Finance

Are you planning to sell your gold? Consider these things before making a deal!

Whether you’re an investor or are simply trying to sell gold because you no longer want it, there are certain factors you need to consider before making your final deal. Here is a complete overview of everything you need to keep in mind before selling your gold, so you can be sure that you end up getting the maximum amount of return.

  • Use reputable sources to determine the value of your gold.

To get the best price for your gold, you need to determine its value because you can’t sell it if you don’t know its worth. Hallmarking is crucial in determining the value of your gold; It is the process of certifying the pureness and fineness of your gold. It also certifies that your gold meets or exceeds specific standards. 

Once your gold jewelry is hallmarked, prospective buyers will be more likely to pay the price you’re asking for, because they know it meets the high standards necessary to receive the hallmarking seal of approval.

  • Gain an understanding of how gold is measured

Unfortunately, many gold novices can take advantage of uninformed sellers. Therefore, they can pay sellers significantly less than what their jewelry is worth. Some sneaky dealers can get away with doing so due to the differences in how gold is weighed and measured. 

Jewelers use a different measurement standard to weigh gold. For instance, a Troy ounce weighs in at 31.1 grams and the U.S. scales measure gold at 28 grams per ounce. Whenever you’re dealing with jewelers to determine the worth of your gold, be sure the jeweler isn’t using a Pennyweight to measure your gold, as this type of unit measures in Troy ounces. If the jeweler refuses to allow you to ensure that your gold is being weighed on a U.S. scale, then you should take your business elsewhere, as the jeweler is likely trying to fool you.

  • Ensure different karats are weighed separately

Another way that a dishonest jeweler may try to trick you and pay you less when your gold is more valuable is by weighing all your gold together, regardless of its karats. The jeweler will then provide you with an offer based on the lowest karat gold value for the weight determined from a mixture of karats. Insist that your gold is weighed separately, according to its karats, and you could even take your gold into jewelers with everything separated in advance to save yourself or the jeweler the hassle of separating it in the store.

  • Evaluate the value of your jewelry and not just the gold!

Before you agree to sell your gold and jewelry:

  • Be sure you know the value of your jewelry and not just the gold.
  • Ensure that a reputable appraiser correctly appraises your jewelry.
  • Before selling your gold, make sure you check an online source that tells you the current value of gold.

Jewelers are aware that many people are unaware that these sites exist, and they’re simply interested in making some quick cash. Don’t allow yourself to be taken advantage of, as some buyers are willing to pay more for the jewelry itself, regardless of the amount of gold it contains. The jewelry could be rare, antique, or somehow special in another way.

  • Find a reputable buyer for your gold.

With the abundance of shady and dishonest buyers out there, you need to be sure that you find a reputable buyer for your gold. By dealing with a buyer you know you can trust, you will increase your chances of having a pleasant experience and selling your jewelry and gold for the highest profit possible. You may check out all prospective buyers with the Better Business Bureau (BBB). The BBB will provide basic information about jewelers and gold buyers, even if they’re not members of the BBB. The BBB will provide basic information about the companies, such as how long they’ve been in business and whether they’ve had any complaints, and it will also offer an A, B, C, D, or F rating. Avoid doing business with buyers who ignore customer complaints and have a poor overall rating.

  • Don’t accept your very first offer.

Even if the first offer you receive sounds excellent, you should let the prospective buyer know that you’re simply obtaining estimates and that you may return. Don’t make it evident that you’re a novice when it comes to selling gold, and don’t appear desperate, or you may receive meagre offers. You never know; you could find an even better offer by taking the time to shop around instead of jumping at the first offer. Also, you shouldn’t hesitate to haggle with prospective buyers. You could end up getting what you want, and if you don’t, you can always go someplace else.

  • Have you retained your invoice?

You should never, ever throw away the invoice you received when you purchased your gold and jewelry originally, and should always take the invoice with you when trying to sell your jewellery. Some jewelers will only provide temporary invoices, but only a permanent one is useful for buying and selling gold and jewelry. A handwritten or temporary invoice enables a dealer to avoid paying taxes on a sale that isn’t legal or legitimate. A reputable dealer will provide you with a legitimate invoice that includes the purity of the gold. It will have the name and code of the jewelry, the identification number of the jeweler, and the precise amount you paid for the gold. The invoice will include any additional charges related to waste, etc.

Your original invoice is essential to have when you’re trying to sell your gold, as it’s proof that you’re the legal owner of the gold. You could be forced to pay a hefty penalty if you don’t have the invoice with you when you’re trying to make a sale.

  • Don’t price your gold based on retail value but market value.

It’s pretty rare to sell gold at a premium, and you should expect to get less when you sell the gold than what you paid for it originally. Even if your gold is appraised at or just below what you paid for it initially, it doesn’t mean that you can sell it for that amount. Unfortunately, the resell value is often a lot less, which can seem unfair, but that’s just how it works with gold. However, the amount that the jewelry is appraised for can be used for insurance purposes.

  • Avoid traditional jewelry pawn shops. 

While some of the more upscale and reputable pawn shops might be okay to deal with, you should steer clear of most traditional pawnshops. These pawn shops are in the business of making the most money possible by purchasing items at super-low prices. At times, they have a rigid loan structure and stringent repayment procedures. Many of them offer conservative loan amounts. If you sell them your gold at below-value prices, they will turn around and sell it elsewhere for a hefty profit. So, unless you want to be cheated, steer clear of these types of establishments, as you can’t trust them.

  • Clean your jewelry before listing it for sale

You would be surprised at how much better your jewelry will look after it’s properly cleaned. Even though it may have been certified and hallmarked, if it’s covered with dirt and grime, buyers are going to be less likely to purchase it. Nice, clean, sparkling gold jewelry is a lot more appealing to anyone than dull, debris-covered jewelry. Just think about the state you would like to see gold jewelry in if you consider purchasing it. Of course, you’d prefer to buy jewelry that is clean and sparkly, so any prospective buyers want the same.

So, if you want to get the maximum amount of what your gold jewelry is worth, you should follow these helpful tips. If you need assistance with selling your gold and jewelry, give us a call at Diamond Banc, and we’ll use our years of expertise to help you get the best price possible for all your gold. We are one of the best companies that can help you sell gold in Orlando, FL. Contact us today!

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