weight of any precious or semi-precious stones in your jewelry will be subtracted and not paid in gold weight.