Over the last few year we have seen a meteoric rise in the price of gold and equally a rise in the number of people looking to take advantage of this by cashing in their old jewelry. Daytime TV seems jam packed with infomercials encouraging us to part with our rings and necklaces or you may have received invitations from friends to come to their gold party where your jewelry is valued on the spot and you are offered a price there and then. But are these parties or mail in cash for gold companies the best and only real way you can sell your jewelry. This article seeks to outline some options you have in selling your jewelry and what information you might need.
Whichever way you decide to sell your gold jewelry it is important for you to know what the value of your gold is. The first thing you will probably realize is that when you originally bought your gold ring or necklace it had a huge mark up. For example a ring that may cost over $1000 retail may typically only have around $100 of gold in it. If you mail your gold in to a cash for gold company or sell it at a gold party, the purchaser is only interested in the gold content of your jewelry and is not going to turn around and sell it as a ring or necklace. Your gold is therefore referred to as scrap gold.Typically operators will get a bulk lot of scrap gold together and ship it off to a gold refiner where it will be melted back down to pure gold – so you really need to establish first of all what is the gold value of your items. If you know the karat value of your gold jewelry and its weight then you can easily find out the current value by going to sites such as the one in my signature which will easily calculate the value of your scrap
Once you know the scrap gold value of your items it will be easier for you to get the best price for your gold. It is highly unlikely that mail in cash for gold companies or gold party companies are going to give you the best deal for your scrap gold. I mentioned earlier that they will ship off the scrap gold t the refiner who will melt it down to pure gold. The refiner takes a 5-10% cut for his efforts then the company need to cover its over heads and make a profit leaving a lot less to be paid to you for your gold jewelry. Luckily these are not your only options.
The best option would be to try to sell it as second hand jewelry rather than as scrap gold. eBay is a