Cash for gold jewelry? Yes, please! What are the dos and don’ts to and how much can you actually get? After watching several news reports about people selling old gold jewelry for cash to make extra money, I figured why not? I’ll give it a shot. I have seen more and more stores with signs offering cash for gold jewelry. So I did some research.
Before I tell how to sell your jewelry for cash, let’s chat about where to find the jewelry to sell. I have a fair amount of jewelry collecting dust in old jewelry boxes at home. Jewelry I wore back in the early ’90s when I was 16 and it was fashionable to have a gold ring on each finger, hoop earrings the size of bangles, herringbone necklaces, charms, and my hair slicked back in a pony-tail. (Let’s not forget the mango colored lipstick.)
I know you want to know how much I made but first, here are my tips on how you can safely sell your gold for cash and get some spending cash or pay some bills.
TIPS ON HOW TO SELL YOUR GOLD FOR CASH
- Gather all your gold around your house. Broken necklaces, earrings, backs of earrings, bracelets, whatever you know you don’t want. Include your rings with stones too (not big stones, just chips). The gold buyer is going to have it melted so it doesn’t matter what condition your jewelry is in. What matters is the quality of the gold. (Don’t be fooled by a buyer that tells you he/she can’t resell it.)
- Separate your jewelry by karat. The more karats, the more money you will get for your gold. If you can’t read the inscription on your jewelry, put it in the unknown pile. The buyer will read it and should also test it in front of you. Know what the markings mean, such as Gold 750 means 18k gold.
- Do your research. Find out what the price per ounce of gold is that day. Four years ago, 24k gold was selling at over $2,000 per ounce. Today, the price is averaging just around $1,400 per ounce. Note that the price is different for each karat. If you have a lot of gold, consider watching the market before you go and get offers. I hear the price of gold is usually higher on a Monday. Finally, watch some news reports and read some articles on the topic.
- Find out how much your gold weighs. Most places will measure your gold in grams or in pennyweight. If you don’t have a scale laying around, no worries. Just go and ask a gold buyer to weigh your gold. Make sure you watch them weigh your gold too. Keep your eye on the scale and write it down so you know.
- Next, enter the weight of your gold into this quick little formula, and voila, now you know what your gold is worth. You won’t get the price you see because of course, the buyer needs to make a profit to stay in business. But you are now an informed and empowered negotiator. You have a starting point. Decide how much you want for it.
- Avoid scammers– any store that won’t weigh the gold in front of you, that makes you come back later, or looks like they are a fly-by-night establishment, stay away. Also, don’t mail your gold.
- Be patient. The buyer should test every single piece to verify the accurate karat amount. I was surprised that one of my chains marked 14k read at 11k. I read that this is not uncommon for U.S. gold and after going to another store who told me the same thing, I believed them both. If you have a lot of foreign gold, you probably are in better shape as the quality is said to be higher.
- Practice your poker face. Now it’s time to get some offers and begin the negotiation process. If you have a handful of gold, you are likely sitting on a couple of hundred dollars, if not a thousand.
- Negotiate and shop around. I went to three different places (four if you count the first store that weighed my gold). I knew how much I wanted because I knew how much my gold was worth. I asked what they would offer and then always countered back. Only two stores really were willing to negotiate and I waited until the buyer had moved up a bit before I whipped out the quote and formula. Save that part for last. When the buyer realizes you are not a chump, they usually get serious. (Let’s not forget, I am a trained negotiator thanks to my training and years of practice.)
- Ask for cash for your jewelry. Some places will offer you a check but why risk it or go through the trouble of cashing it.
And now, how much did I get for my jewelry…….drum roll…… $1475.00 – Yes, you read that right! Almost $1500- money I did not even expect! The lowest offer I received was for $950 which is exactly why I like to shop around.
Woot, woot -doing the happy dance!
Have you ever sold your jewelry or thought about it? If so, what’s keeping you from trying it out?
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