The easiest way to get money when you are strapped on cash is to sell your gold jewelry – get cash for gold. Gold prices are on an upward trend and there are lots of advertisements from gold buyers in newspapers, internet, radio and television.
To get the most out of your gold jewelry you need to be very careful and follow the right channels.
How to sell gold jewelry
Your jewelry should start with different sections: broken, missing parts and antiques. Your next step should be to find the right price for your gold. You should keep in mind that there are many people who pretend to be professional jewelers, but they are not.
To stay safe you should find reputable jewelers from your local Better Business Bureau. If you live in the US, you should find great jewelers from the American Gem Society.
Jewelry will analyze the gold and give you the value of the carat and the weight of the gold in pennyweight. There are some jewelers who will give you weight in troy ounces. You should not settle with the price offered by a jeweler – you should get the price from at least three professionals.
In addition to getting prices from a number of jewelers, you also need to determine the underlying price of gold online. The great thing is that there are many online calculators that will help you determine the value in seconds.
You can calculate the value yourself. You should start by determining the percentage of gold in your jewelry. Always remember that 24 carat is 100% gold; So, to get the gold percentage in your jewelry you need to divide the carat of your jewelry by 24.
For example, an 18-carat jewelry is 75% (18 carat / 24 carat = 0.75 = 75%)
With percentages you will be able to determine the weight of gold. To do this you only need to multiply the percentage you get by the recorded weight of your jewelry. For example, an 18-carat gold ring weighing 20 grams contains 15 grams of gold (29g X75 = 15g).
To convert weight to ounces you need to keep in mind that 1g = 0.0353 oz; Therefore 15g = 0.53g (1 oz / 0.0353 g).
To get the value of gold you need to multiply the weight of gold (ounces) by the current price. For example 0.53g X $ 1000 / oz = $ 530
With all the information you have, you should now explore your sales options. As mentioned above, gold prices are rising; So, finding a gold buyer is easy. You will remember that different buyers will accept different qualities of gold. For example, online shoppers will accept broken jewelry, but jewelry stores will only accept intact jewelry.
If you have broken jewelry, you should sell it to gold buyers or broken jewelry buyers and save the intact jewelry for the jewelry store.
You can contact different buyers and compare their prices. As a rule you should buy from the buyer who pays the best price for your gold.