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Everything You Need to Know About the Dos and Donts of Selling Gold

There comes a time in everyone’s life when they decide that they are ready to sell their gold or jewelry, but how do you go about it? It is important that you act smartly when you’re thinking about selling gold to ensure that you get the best price. 

Information
  • Always get a few offers in different places. 
  • Phone offers have no meaning - get real offers on the spot.
  • Don't invite strangers into your home. seems like common since but the stories we hear...

 

 

The first thing that you want to do is go somewhere where they buy and sell gold, don’t go to one of those cheap pop-up stores. Head into your cities diamond and jewelry area, they will be best equipped to give you a fair price. You’ll have the option to shop around, all in one area.

 

Next, you want to ensure that you don’t just sell your gold at the first business which you walk into. Make sure that you shop around and get a few quotes from different businesses, don’t let yourself be pressured into a sale immediately. Make sure that you get at least two or three quotes and feel comfortable dealing with the person that you choose.

 

Don’t just walk into a handful of gold that you know nothing about, now is the time to do a little bit of research. You’ll want to check what the current value of gold is, find out its exact exchange rate. Make sure that you know how many karats your gold is, the higher the karat, the more concentrated the gold is, and the more your gold is actually worth.

 

When you do receive any quotes or estimates, make sure that they are detailed and also precise. You’ll want to ensure that they have listed the karats, and also the total grams of the pieces. This will make it easier when you shop around.

 

You want to look for established stores that have a good reputation and have been in business for a long time. This way you can visit the store, look around for yourself and speak to the owner, or employees in the store. You’ll want to avoid those pop-up stores or kiosks in malls or shopping centers, and also stores that only buy and sell gold on the side. Try to stick with established jewelers or gold exchange stores.

 

If you can, try and weigh any gold that you have to sell yourself. Don’t weigh it as part of a piece of jewelry if possible, and try to make your measurement as accurate as possible. This way you will be more prepared for when you get it evaluated, and they give you a price based off of the weight of your gold. Pay attention to the weights which different stores give you; they should all be the same, and if not, you shouldn’t trust them, or their scales. Write down the weights in between stores so that you can compare them and you won’t forget them.

 

When someone is buying gold jewelry to disassemble the piece, it is important to know that the price of the gold should be based on the current gold exchange rate and the amount of grams of the gold. Obviously, the price they offer will be slightly less than the current exchange rate as they also need to cover their operating costs, but you shouldn’t pay any more than a 25% commission rate. The more gold that you have, the better the price you will receive. It is important to remember here that it isn’t bad form to barter, don’t be afraid to haggle or try and negotiate over the price that you are given.

 

If you are selling a piece of jewelry with diamonds in it, our suggestion is to start off by approaching a diamond buyer. Most diamond buyers and dealers will give you a much better price for your gold when you are selling it alongside diamonds.

 

Good luck selling your gold and diamonds, and remember, don’t let yourself be pressurized into selling anything if you don’t want. You are the customer and it always your right to walk away.