If you have damaged or unwanted gold jewellery around the house, then you’re potentially sitting on a fair amount of money. Gold buyers today offer a good price for gold as its in high demand. However, if you don’t know what you’re doing, you may not receive the best price. If you want to make sure that you get the best possible price for your items, use this advice to get started.
Know Your Pieces
If you want to sell your gold, you’ll need to know the quality of the pieces you own. Most people assume that all gold is the same but the opposite is true. The best way to learn the value of your pieces is to determine the karat. This is the measurement of the purity of your gold. One example, the karat number shows you how many parts of pure gold are there per 24 parts of other metals. This means that a 10K gold ring would be 10 parts gold to 14 parts of other metals.
If you don’t know the karat of your pieces, check the insides as some will have the karats stamped. You can also ask a local jewellery store to test the pieces. Determine what percentage of the pieces is pure gold as the first step.
Know Gold Prices
The price of gold isn’t fixed. It changes by the minute and has highs and lows. You can easily find out the current rates per ounce or gram of gold. Use this information to determine the worth of the pieces that you have. Make sure that you’re only including the weight of the pure gold, not the other metals in your pieces.
If you can, wait until the price of gold is on the higher side. It’s worth waiting if you have a significant amount of gold or if the current rate of gold is fairly low at the time. Try to sell gold when it’s trending up. Look at the history of gold prices to determine what’s a high and low price and where the current price falls.
A gold dealer will typically offer you around 80% of the current price that you see on gold exchanges. You may have estimated the price of your gold and be offered much less than you expected by gold buyers. If you know the value of your pieces, then you can negotiate with the buyer for a better price. Most buyers don’t expect people to be well-informed. If you’re not satisfied, go to a few different gold buyers and compare what each person is offering. Don’t be afraid to ask for more, especially if you feel that you’re not being given a fair price.
You should also keep the price of the gold separate from any stones in the jewellery. These stones may be worth quite a lot on their own so have them removed before you sell the gold jewellery. This advice will help you to get a fair price for your gold pieces. There are many gold buyers today and doing a little work before selling your gold will help you to get the best value.