It may not be a bad idea to dispose off some your old gold jewelry as it may assist you move out of a bad financial run. It is however essential that you don’t sell keepsakes or gold jewellery of great value without understanding what they might have been worth had you left them intact instead of having them melted down. Weighing them may help you in assessing their worth.
When not sure about how to go about it, it is recommended that you visit the Jewellers Association of Australia Limited website which provides general guidance to the public on jewellery selling, buying and insurance. Within the Australian jewellery industry, the Association of Australia Limited promotes business standards and ethics of the highest level.
Methods Of Selling Your Gold Jewellery
First of all, it is important to know that you are only going to receive a fraction of the total scrap value and not the complete market value, for the gold jewellery. The buyers will first have the gold melted down; therefore they are not going to pay you anything for the style or artisanship of your jewelry. Secondly, the dealer has to pay a smelter, one who does the gold melting. Then there is the profit for the buyer himself. In addition, keep in mind that some items of gold are purer hence more valuable compared to others.
Do Shop Around First
It is always a great idea to get several quotes before you sell your jewelry. Different buyers might offer lower rates than others, based on their profit margins and if they recognize special jewellery pieces.
Precious Metals Refiners
Typically you are likely to get close to the full market gold value from the refining firms. The hitch is that the majority of refiners generally only purchase in bulk. This makes it a doubtful route for somebody having only a few tiny gold pieces.
Before you make the final decision of selling to refining companies, always verify the reputation of the company’s with your local business bureau or the equivalent in your state. There are lots of companies having terrible reputations of treating buyers unfairly, so be alert.
Pawn Shops Or Local Jewellers
Perhaps the second-best alternative is to be found in pawn shops or your local jewellers. After determining the weight of the gold jewellery you wish to sell, call them up and inquire how much they would be willing offer for your jewellery. Remember pawn shops are in business and they will want to pay the least amount possible, so put on your haggling hat.
These kinds of events are taking their cue from lingerie parties or such other gatherings. As you socialize and exchange pleasantries over a glass of wine, you could obtain sale, but do not go there expecting top dollar bargains.
Mail-in Jewel Buyers
The other possible sell gold jewellery option comes from firms and companies advertising on TV, online, or even on billboards along the highways. However, be advised that you are likely to get a raw deal, sometimes less than 30% of the gold market value.
It is extremely important that when selling your gold jewellery you obtain a good and above board deal. One such area is the weighing machines used by the buyers. Some digital and electrical scales used by buyers are legitimate although many are not. When in doubt, check the reputation of the buyer with the relevant government licensing bodies.
For example, in the UK, the Weights and Measures Act 1985 controls the way weighing and measuring apparatus are used. All equipment has to be tested and duly stamped by an inspector of weights and measures for accuracy before they are used.