There are privately hosted gold parties with a lot of fervor and zeal, where selling gold jewelry is hot, where gold coins are being sold for cash, and there are even jewelry stores that are offering cash for gold, with long lines to get into to sell you gems and jewelry.
So what is all the hoopla for gold and jewelry sales? For one thing since 2009 the price of gold has greatly risen per ounce, for another you don’t have to bury, in your jewelry box, that old ring your grandmother left you in her will; you can now sell it and get some cash for it, but before you go out there with a bunch of sparkling trinkets it would be a good idea to do some research so you that you can make a profit and not a loss from selling gold jewelry.
Here are some tips to consider if you are selling gold jewelry and before you take your unwanted piece:
1. Get the piece appraised by a jeweler who will ask for a fee per item or per hour. Per item fees can cost about $35 and an hourly charge is probably $75. This appraisal will be low since you are selling and not buying the item, but at least you will have an estimate. A professional appraiser will be able to tell you which items are valuable and which ones won’t sell.
2. Gold plated or 10 karat gold items will not be purchased, so don’t even bother taking them out of your jewelry box. If you have jewelry that is made from 18 – 20 karat gold then you will have a better chance of selling the item, since these items are 75% gold metal, and unless your piece is good looking, it will be used as scrap. White gold and platinum will obviously receive more attention and bring in more for you than 18 – 20 karat yellow gold and even red gold.
Always remember people who will be purchasing your coins and to whom you will be selling gold jewelry have been assessing gold for years so they know a lot more than you about this topic and will sometimes deceive and con you, and once your pure gold item is sold it will most probably be melted and used for scrap.