Maybe you're suddenly strapped for cash, but you need some money to pay for your rent, groceries, or another necessary expenditure. You've looked through your home for extra money, refreshed your bank account online, and even asked your family for a loan.
But you don't have the money you need. Fortunately, you can get cash for gold.
However, you might not be sure where to start. If it's your first time getting cash for gold or jewelry, there are many options out there, some of which might not be safe to sell to.
You also might not know how much your gold and jewelry are worth or how to negotiate. Not having this information can be overwhelming or stressful when you want to get the best deal.
That's why we've put together this article. In it, you'll learn everything you need to about how to get cash for your gold and jewelry.
Finally, you can get cash for gold or jewelry, make that payment, and feel financially secure. Read on to learn more about how cash for gold works.
Know-How Many Karats You Have
When you're selling gold, you need to know the number of karats your gold jewelry is. Because gold is a soft metal on its own, it's usually combined with other types of metals when made into a piece of jewelry to be durable.
When you're selling your gold jewelry, you're legally required by the FTC (Federal Trade Commission) to know how many karats it is.
If you don't already know how much your gold jewelry is worth, cash for gold buyers will use a simple acid test to determine your gold piece's purity.
Additionally, this will be advantageous to you since it can help you understand how much your selling jewelry is worth.
To calculate the number of karats in your gold jewelry, you need to know that one karat of gold equals 1/24 of the weight of pure gold. So, for example, gold jewelry that's 14 karats is ten parts other metals and 14 parts gold.
Is your jewelry less than ten karats? In this case, you can't legally sell it as "gold jewelry."
Be Aware Of Scale Differences
When you're selling jewelry made from gold, the scales that many gold buyers use differ from the scales we're used to seeing at home or in physics class. Instead of using a grams scale, many jewelers use a pennyweight scale that measures the number of Troy ounces.
If you go somewhere to sell your gold and find out that they use a regular scale or charge you per gram, this might be a way for them to pay you less than what your gold jewelry is worth.
When deciding on where to sell your gold jewelry, watch out for this red flag. That way, you won't get taken advantage of and miss out on the money you deserve.
Bring it to A Cash For Gold Store
Whether you're selling silver, gold, diamonds, or another type of jewelry, you need to know how much your jewelry is worth before actually selling it. This will give you an idea of how much you can sell it for.
You can learn about the actual value of your jewelry by going to honest cash-for-gold stores, like American Gold & Diamond Buyers. It's best to go to one with nothing but five-star reviews on Google because you can visibly see all of the previous great experiences.
They can also tell you about the characteristics and conditions of your jewelry and the negative and positive features that might affect its value.
Of course, when you need cash, you might not be able to afford to wait around and compare offers.
In this case, stop by only a few local buyers and pawn shops. Make it clear that you're not interested in pawning your jewelry or selling it at that moment; this will help you get an estimate closer to the actual value of the jewelry.
Once you've gone to a few places, you should have an idea of what the average value of your jewelry or gold is.
Separate Your Karats
A trick that some gold buyers do is to weigh all of your gold jewelry together, after which they'll buy it from you based on the value of the lowest-karat gold. To avoid this trick, you should separate your karats after you've calculated how much each piece of jewelry is.
American Gold & Diamond Buyers always separate your jewelry right in front of you!
You should also separate the different types of jewelry. Any jeweler or buyer that wants to buy all your jewelry together is something to watch out for.
Choose the Right Price
This step, of course, is easier said than done. However, there are some strategies you can use to figure out what price to sell your gold or jewelry at. Once you've gone to gold buyers and jewelers, you'll have a general idea of its value.
Of course, there might be a few different opinions you get. But you can get a general idea.
From here, you should see how much similar pieces are selling online. Please pay attention to their condition, karats, and features.
When looking at similar jewelry that's new, you'll want to factor in that your jewelry will be a little cheaper because it's already been worn. Prices for used jewelry will be more comparable.
Don't Get Emotional
When you're deciding on how much you're going to sell your jewelry for, something that might end up influencing the price you give it is your emotions. If your gold or jewelry was a gift from a deceased love one or an ex, you might be overcharging for it.
If you find yourself in this situation, there are two options. One is to try to push your feelings aside and use the prices you got from an experienced gold buyer and online research to determine how much you sell your jewelry for ultimately.
The other option is to wait a little while before selling your jewelry. You want to be in the right place when you sell it and ready to let go.
Check the Current Value of Gold
When figuring out how much to sell your gold jewelry for, there's an additional step you should take when deciding on the right price. This is to check the current value of gold. Fortunately, you can easily do this online, where you can find the market price.
Because the value of gold can change regularly, but many people don't know this, many jewelers and pawn shops will offer to buy your gold for less than it's worth.
Don't fall for this trap! Check the value of your gold beforehand and if they offer you a lower amount, step out of the store. You should be considering sellers who are respectful and don't have any tricks up their sleeves.
At American Gold & Diamond Buyers, we print and post the current gold pricing on our counters so that our clients can see what gold is selling for on that day.
Research Your Buyer Options
As you may already imagine, some jewelry and gold buyers out there aren't exactly trustworthy. For this reason, you need to research your buyer options. To get started, check whether your potential buyers are registered with the Better Business Bureau.
To do this, visit www.bbb.org, where you can learn about how the business works and whether they have had any complaints.
Additionally, you should look at the online review of your seller options. You can use Google Maps or Yelp to do this.
If there are a few negative reviews, this isn't a red flag. Sometimes, people aren't happy with services or think they could have sold their jewelry for more.
However, if there are many negative reviews, stay away. You should also be on the lookout for fake reviews, which are becoming more common these days. Check out this guide on how to spot fake reviews to protect yourself.
Read the Fine Print
When you finally find a buyer who wants to buy your gold or jewelry at a price you're happy with, you might want to sell it as quickly as possible. However, you should take a moment to think about your decision and read any fine print.
Find out how long it will take for you to get paid, make sure the items are insured if you're mailing them, take photographs.
Additionally, read through every piece of the paperwork carefully before making the sale final and letting go of your jewelry or gold.
Looking To Get Cash for Gold and Jewelry?
Now that you know how to get cash for gold and jewelry, you might need additional information. Maybe you want to find out about local stores near you to sell your different types of jewelry. Or perhaps you need help figuring out its value.
Whatever information you need, we can help. At American Gold & Diamond Buyers, we're experts when it comes to selling your gold and jewelry.
We also buy gold and jewelry locally in New Jersey. To learn more about how we can help you, contact us now.