If you have gold you want to sell, you may be sitting on a fortune or just a little extra pocket money. But if you don’t consult the right experts, you may never know what the item is actually worth. Worse, you may end up selling it for less than its value and missing out on cash.
To get the best deal for your gold jewelry, coins, or trinkets you need to know what you have and how to sell it. In this article, we’ll explain how to sell your gold and where to find the best online gold dealers or local buyers to work with.
Selling Gold Step by Step: What You Need to Do Before You Sell
1. Weigh Your Gold
Before you can get an estimate for your gold, you need to know what you have. First, get the weight in grams.
Next, identify the purity by karat. Sometimes this is printed on the item (e.g. 18k). If it is not, you can get a gold testing kit or consult an expert.
Finally, calculate how much pure gold the item has. Divide the karats of your item by 24. Then, multiply that number by the weight in grams. This is how much pure gold you have.
2. Know the Gold Price Per Gram
To get the best price for gold, you’ll need to have a grasp of your item’s value as well as current market data.
Understand How Gold Market Value Works
Gold is traded in worldwide markets. Its value changes according to how much is on the market and how much people want it.
Find the Up-to-Date Value of Gold
To find out what the current price of gold is, check the value on a site like Kitco.
Gold prices are listed per ounce. Keep in mind that the listed price (the “spot price“) is not how much a buyer will give you. Buyers only make a profit when they buy below the spot price.
Calculate the Market Value
In addition to the changing price of gold, another factor affects how much your piece is worth: the purity of the gold. The spot price only applies to 24k gold, which is almost 100% pure and too soft to use in jewelry.
The higher the purity, the more pure gold a jeweler will be able to obtain and the more the item is worth.
Base value calculations on the weight of your pure gold, rather than total weight of your piece.
Do Your Research
The above steps apply if you’re selling everyday gold jewelry, where the price is based on its gold content. This is also known as its melt price.
However, for designer pieces and high-end pieces, it may be better for you to sell your gold jewelry to a luxury second-hand dealer, rather than a gold dealer.
3. Know the Best Time To Sell Gold and When Not To Sell
Make sure you know the value of gold before selling. The best way to determine if you should sell your jewelry immediately or wait is to look at how investors are behaving.
When gold prices fall, investors buy more of it. This is bad for you! Wait until prices rise. Gold prices often rise when other types of assets, like stocks, fall.
4. Check Multiple Buyers’ Prices
Visit different websites to get appraisals. No gold buyer is going to make a 100% commitment to give you a certain price before they see the piece themselves and make an appraisal. However, many will give you an estimate based on pictures.
5. Avoid Common Traps When Selling Gold Jewelry
There are a variety of ways to sell your pieces of jewelry, but online is best. As you look for the best places to sell jewelry, make sure to avoid the following!
Brick-and-Mortar Jewelry Stores
While you may already have a good relationship with a local jewelry business, they’re unlikely to give you the most money for your gold. Online buyers don’t have the same overhead costs that an in-person jewelry store does, so they can often be more competitive.
When you’re visiting a business in person, it’s also harder to shop around for an appraisal.
There are many downsides to selling gold to a pawn shop, and only one upside: it happens fast.
At a pawn shop, you’ll get less money than you would from an online jewelry dealer. Buyers may pressure you significantly to accept it. And, as with in-person jewelry stores, it’s far harder to get different prices easily by visiting pawn shops.
Buying Scams When Selling Jewelry
There are lots of scams out there. Avoid them by getting an additional appraisal on the price of your item and doing research into the company.
Check whether the gold buyer is registered with the Better Business Bureau. If they are, you can find their listings and see customers’ complaints.
Membership in a trade association for the jewelry industry is also a good sign.
Where to Sell Gold Online (Best Cash for Gold Sites)
You have a lot of options for selling your gold online, but it’s vital that you use a trusted website.
When you sell jewelry online, you will have to send the item in to get a final estimate, and you can’t risk losing the item altogether.
Because online jewelry stores can be scams, be sure to look at how long they have been in business before selling your jewelry to them.
Here are several trusted sources you can use to ensure the safety of your gold jewelry.
With an A+ rating from the Better Business Bureau, cashforgoldusa.com is the best option for selling your piece of jewelry.
The website has a guide to current gold costs, so you know you’re getting a fair deal. By filling out a form on their site, you tell them what kind of shipping you want to use. They then send you an insured mailer.
