How to sell gold jewelry for cash? Asked Marcus
How to sell gold jewelry for cash? Asked Marcus
I would like to know how to sell gold jewelry for cash. Some months before I inherited some pieces of jewelry and now I would like to sell it but I’m not sure where is the best place to sell gold jewelry to a fair amount of cash. That’s why I contacted you. Please help me to answer this question reDollar appraisers.
Marcus from Topeka in Kansas
Hello Marcus! Thank you very much for contacting me, it’s my pleasure to assist you with your concern. Selling gold jewelry should be always well-planned. It can happen too easy that uninformed people sell to the wrong buyer and getting paid too little money. Especially when we have to do with a whole collection of jewelry you have to be very careful. I will give you good advices how to sell gold jewelry for cash.
reDollar appraiser, Maria Tait
Marcus wants to know, how to sell gold jewelry for cash.
Marcus: Hi Maria! Thanks for your email.
Maria: Hello Marcus! Good to hear from you. How can I help you? I read you need advice for selling gold jewelry for cash, right?
Marcus: Yes that’s right. I have inherited a whole collection of jewelry from my grandparents and now I want to sell some pieces of jewelry from that collection. But I won’t risk to make a mistake. I would like to sell the jewelry to a reliable buyer and I want to get paid in cash. Do you know how I can do that?
Maria: Well, first of all I would like to give you one very important advice. Don’t sell too hasty! The secret of getting a good price to good conditions is to compare carefully what potentially buyers can offer you. The main reason why people sell for bad prices is mostly because they sell too hasty. Second advice; don’t fall in a buyer’s allure and weird stories. Be very straight and concentrated on the facts when you want to sell gold jewelry for cash. Many gold buyers try to tell clients weird stories or they want to underplay the value of the gold, just to make a big profit. So I recommend you, let’s find out the estimated value of your gold before you consult gold buyers where to sell your gold. When you know what you have and you know how much it is worth, then you are nearly 100% protected against a bad selling experience because then you can negotiate on eye level and nobody can fool you. Afterwards I would like to present you possible places where you could sell your gold jewelry. Together we will find out how to sell gold jewelry for cash and where the best place is.
Marcus: Yes Maria that makes absolutely sense to me. As I have told you before I have inherited a whole collection of jewelry and for the moment I would just like to sell two or three pieces. I don’t want to sell the entire collection at once because I’m afraid I would buy useless things with having so much cash available. So I protect myself by not selling all at once.
Maria: Oh that’s very wise and forward-thinking. I would act exactly the same. Can you describe the jewelry that you would like to sell?
Marcus: Yes, I would like to sell two gold rings. If it helps, I can send you photos of the rings. Should I do that?
Maria: Oh that’s a fantastic idea!
Maria: Thank you very much for sending me the photos of your gold jewelry. I would suggest we start directly with the estimation of the value. Do you know anything about this rings?
Marcus: Not really.
Maria: No problem at all. Please inspect the rings in detail and tell me if you can find a hallmark on it.
Marcus: What’s a hallmark? Is it like a stamp or an engraving?
Maria: Yes that’s correct. A hallmark is an official mark or series of marks which are struck on items made of noble metals. You can find this hallmarks on gold, silver, platinum, and sometimes on palladium as well. In the majority of cases the hallmark gives you information about the purity of the precious metals item.
Marcus: Ok, I understand. And where can I find such a hallmark on my rings?
Maria: Mostly on the inner side of the ring.
Marcus: Ah yes! I just found it on both rings. The hallmark looks like a rectangle and there is an 18 in it. There are also other hallmarks but I don’t know if they have a meaning.
Maria: Ok, the hallmark with the 18 shows us that your ring is made of 18 Karat gold. It’s hard for me to tell you more about the other hallmarks from afar. Can you describe them?
Marcus: My buddy is a good photographer. I can ask him to make a photo for you if you want.
Maria: This would be perfect. That way we can find out if your rings were manufactured from a famous goldsmith or jeweler.
Marcus: Hi Maria! Sorry but it took a while to made the photos of the hallmarks.
Maria: No problem. I have just inspected them and could not detect any special marks from famous goldsmiths or popular jewelers. I think the rings are beautiful but nothing very special, not in eyes of an expert. So we have to do with average gold rings with no gemstones. In that case it’s very easy to calculate the price. Please be so kind and find out the weight of the rings.
Marcus: Ok, I will.
Maria: Thank you Marcus!
Marcus: The weight of both rings is 13.83 dwt.
Maria: On basis of your specifications I could calculate a stock market value of $623.50 for your two gold rings. But please consider that gold buyers won’t pay you the stock market price for your gold. I would say a fair amount for your two gold rings would be around $591.25. This is the amount of money you should expect when you sell your gold rings to a reliable gold buyer. Anything lower than that price is not a good deal.
Marcus: Ok, thank you that’s good to know. How to sell gold jewelry for cash now? What are the places you can recommend to me?
Maria: Well, first we found out that we don’t have to do with fine luxury jewelry. The rings you own, are very common but nothing very special. This is an important information because knowing that, means you can exclude places like famous auction houses where to sell your gold rings. Auction houses always ask for very high commission fees, so if you don’t have a very special piece of fine jewelry which needs a very special market place, then I can recommend you to sell your rings with us for example. We are online gold buyers who would pay you exactly the price that I have calculated before. We can also offer you cash for your gold rings in form of a money order. Of course we can also deal with fine luxury jewelry but I just wanted to present you my arguments. If you prefer to sell to a local gold buyer then please decide carefully. Don’t answer the question “How much money do you need?”. Then you could fall into the trap of getting paid only what you need and not what your jewelry is worth. Don’t be too shy to ask the buyer what he can pay you per gram 18 Karat gold, then you can easily compare the dealers. Unfortunately we made the experience that it’s really hard to find reliable gold buying spots, that’s why we are so successful. But of course we understand the motifs and reasons of people why they prefer to make the deal with a local buyer. It’s up to you. Now you know what your rings are worth and that makes it a lot easier to find a good sales opportunity.