Turning old or unwanted jewelry into a nice bundle of cash crosses everyone’s mind at some point. You can use this extra income to catch up on bills, take a bucket list trip, or use it for fun money.
But do you know how to go about selling gold for cash?
The Better Business Bureau (BBB) tells consumers that gold can be a fun and convenient way to make some extra cash, but you may not always get the best deal for your item.
To make sure you’re selling gold for cash in a way that’s profitable for you, we’ve put together a handy list of tips to follow.
Tip #1 Know the Value of Your Gold
This is an easy step that only takes a small amount of research. Calling a local jewelry store can tell you the current rates, or looking it up online at sites like apmex.com or www.bbb.org. These sites will give you the daily price per gram and ounce, giving you the knowledge you need when selling gold for cash.
Tip #2 Know How Many Karats Your Gold Is
The Federal Trade Commission (FTC) requires that all jewelry sold in the United States be assigned a karat fineness. Pure gold is way too soft to create jewelry, so it is combined with other metals to create a durable structure and a particular color.
For example, one karat equals 1/24 of pure gold by weight. It is important to note that it’s illegal for jewelry to be called “gold jewelry” if it contains less than 10 karats.
Check your receipts or take your items into a specialist to find out what the true karat of your jewelry is.
Tip #3 Separate Out the Karats
Jewelry can contain several types of karats depending on its size and design structure. To avoid having all the karats priced out together, separate them out and sell them individually.
Tip #4 Know the Quality of the Jewelry Item
Gold is often melted down after being sold, but your item may be worth more whole. A gold bracelet or pendant that comes from a well-known designer can have more value as is, making your selling gold for cash concept even more profitable.
Tip #5 Keep it Real
What you might think is a high-priced item, may in truth not be worth that much. Just because you paid hundreds to even thousands of dollars for a piece of jewelry, doesn’t mean the gold is worth that much today. Keep an open mind and be realistic about how much your items may really be worth.
The price of gold fluctuates just like the stock market, so when you’re selling gold for cash − you might not always get back what you spent on it.