Have you noticed that you only wear certain jewelry pieces while the others sit in your jewelry box collecting dust? Most women have a few items they wear and keep those that haven’t been in fashion for a while. After some time, they forget about them.
Overall, it’s better to sell your gold, and it doesn’t have to be jewelry. You could have coins and bullion, too!
However, when selling your gold, you want to ensure you find a trustworthy gold buyer and get a good deal.
Are you ready to learn how to sell that gold wedding band or your engagement rings for the best price? Let’s dive in!
Why People Sell Antique Gold Jewelry
The most common reason for selling gold jewelry is to get money. Right now, gold prices are extremely high, so it’s a great time to sell, regardless of why. Here are a few more times it might be better to sell instead of keeping the items:
Need the Cash
Like many things in life, you might choose to sell gold items because you need the extra cash. Whether it’s urgent, you get it or not, exchanging unwanted gold pieces you don’t want will help you bring in more income. It doesn’t have to be jewelry, either! A coin collection can also be sold.
Most of the time, people sell gold because they could always use the extra money. It’s much better to do that than to fall behind on your debt or take out a loan, especially if you won’t wear it.
Want to Turn Gold into Another Investment
Gold bars, jewelry pieces, and coins are all investment forms. If you or your loved ones didn’t require extra cash in the past, you may have purchased gold. Money often loses its value over time because of inflation and other factors. However, gold’s value is typically more stable.
Still, you may decide to take on a new investment journey. Therefore, you might want to sell your coins and bullion and put that cash into the stock market. There are many other investment channels available that you should research before making a decision.
Don’t Want to Wear the Gold Jewelry Anymore
Another common reason to sell diamond jewelry and gold is that you don’t need it now. Jewelry is like clothing. If you don’t wear it, it will take up tons of space in your jewelry box, which means dust and clutter that you could do without.
Unlike clothing, you can sell your gold pieces for a large sum. The demand for gold is usually consistently high, and it peaked significantly in 2021.
Pieces Bring Bad Memories
Many times, jewelry is given as a sign of love and respect. For example, earrings and necklaces might be presented as gifts on birthdays, anniversaries, and more.
However, when those loved ones aren’t around (because they passed away or divorced), the diamond jewelry you have in your jewelry box will remind you of the negative or sad time in your life. If you decide to sell, it will benefit your mental health and fill your wallet.
What to Know Before Selling Gold Jewelry
It’s often a complex process to sell your gold. Therefore, you should research your options and learn the steps before talking to buyers. This will help you avoid mistakes and get the best price possible.
Purity
Gold’s purity is measured in karats. Therefore, if you’re selling gold, you should understand your number of karats so you’re not tricked.
Overall, pure gold is 24 karats. This means there aren’t other alloys in the mixture. However, if you have something gold-filled, other precious metals are added to your gold to make it more durable and vital.
For example, if your piece has 18 karats, there are 18 parts of gold with six parts of other precious metals. The metals could be zinc, copper, silver, or palladium, which also determines the gold’s color.
Every country has rules about the minimum number of karats required for something to be “gold.” In the US, the legal minimum is 10.
Likewise, the United States requires that gold pieces have a stamp indicating the number of karats. The National Stamping Act of 1906 is the reason for this. If you buy gold in another country, you might need to get the piece appraised to determine the karat amount.
What Factors Will Affect How Much I Get for the Gold Items I Have?
Though math will help when you try to sell your gold, it doesn’t give you the full picture. Most companies will not offer you what the gold is worth on principle, so here are a few factors to consider:
Spot Price
The spot price of gold indicates the price at which it could be sold or bought. You’ll find websites that will help you check current spot prices, and this is often what you’ll use when calculating the price of your pieces.
However, the spot price is what you use for that 24 hours. If you don’t go to the buyer that day, the price might differ, and you might receive a lower or higher offer.
Resale Value
In most cases, the gold buyer will want to resell the piece. When they inspect it, they’ll focus on whether or not it will sell quickly. If it will, they might offer a better price. However, the condition of the item also matters. Unpolished or broken pieces will have a lower offer because they must do the work themselves.
What Gold Types Gold Buyers Want
Most people have gold as jewelry or coins, but you might have ingots, bullion/bars. You can sell them all, and you’ll learn more about each one in-depth below:
Gold Jewelry
Selling gold jewelry is the most common option. It won’t matter if you have a gold ring, bracelets, earrings, or other pieces. However, you must ensure it’s truly gold. Likewise, you might want to learn about the type it is, which is based on the age.
Most jewelry sold to gold buyers is called “estate jewelry.” This term describes pre-owned pieces, which are usually under 30 years old.
Jewelry older than 30 years but less than 100 years old is vintage. Cartier, Bulgari, and Tiffany probably made them. However, some 1980s pieces are also called “vintage” because they’re now fashionable.
Antique jewelry is anything over 100 years old. These are typically expensive and very rare. In most cases, they are found in collectors’ hands and museums.
Gold Bullion/Ingots/Bars
Gold bullion is refined metallic gold, and it can hold any shape. However, gold bars are the most common, and central banks keep them as gold reserves. Ingots are slightly larger bars.
Individuals can own them, and they can also be sold. However, it’s best to focus on the gold price that day when doing so to ensure you get the best deal possible.
Gold Coins
Gold coins are an excellent investment option. They might be a family heirloom that’s been passed down for generations. Though not pure gold-like bars, they are typically easier to store and sell based on typical gold prices that day.
Where to Sell Gold
Choosing a buyer for your gold is often the most challenging part of the process. Your goal is to get a fair price for your gold, but you need to choose a buyer with a good reputation for safety and reliability.
There are three types of gold buyers: pawn shops, jewelry stores, and online gold buyers.
- Jewelry Store – Taking your gold to a local jewelry store is a safe choice. You can visit the Better Business Bureau website to ensure you work with a reputable company. The professionals will be certified and can answer your questions, as well.
- Pawn Shop – Most people go to pawn shops to sell their gold, especially if they urgently need cash. They might not realize they have other options. Regardless, pawn shops offer instant payments, but you probably won’t get the best price possible for your gold bracelet or other items.
- Selling Gold Online – It’s also possible to sell gold online. Many options are often available, but you might not get the best price possible. Likewise, you may have to wait to receive your money, and it’s sometimes hard to know if you’ve chosen a reputable brand.
There is a hybrid between the online buyer and the jewelry store. Many stores allow you to schedule an online appointment to appraise or sell your items. You will likely have to go to the location at some point, but you’ll do most of the initial steps online.
Final Thoughts on Selling Gold Jewelry
Selling your gold online is something most people dream about because the process seems simple. However, you must choose the best online gold buyer possible.
You want a fair price when selling jewelry, and many options exist. Abercrombie Jewelry will buy gold jewelry from you, and you can schedule an appointment online today. The company buys semi-precious stones, old gold jewelry, and more, so you’ll get the best price possible!