Reliable Places to Sell Gold Jewelry

By Barb Nefer

  • Overview

    Reliable Places to Sell Gold Jewelry
    Reliable Places to Sell Gold Jewelry
    In rough economic times, many consumers search for ways to earn extra cash. One such way is selling gold jewelry. Many firms advertise on television, offering to purchase gold items from viewers who send in their jewelry to receive purchase offers. While this is one way to sell gold, smart consumers consider all the options before making a final decision on the best way to sell their jewelry.
  • Function

    Selling your gold jewelry offers a quick way for you to make some cash. Prospective buyers include jewelers, pawn brokers, other consumers and companies that purchase scrap metal. Depending on the purchaser, the jewelry may be resold, worn or melted down for scrap.
  • Benefits

    Selling your gold jewelry can get you cash fast. Gold is a precious metal that tends to hold high value, so usually, you can find a purchaser easily. If no one will buy the jewelry to wear, it still has value as scrap that can be melted down for reuse. The only challenge is determining which potential buyer will offer the best deal.

  • Considerations

    The price of gold can vary considerably from day to day. You should be aware of the current average sale price before deciding on a buyer. Use the calculator (see "Resources") to determine the average value of your gold jewelry on any given day. This will prepare you to figure out which offers are fair and which are too low.
  • Options

    The most common buyers of gold jewelry include jewelers, pawn shops, private parties and scrap company. According to MSN Money, jewelers typically pay the highest price, while the companies that advertise for you to send in your gold tend to give the lowest. Pawn shops also tend to pay less money than jewelers or private parties.
  • Price Variance

    Due to the constant fluctuations in the price of gold, a fair price for a particular piece of jewelry can vary widely. For example, according to MSN Money, the price of gold can vary by tens, or even hundreds, of dollars per ounce. The type of gold you're selling influences the price too. Any gold of less than 24 karats is worth less than the standard amount. The buyer will be discount the price according to the actual number of karats.
  • Warnings

    According to MSN Money, if you sell your gold jewelry for scrap, you may lose much more of its value than if selling it to someone who is purchasing it to wear. You can lose up to 75 percent of the retail value by selling it to someone who plans to melt it down. If you're selling your jewelry as scrap, limit yourself to pieces that have no retail value, such as class rings, personalized pieces or damaged jewelry. If you decide to sell your gold jewelry to a firm that requires you to mail it in, choose a company that offers free insured shipping with online tracking.
  • Timeframe

    If you need money immediately, sell your gold jewelry to a jeweler or pawn shop, either of which can complete the purchase immediately. Searching for a private buyer or sending your gold jewelry to a mail-in firm may mean that days or even weeks will pass before you receive payment.
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