Gold has been an essential feature of international monetary systems for thousands of years, and the concept of selling gold for cash is used by millions of people worldwide each year. Before selling gold for cash, though, it's imperative that you understand the process ahead.
Our experts here at American Gold & Diamond Buyers have produced this gold-selling FAQ guide to clear up any questions on how to sell gold.
What Are the Best Reasons for Selling Gold for Cash?
Using cash for gold sales is likely to make you rich if you have an extensive collection of limited-edition watches or gold bullion. However, putting some extra money in your pocket can be helpful.
After all, gold holds its value better than most other materials and possessions. If you need to sell some assets to manage the current living costs crisis, gold will often bring a fairer price than electronics or other controls.
Most gold assets will carry sentimental value, so you should consider this before selling. However, some reasons for selling gold for cash include the following:
To turn inherited assets into cash
Get rid of wedding rings after a divorce
Reduce your jewelry collection or fund new purchases
Use the funds to cope with increased living costs
What Types of Gold Can Be Sold for Cash?
If you're new to selling gold for cash, you may wonder what types of gold an expert like American Gold & Diamond Buyers would be willing to purchase from you. In short, we accept virtually all types of genuine gold products. This includes but is not limited to the following:
Gold bullion and coins
Luxury gold watches, like Rolex timepieces
Other gold jewelry
Miscellaneous gold items like tea sets
Moreover, you can sell gold items regardless of the karat or condition. Crucially, our expert appraisers will always offer a fair price.
What if I Don't Know the Full Details of My Gold Products?
That's fine. We can inspect your old items to check the karat on them while also looking for blemishes, especially on watches. When making an offer, we will always provide full details of the products and how we reached the price offered in your quote.
Knowing the karat helps, mainly if you research possible prices before calling an appraiser. Either way, we will help you sell gold for cash conveniently and transparently at every step of the process.
Do I Have to Pay for a Valuation of My Gold?
Absolutely not. Our trusted team of professionals will weigh your gold in Troy ounces (1 oz = 31.1035 grams) and inspect the karat and condition of all products to provide you with an itemized list of the gold you are looking to sell for cash.
When you book an appointment with our experts, this can be completed in front of you. However, we also offer a postal service if you cannot visit one of our stores across New Jersey.
Not only is the appraisal service offered free of charge, but it also has no obligation to sell any specific product. Whether you subsequently decide to sell the whole inventory or just select items within your collection, we're here to help.
How Does the Process of Selling Gold for Cash Work?
When selling gold for cash at American Gold & Diamond Buyers, we are committed to making the process fast and fair for all customers. Whether you send the gold to us via the postal service or visit one of our locations in-store, we offer a same-day appraisal and quote service.
The three-step process that we use is as follows:
We analyze your gold items by testing the metal content (assayed) and running a visual inspection to look at the condition of the products.
We weigh the items using a certified scale for optimal accuracy before recording the findings, along with the details from the step above.
Our experts then complete a full quote that provides an itemized list of cash values on each item in line with the current market values.
If you decide to sell your gold product(s) for cash, we will provide all relevant paperwork, including a sale receipt.
Will I Be Taxed When Selling Gold for Cash?
Generally, you can sell gold jewelry and other gold assets without declaring the cash proceeds for tax purposes. The main exception to this rule is when selling gold bullion. This is because bullion is commonly traded as an investment asset. We can advise you about your Form 1099-B obligations if you sell bullion.
This does not serve as financial advice, and we always recommend that you check with your accountant before making any tax-related decisions.
What Happens if the Gold Includes Diamonds and Gemstones?
There can be a significant contrast between selling bullion, jewelry, and other gold items and selling gold for cash. While the fundamentals of the process are unchanged, the quote may be influenced by the intended next steps of the buyer.
If the gold is to be melted down, we may simultaneously offer a price for any diamonds or gemstones included in the product. Of course, if planning to resell the jewelry or watch as a whole, the price offered will be for the entire item.
At this stage, all you need to know is that we will accept gold items regardless of whether they are diamond encrusted.
Why Should I Sell Gold for Cash to a Cash for Gold Store?
When selling gold for cash, there are several options at your disposal. Private sales to family members could lead to arguments if they later want a refund, while sales to online private buyers without first gaining an appraisal could lead to underpayment.
Frankly, a cash-for-gold store is almost always the best route to take. The sale process can be completed and documented while there is no chance of payments not clearing since they will pay you in cash! Some of the other incentives for working with us include, but are not limited to;
Your appraisal will show you which items should be sold for gold weight and which should be sold as jewelry.
There is no need for negotiations, as you'll receive a fair price based on current values.
Once the sale is completed, a buyer will only ask for a refund or reimbursed payment.
When selling an extensive collection of items, they can be completed in one transaction rather than managing multiple sales.
Above all else, working with the dedicated best places to sell gold will give you peace of mind. After all, it is the safest, fairest, and most efficient option at your disposal.
How Long Does a Quote Last?
If you've monitored the price of gold before looking at the prospect of selling gold for cash, you'll know that it fluctuates throughout the day. When we make an offer, our appraisers reach the figure based on the current market value of gold.
Our offers will last until the end of the day. If you need a little longer to decide, that's fine. We will already have the itemized list at our disposal and can quickly recalculate valid quotes days or weeks after the initial offer. However, quotes for items like watches will likely stay the same daily.
How Quickly Can I Get Cash for Gold?
We can issue your payment immediately if you accept our offer and wish to sell your gold for cash. This can be done via cash or cheque when you visit us in-store. For sellers who use our mail service, we can arrange for bank payments to be made.
What Else Can I Do to Get the Best Value?
When looking for gold-selling tips or asking how to get the most money for gold, the truth is that working with a team like American Gold & Diamond Buyers is the best solution. We provide a comprehensive appraisal service that reflects the latest prices while we have an in-depth understanding of antique gold and luxury watches. We additionally pride ourselves on offering the best prices found in New Jersey.
Some additional steps that you may wish to consider include:
Clean your jewelry in advance
Familiarize yourself with how to determine the value of gold
Follow the price of gold
Work with an appraiser that separates jewelry from the gold weight
There is no limit on how much or how little gold can be sold for cash. However, when dealing with expensive items or extensive collections, you may want to protect yourself first - especially when using a postal service. Losing out because the items were lost could make your gold-selling dream a nightmare.
How Can I Get Started?
If you have decided to sell gold for cash, our appraisers are here to help. The best solution is to call our experts and book an appointment at one of our locations. We can deliver a full appraisal, breakdown, and gold-selling service with same-day payments.
If you're looking to sell your gold for cash, get started! Contact American Gold & Diamond Buyers today to get started. You can call us at (973)-428-1900 or send us a message through our website to get a quote and begin the process. Trust the experts at American Gold & Diamond Buyers to handle all of your gold-selling needs.