Fri. Dec 13th, 2019

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How To Make Money Selling Gold Jewellery As Gold Prices Go Up

3 min read

 

Gold prices have reached a record six-year high. If you have gold jewellery this is the time to do it. According to gold market experts, gold has climbed higher in a shorter time than most had predicted and could very well break the $1,700 point. 

You could wait for the price to go even higher or you can cash in now if you really need the cash. Precious metal prices can change quickly. It also depends on the dealer or online gold buyer you use. 

It has become easier to sell gold jewellery. The best thing is that it does not even have to be in mint condition. Gold buyers buy gold by the weight and not the quality. So, your gold may be old, or broken, you can still sell it. When selling to an online site you will typically be asked to supply the weight and the karats of the gold you want to sell. To get the value of the amount of gold you have you need to know what the spot price of gold is. This is the price of gold at any given time. It changes all the time and is expressed in Troy ounces which 31.1 grams.

Most online gold buyers deal in plain scrap that they will melt down. So when they say send your gold via post, don’t send precious jewellery with diamonds and gemstones. You don’t want to risk losing very valuable jewellery in the post. You will be asked to provide government issued ID for security reasons. All dealers are supposed to make sure that they aren’t dealing in stolen goods, so they can be pretty strict about it.

If you have good quality gold that is in excellent condition you can sell it to a local jeweller. If you have really special pieces, try to sell gold jewellery to a high end auctioneer or jeweller. Some gold jewellers will buy your old jewellery if it was originally purchased from their store. Vintage pieces that are sold at auction can fetch impressive prices. However, you need to be aware of the fact that auction houses may require you to bring in items with a minimum value and charge large commissions. There will be conditions that you should be aware of, commission fees or administrative fees. Make sure you are aware of what you are getting yourself in.  

Prices of gold can vary depending on where you decide to sell them. It is always best to compare prices before you decide to send your gold to a particular buyer. 

It is always best to do research in the buyer, jeweller or auction site you may be thinking of selling to. There are many consumer review sites online that you can check out. 

Take your gold jewellery for a valuation. It may be worth more than some buyer would have you think. If you have branded jewellery it could be more valuable than just any gold jewellery.

Do not send gold to online sites unless you are guaranteed of its authenticity and value. Some jewellers will trade you new gold jewellery for your old gold. 

 

 

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