In most American households, you can find pieces made from silver. These may be silverware, trays, or jewelry. Even if these items are no longer in use, they are still precious.
Are you looking to downsize your jewelry collection or get rid of a few pieces that you no longer wear or us? If so, selling silver jewelry is an excellent option. Rather than throwing it away, you can trade in the silver for cash and clear out some space for jewelry that suits your modern style.
Before you start looking for silver buyers that will buy your silver valuables, it is crucial to do a little research and learn more about the process. This article will help you understand the value of silver and what you need to do before selling your silver jewelry.
How Much Is Silver Jewelry Worth?
The value of sterling silver is related to the silver spot price, or the value of one ounce of silver at a specific time and place.
Of course, this number changes all the time. Keep in mind that sterling silver is typically 92.5 percent pure silver. Thus, traders usually pay up to 92.5 percent of the spot price.
In general, you can expect to get less than the spot price for your item.
Understanding the Value of Silver
If you want to understand how much your silver is worth, it is essential to learn how experts calculate it. You can determine the value of your silver jewelry in a few simple steps.
First, you will need to weigh your item on a scale that measures in grams or ounces. You must know the exact weight before trying to sell it to a dealer. However, if you don't do this on your own, Darryl, the master appraiser at American Gold & Diamond Buyers, will undoubtedly take care of this right in front of you.
Now, you need to look for the current value of silver. The spot price is the price individuals can exchange silver at this very moment. You can often find the spot price online, but be sure to use a reputable source. At American Gold, we print out the spot price every morning to ensure that our clients are informed.
Finally, you should take the total ounces of silver and multiply it by the spot price. This is a rounded-up estimate of how much your silver jewelry is worth.
Since it can be challenging to determine all these factors by yourself, some individuals prefer to visit a trusted silver buyer or jewelry store for a quote.
Where Can I Sell My Silver Jewelry?
Most jewelers or jewelry buying stores are willing to purchase silver and other precious metals in exchange for cash. If you have a favorite local jeweler, you can ask them how much they pay per gram of silver. It is usually a good idea to get a few quotes from different businesses to ensure you are getting a good deal.
If you live in New Jersey and wonder where to sell silver, contact us at American Gold today. We have an excellent reputation that allows you to sell your jewelry with peace of mind.
Are you ready to turn your silver jewelry into cash? If so, get a customized offer now!