Gold is the go-to jewelry material and you must have at least a few gold items lying around in your jewelry box. However, there comes the time when you’re simply tired of wearing the same necklace or ring for countless times. Or perhaps you simply want to sell gold jewelry or trade in old-styled jewelry for a more modern design. There are virtually endless reasons why you may want to sell your gold.
It is important that you consider a few vital things before you do so. Why? Because these will help you get the best deal on your gold. If you don’t do the necessary legwork, you may end up being paid far less than the actual worth of your gold jewelry.
Know The Quality of Your Gold
The quality of gold is generally measures in karats. The higher the karat number, the purer is the gold. Pure gold is 24 karats but it’s too soft for making jewelry. So most, if not all, jewelry items come mixed with other metals. Consult the receipts or get a jeweler to examine your gold items and let you know what karat it is. Once you know the karat number, you can form a suitable estimate before you go to sell it.
Check The Market Price
When you sell your gold, the buyer is bound to consider the market price and purchase your gold at that rate. If you don’t know that rate, the buyer may offer you a lower price and you may accept. So it is always advisable that you do some market research before selling your gold jewelry.
Know The Laws and Regulations
Every country has its own set of laws and regulations governing the buying and selling of gold. In USA, fortunately, these laws are very relaxed. As a US citizen, you can essentially buy or sell as much gold as you like. The only catch is that the government must be notified in the case of transactions which involve $10,000 or more.
Consult a Few Buyers
If you consult more than one buyer when selling your gold jewelry, you are very likely to get a better price. Shopping around a bit and getting to know the actual gold market may be a valuable experience. It will also get a better idea of the price range for the items you want to sell. By consulting multiple vendors, you can go with the one that offers the more competitive buying rate.