After they receive your gold, they will give a quote within 24 hours by email. If you are happy, accept it and get paid by your choice of payment options: check, PayPal, or bank wire. If not, they return your items for free.
This website is an auction site that will do the legwork of posting your item and putting it in front of interested buyers. Their website has a detailed guide to the process.
First, you describe your jewelry to them through an online questionnaire. They then schedule a secure shipment. Once it has arrived, they clean, photograph, and list it, setting a reserve price. Their experts can help you set this price or you can choose your own.
The auction is then held online. If the auction meets your reserve price, the item sells. You get to choose your payment method and receive the price minus their commission within several days.
Despite its name, Cash for Diamonds also deals in gold. If you have fine jewelry like a ring that contains both diamonds and gold, they can purchase both from you.
To use their service, request a free, insured shipment from them using their online form. 24 hours after they receive the shipment, they will send a check.
TheRealReal is a consignment site. If you have a piece of designer jewelry, this is an excellent option as you are likely to get a higher price than you would selling the piece as scrap gold.
Start by making a video appointment or by shipping directly to the company for free.
You can either sell the items directly to the site itself or wait for a customer to purchase the item.
Circa’s site does not require you to send in your items at first, just images and documentations through a form. Within 48 hours, they will send you a quote.
If you accept the quote, Circa will send you a shipping kit. When they receive your items, they’ll make a final offer. When you accept, you’ll get paid.
6. WP Diamonds
To sell gold to WP Diamonds, fill out their online form to get your initial valuation. You can then ship your items for free or make an in-person appointment.
Once the company receives your item, they will give you a final offer. When you accept it, you will get payment as quickly as 24 hours later.
If your piece is very unusual or valuable, Sotheby’s is a good auction choice. You can use their online estimate form to send images and information and get an estimate.
If Sotheby’s is interested in selling the item, they will list it for sale at an online or in-person auction. Like other auction houses, they set a reserve price, and there is no guarantee the piece will sell.
8. Open Your Own Cash for Gold Dealership
You may also wish to open your own business buying and selling gold. This requires some capital up front in order to get supplies, like gold testing kits and a professional scale. You will also need to have enough gold items to sell on your own.
Finally, if you are not going to melt and purify the gold yourself, which takes special expertise, you’ll want to ensure that you can attract enough customers to purchase the gold. A simple way to do this is through a site like Etsy for vintage jewelry.
What Should I Know About Selling Gold Jewelry?
Is It Better to Open Your Own Store or to Sell on Other Sites?
It depends on how much gold you have to sell and how much time you want to put in. Remember, your time could be spent doing other work that selling gold takes you away from.
For most people, selling gold on other sites is the better choice. It allows you to maximize your profit, in part by minimizing the amount of time and effort you have to put into the process.
What’s the Difference in Price Between a Jewelry Auction and Selling Direct to a Jewelry Buyer?
You have a small chance of making more at an auction, but this comes with greater risk.
At a jewelry auction, you can get far more than you anticipated—or you can get nothing at all. The auction house can give you an estimate, but these aren’t guaranteed. In fact, it’s not even guaranteed that your item will sell at all if it does not meet the reserve price.
A jewelry buying business will offer you a price for immediate purchase.
How Can I Be Successful in Selling Jewelry Online?
Selling online can be risky, as it will usually require you to ship your gold before you get paid. But following these tips can ensure your success.
- Only sell to trusted businesses. Read customer reviews and evaluate the company’s history carefully.
- Be patient. You’ll get the best price if you can compare offers, which may take time and require you to get more than one appraisal.
- Insure any shipment you send out and track it. Many trusted companies will do this on your behalf, so make sure to keep any tracking numbers.
Recap on How To Sell Gold Jewelry Online
To sell gold jewelry online, prepare by evaluating and researching your item’s purity and weight. Then, choose whether an auction process or direct sale site is the best choice for you. Selling directly is quicker, but an auction could make you more money.
Selling Gold Jewelry for Cash: Takeaways
When you’re looking to sell gold, the best place to sell is online. A brick and mortar jewelry store can’t buy gold for the high prices that a website can.
My top tips for selling jewelry online? The best way to sell your gold for cash directly is to use cashforgoldusa.com, while the best auction site for your pieces is Worthy.com
Have you sold gold online or in a jewelry store before? Share your tips!