The global jewelry industry is expected to reach $250 billion in 2020. Gold is one of the most famous metals; the material is versatile, gold doesn’t corrode, and consumers cherish gold’s beauty. Gold has even made plenty of people famous.
But do you have gold jewelry lying around that you don’t wear? You can sell gold jewelry to make extra cash.
However, you need to be smart when selling your gold. Selling gold requires some research and skill to ensure you receive the most funds. Failing to do this research can mean receiving a low price for your gold — worst yet, you could fall into a scam.
If you’re wondering how to sell gold, here are some effective methods.
Know the Value
Most gold isn’t pure gold. Gold is a very soft metal; alloys are added to make gold more durable. The higher the gold percentage, the more your jewelry piece is worth. This is known as the melt value — if your piece is melted, how much of that is real gold?
The best course of action is to look at the karatage. 24K gold is the purest type of gold — most 24K gold is 99.95% gold (100% pure gold is very rare).
Unsure about the karatage? Most jewelers use the nitric acid test. Drop a small amount of nitric acid on the gold piece. If there’s a reaction (such as a small scratch) the piece is likely a high-alloy gold or gold-plated (meaning a thin piece of gold covers another metal).
Get an Appraisal
Once you know the value of your gold, get an appraisal from different sources. Most jewelry buyers offer a free appraisal. If a store charges you for an appraisal, read reviews before paying to see if the store is worth considering.
Where can you find jewelry buyers? Your local jewelry stores are a great first place to start. You can also try a website such as https://crowngoldexchange.com/stop-searching-for-gold-exchange-near-me-visit-crown-gold-exchange-today/.
Compare Prices and Read Reviews
Once you have a few quotes, compare the prices and separate the highest bids from the lowest. Should you immediately choose the highest offer immediately? You’ll want to do some research before agreeing.
Many scams offer an incredible price for your jewelry. When you hand it over, they steal the piece and never reimburse you. You’ll mainly find these scams online.
To avoid these scams, research reviews and make sure the buyer is legitimate.
Keep up With Gold Prices
Gold prices are always changing. When you contact buyers for appraisals, you should also research the current gold prices.
There are plenty of live charts online. It’s also best to look at the prices of gold today and compare them to previous gold prices (there are also historical charts available) to see if you’ll get a good price for your jewelry.
How to Sell Gold: Get the Most Money for Your Gold Jewelry
If you have gold jewelry lying around, you can sell those pieces and make extra money. But first, you need to know how to sell gold. You should also be knowledgeable, knowing the value of your gold and how much it’s worth.
Speaking of gold, do you watch the show Gold Rush? If so, you may be interested to know star Todd Hoffmann’s net worth. Click here and find out!
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