™The failing economy in recent years has forced many individuals to explore alternative means of obtaining g money y for everything y g from p paying y g monthly bills to having extra spending cash. Selling gold jewelry has provided one of those options. ti ™ Advertisements are numerous for companies offering ff i to t purchase h unwanted t d gold ld jjewelry l ffor quick cash. While the offers for easy, rapid payoffs are tempting tempting, consumers should educate themselves before selling gold jewelry items.
Retail Cost vs vs. Actual Value Retailers selling gold jewelry assign prices to products based on the item’s value, then add overhead costs and profit. p The added costs tacked onto jjewelry y varies with dealers, but may be as high as 7 times what the item is worth.
A piece of jewelry retailing for $100 may actually only be worth $20 for the weight in gold. This factor should be kept in consideration when deciding g to sell jjewelry y for cash. Companies purchase items for the gold content alone, which is nowhere near what an individual originally paid.
™Companies buying jewelry intend to melt the objects down for scrap gold. ™The age, condition, sentimental value, uniqueness along with gems and settings are of no interest to a gold refinery.
™Persons owning antique or unusual pieces of jewelry and anticipate selling gold jewelry, reap higher g rewards through g other venues. ™ Likewise,, those possessing p gg gold coins should research coin markets, as the face value of the object often times is worth more than the gold content itself. This information also applies to gold watches.
Determining Actual Value Prior To Selling Gold Jewelry
™Experts recommend having pieces evaluated by a certified jewelry appraiser before selling gold jjewelry y for scrap. p ™A p professional appraiser pp uses various types yp of testing methods to determine the value of the overall piece, the value based on the amount of gold content and the weight of the gold content.
The amount of actual gold in jewelry is referred to as karat weight. Rarely are pieces comprised of 24k or pure gold, as the substance is too soft to use. Gold is mixed with other p precious metals when jewelry is designed.
™The majority of pieces will have a stamp somewhere on the surface denoting the particular karat weight, p g but an appraiser pp also determines the value if this stamp is not present. ™Jewelry containing gold plating is usually less than 10k pure and is stamped with HGE or RGP.
The purity of gold based on karat weight is as follows: 10k = 41.7% pure gold 14k = 58.5% pure gold 18k = 75.0% 75 0% pure gold 22k = 91.7% pure gold 24k = 99 99.9% 9% pure gold
™Prior to selling gold jewelry jewelry, the pieces must be grouped according to karat weight. All 14k pieces in one g p group p and all 22k p pieces of jewelry in another group. ™ Each piece in a particular group is then weighed to determine the weight of content.
The daily gold market prices fluctuate fluctuate, so buying prices also fluctuate daily. The market price is based on troy ounce, which is different than the household measure of an ounce. One troy ounce is equivalent to 1.09 ounces or 31.10 grams.
Choosing a Buyer ™Though many individuals are focused on immediate cash rewards when contemplating selling gg gold jjewelry, y p professionals advise consumers not to settle on the first offer acquired. ™Shopping around at various locations allows persons selling gold jewelry the opportunity of getting higher rewards.
Persons selling gold jewelry should also be mindful as to what business is doing the buying.Traditionally y g y jjewelry y stores, p pawn shops p and other dealers do not buy or have a use for scrap gold. Being a middle man to a refinery, the prices these establishments quote tend to be lower. Brick and mortar or online refineries eliminate the middle man, enabling them to offer higher prices. prices
™Individuals are also advised to research various companies in relation to reliability, customer satisfaction, g guarantees, returns and p positive reviews. ™Quality online refineries provide consumers with a mailing package that carries insurance for lost or stolen property. These companies also allow customers t a weekk or more before b f making ki th their i final selling gold jewelry decision.
The failing economy in recent years has forced many individuals to explore alternative means of obtaining g money y for everything y g from p paying y g monthly bills to having extra spending cash. Selling gold jewelry has provided one of those options. http://sellinggoldjewelry101.com/