As of September 9, 2020, the price of gold in the United States is $1,924.27 per ounce or $61.87 per gram — a recent high and one of the highest gold prices since 2013. Gold prices typically rise as the value of the stock market falls, and they have recently reached new highs as a result of the recent drop in the value of most stock indices.
Many people have gold in their homes, either in the form of old jewelry, gold coins, or gold bullion purchased as an investment.
With gold prices at an all-time high, now is an excellent time to consider selling gold to free up some cash.
Although the process of selling gold can be perplexing, there are reputable buyers out there who will pay a fair price for your gold jewelry, coins, or other types of gold.
We know that it can be difficult to locate jewelry stores that also buy gold, there are some that are national chains or can be found online. The key is to compare and contrast their gold purchasing procedures and select the one that most appeals to you.
Tips for Selling Gold Jewelry
Follow these tips before selling your gold jewelry.
Don’t Act On Impulse
Evaluate your jewelry. The vast majority of gold jewelry has sentimental value. Make sure your emotional worth does not outweigh the price you will receive. Broken items, earrings with a missing pair, and out-of-date items with no emotional significance are all good options for jewelry.
Get an Appraisal
Before selling antique or intricate jewelry to a buyer who pays by weight, has it appraised. Antique jewelry may be worth more as a finished piece than the gold metal itself. Find out more in this guide to jewelry appraisals.
Know What You Have
Pure gold is rarely used in the production of gold jewelry. The majority of jewelry in the United States is made of 10-, 14-, or 18-karat gold, which is made up of gold and other alloys. When you sell your gold, you will only be paid for the pure gold parts. Take a look at this guide to gold jewelry.
Find a Reputable Buyer
Check to see if the company is licensed to buy gold jewelry in your state. To ensure a company’s credibility, inquire whether it is a member of a jewelry trade association, such as Jewelers of America, which requires its members to maintain high ethical standards. Consult the Better Business Bureau.
You are NEVER obligated to accept their offer if you bring in your valuables for a free evaluation. They evaluate your item on the spot and make you an offer right away. If you decide not to accept it, they will return your items. You have nothing to lose and everything to gain when you use Dunkin’ Diamonds!
Get bids from several companies before deciding on a buyer. Depending on where you sell it, the offers you receive may vary significantly.
Document and photograph the pieces before leaving them with – or shipping them to – a potential buyer. In the event of a loss, check the company’s reimbursement policy. If the amount is significant, get an appraisal first!
Know the Price of Gold
Kitco.com keeps track of gold prices. The listed price is NOT the price you will receive for your jewelry. When comparing multiple offers, the price on Kitco.com will simply serve as a reference point.
Most people will not become wealthy by selling gold jewelry. It may, however, result in some extra cash in your pocket. Remember that you will only be paid for the amount of gold in your jewelry, less any refining fees charged by the company.
Where to Sell Jewelry Online
Worthy is one of the best places to sell your diamond ring for cash. You can send your diamond ring and other jewelry via FedEx for free.
Cash for Gold USA
Cash for Gold USA is one of the best places to sell jewelry. When it does not contain bone or porcelain, you can even sell dental scrap. The karat minimum for gold jewelry is 8k.
Cash for Diamonds USA
Cash for Diamonds USA is Cash for Gold USA’s sister site. The parent company for both platforms is CJ Environmental Inc., a self-described leader in precious metals refining.
Fine jewelry and watches are two items you can sell on TheRealReal, an online luxury consignment shop. If you don’t want to sell your jewelry at the auction but want a higher price than precious metal recyclers offer, you might prefer this option.
Sotheby’s is the place to sell rare or valuable jewelry. You can sell your gold and diamond jewelry at auction or privately. The best option is determined by the estimated worth of your jewelry.
The Bottom Line
Selling gold to a pawn shop will provide you with instant cash, but you will not usually get the best price. If you decide to sell to a shop, follow our advice to negotiate a fair price and avoid being taken advantage of.