Suppose you're in a situation where you suddenly need to sell your gold for cash; choosing gold buyers can be challenging. After all, there are so many options out there that it can be overwhelming to make the right decision.
Additionally, there's so much to think about when selling your gold.
In addition to finding a reputable buyer, you also need to figure out how much your gold is worth, know how to negotiate, and understand what gold buyers are looking for when they evaluate your items.
With so much to think about, it can be challenging to know where to get started. You may be feeling stressed.
That's why we've put together this article. In this article, we'll review everything you need to consider when choosing gold buyers in New Jersey.
Finally, you can sell your gold and get the money you deserve for it. Read on to learn more.
The Current Value of Gold
One of the first things you need to consider before even getting in touch with gold buyers is the current value of gold. Because this price fluctuates all day, some sellers might use the price from the opening when the commodities market opens.
Before you set out to visit local gold buyers, get online and find out the current value of gold for the day.
When you're selling gold, you're never going to get the total spot price. Think about it logically - these gold buyers have to make money somewhere in the deal. So, by knowing the spot price, you'll know who is paying out the most and who isn't. These numbers will help your narrow your list down.
Price Comparisons When Choosing Gold Buyers
When you go to local gold buyers, jewelers, or pawnshops, make sure to ask how much your gold is worth at its total value and also what they're willing to pay you for it. You'll get a general idea of how much to sell your gold for to them. However, keep in mind that they might give you a slightly higher number if they're hoping to buy from you.
For this reason, you need to be as transparent as you can that you aren't looking to sell off the bat and are just doing your due diligence.
Once you have your estimate or average local rates, you should have a good idea of how much your gold would usually sell for as it is.
Once you have a good idea of the current value of gold and how much your gold object is worth, it's time to start looking for the right gold buyer.
To get started, you should ask people you know for word-of-mouth recommendations. When speaking with them, ask:
"How professional and courteous was the buyer?"
"Was the price they paid fair?"
"Was there any pressure to sell?"
"Would you go again?"
"How much information was provided about the gold buying process?"
By getting the answers to questions, you'll have a good idea of whether the gold buyer is the right fit for you. It's wise to ask your friends and family first because they'll have your best interests at heart.
Publications With Buyers
There are several publications where you can find out about gold buyer options. These include newspaper classifieds, social media, or a Google Search. Once you've found them, research them online.
This brings us to our next point.
References and Reviews
Another place to look for suggestions on where to sell your gold are review websites. Search for a place to sell gold on Google Maps or Yelp, after which you can take a look at reviews. When looking at them, you should look out for:
Whether they felt the price was fair
How easy it was to sell to the gold buyer
What the customer service was like
Additionally, take a look at what the average ratings are of each place. If it's on the higher side, then this likely an excellent place to buy from. If ratings are on the low side, you should probably stay away. For middle-range places, read reviews to find out what customers didn't like.
If the only issue was that they negotiated a little too much, and you don't mind negotiating, then you can keep that buyer on your list.
Additionally, remember that many reputable gold buyers will also be happy to provide you with references from past customers. If they don't, then they might have something to hide.
American Gold & Diamond Buyers has a perfect five-star rating on Google!
Better Business Bureau Information
Another way to determine whether the gold buyer you're considering is trustworthy is to visit the Better Business Bureau. You can learn everything you need about the gold buyer you're considering, including any unresolved complaints filed against them on this website.
If you can't find a gold buyer on this website, then you should stay away. Any reputable buyer will be on the BBB.
Communication and Professionalism
When you're looking for the right gold buyer, something to look out for is how they communicate and whether they're professional with you. When you get in touch with them, do they answer your questions thoroughly and clearly?
Whether these communications are over the phone, email, or through chat, a gold buyer you can trust will know everything about every step of buying from you, including whether the gold is being melted down.
You also want to look for signs of professionalism in the company. When you come into the store, they should be respectful and answer all of your questions.
If they aren't, then chances are they might not be the right for you to sell your gold.
How They Negotiate
Speaking of negotiations, you might start to get an idea quickly as you visit different gold buyers and ask about prices what their negotiation style is like. Depending on your personality, there are certain negotiation styles you'll work with better.
There are five types of negotiation styles: compete, collaborate, compromise, avoid, and accommodating. To learn more about each type and which one you might be most likely to do, check out this article.
By understanding how you negotiate, you can decide what type of negotiator you want to do business with.
For example, if your style accommodates, you don't want to sell your gold to someone who competes. Chances are, they'll end up buying your gold for a much lower price than what it's worth.
The Types of Items They Buy
Some gold buyers will only be interested in buying gold itself. If you're selling jewelry or another item that has diamonds or pearls embedded into the gold, then you should go to a gold buyer that buys all these objects or knows how to deduct the weight of what they aren't buying.
Depending on your jewelry or item, you might also be able to separate the non-gold pieces from the gold before selling the gold to an only-gold buyer.
The Type of Scale Used
A reputable gold buyer won't measure your gold's weight in grams the way you might do at home. Instead, they'll use a pennyweight scale with which they'll measure the number of Troy ounces your gold weighs.
If you visit a jeweler or pawnshop and they use a standard scale to measure the number of grams your gold weighs, don't sell your jewelry to them. Chances are, they'll try to buy it from you at a much lower price.
Additionally, if they aren't using the correct type of scale sealed from the department of weights and measures, this is a sign that they aren't professionals.
How They Weigh Your Gold
If you have multiple gold objects that you're selling, they might vary in terms of how many karats each one is. When you take your gold to a gold buyer, you want to make sure they account for this when weighing.
If they insist on weighing them together and not separating them first, they could end up calculating the value based on the value of the lowest-karat item.
To avoid this from happening, make sure you separate all your gold items according to karats. If the gold buyer insists on mixing them all, you should see another gold buyer.
The Price They Offer
Some gold buyers will offer to buy your gold at an incredibly low price. This is where your negotiating comes into play, as most gold buyers leave themselves room to pay out more.
Once you've gotten different prices from different potential gold buyers, you should know what price is fair. Usually, something close to the average is what you should accept.
The Fine Print
To protect yourself after the sale, you should read all the fine print on any of the documents you'll be signing for the transaction to go through. This way, if there are any issues with the value of your gold or damage during shipping, you won't have to pay extra.
All the Different Options
Once you've made all the considerations listed in this article, you should step away and consider all the different options you have. Compare how they rank in terms of rates and reviews, how much they want to buy your gold for, and how professional they are.
If you find that you have a few that are your preferred options by the end of this comparison, get in touch with them again.
Explain that there are a few different buyers you're thinking of selling to, as this might convince some of them to lower the price they'll buy your gold for.
Questions to Ask When Selling Gold
When you're selling gold to gold buyers, there are specific questions you should ask. This way, you can ensure that you're working with the best gold buyer possible and getting the best deal for you. They include:
"How long have you been in the gold buying business for?"
"Can you provide me with any testimonials?"
"How do you plan on testing my jewelry (or gold)?"
"What is the value based on?"
"Do I need to provide you with any information?"
By understanding the process, they go through when buying your jewelry. Whether you need to provide information, you can decide if you want one gold buyer or another, depending on your selling preferences.
Need More Information?
Now that you've learned about what to consider when choosing gold buyers in New Jersey, you might need additional information. Maybe you want help figuring out the value of your gold.
Or maybe you want to find a local gold buyer in New Jersey.
Whatever information you need, we can help. At American Gold & Diamond Buyers, we're experts when it comes to selling your gold. If you're interested in connecting with us, we'll buy your gold and answer any questions you might have about the process! To learn more about how we can help you, contact us now.