What You Should Know Before Selling Your Gold Jewellery

Posted October 19, 2020 by in Lifestyle

For many people, gold is what it is – Golden. When they try to esteem someone who has done remarkably well, they are fond of comparing them to this precious stone.

This goes to say that any dealing that involves gold should be taken seriously. As a result, it should be handled professionally and with caution, making sure that the value of the item is not abused, whether bought or sold.

There are various reasons why you may have come to terms with the need to let go of your jewellery. If or when this happens, you have to ensure that you are not cheated, manipulated, and generally unprotected.

To avoid these possibilities, it is imperative that you sell the special item(s) to, or through a good jewellery buyer. In California, you can inquire about Mimi’s Jewelry buying program for more help with this.

On this note, this article is born out of the need to help people seeking to sell their jewellery (especially Gold), at the right price and with ease. We will do this by sharing tips on how to conduct the sale properly.

Tips on Selling Your Gold Jewellery

No matter the form it is in, selling your gold is not a process that should be done carelessly. This is so that you are protected and get actual value from the sale. For this reason, here are some helpful tips to help you make the right deal:

Know the Timely Value of Gold

In the international scene, this precious stone is treated as a currency. For instance, just as the dollar rises and falls against other currencies, the same happens to gold by the minute.

So, before committing to a deal, make sure you are aware of the current market price. This is the first step and you should make sure you are not ignorant in this regard. To find out the actual value on the market, you can visit: https://www.kitco.com

Know the Value of Your Item

It is not enough to know the current market price for gold. You also need to be aware of your item and where it stands on the scale. What does this mean?

When the market price for gold is fixed, the price is for whole or pure gold. By the numbers, pure gold is 24-karat.

However, your item may be a little or way less than this. The lesser the karat, the lesser the value. For instance, a 22-karat gold item will cost more than an 18-karat gold item of the same weight. As explained earlier, this is down to their purity.

Also, you have to know if the item is entirely gold or mixed with other stones as this affects the price. If it is the latter, the size of the other stone(s) will be calculated and deductions will be made accordingly.

A Jewellery Buyer Is Your Best Option

Some people have had regrets with the previous sale of their jewellery. One of the common tales is how they have been cheated with way less than the actual value of their piece. Well, to avoid this happening, you should only deal with a licensed jewellery buyer.

Options you should avoid include pawnshops, jewellery stores, one-time hotel sales… as these options are not wired to suit your best interest.

Pawnshops for one have been known to often take advantage of people’s desperation to get cash for their items.

Jewellery shops are majorly about sales and not purchase, so they are most likely to rip you off as much as they can. They can even make you purchase another item, defeating the purpose of selling yours in the first place.

The same negative experience is also bound to happen with one-time hotel functions to buy gold jewellery. Should anything go wrong, you cannot hold them accountable anymore as they will be long gone.

For this reason, you should only consider selling to a good jewellery buyer. And talking about a good one, how do you figure that out?

How to Know a Good Jewellery Buyer?

Most likely, there are tons of jewellery buyers spread across your community. To deal with any, you should be certain they are professionally and ethically qualified. Below are some tips to help you decide that a dealer is worth doing business with:

Belonging to an Association

Although this is not necessary, you may find it more beneficial than you think. You are strongly advised to deal with a buyer that belongs to a reputable association of gold and jewellery sellers. For one of such, you can check here.

Licensed for Operation

Ideally, every jewellery buyer in your community is meant to be licensed. The police and Justice Department are the bodies to license them. The aim is to protect you, and so that illegal sale is not conducted.

Dealing with a buyer that is approved by these administrative institutions puts your mind at rest. This is because any foul play can be reported, and sanctions melted on the buyer.

Also, for such licensed buyers, the weighing process and scales used are regulated by the weight and measures department. The regulation is to ensure fair play when you are selling.

Physical Dealing

When jewellery is concerned, you should shy away from making the deal entirely an online thing. For instance, do not trust an online quotation. This is because there is more to the price than the karat. For example, the brand designer, look, and weight also influences the price.

The buyer should have a definite location. If this is not the case, avoid any transaction. 

Compare Buyers

This is one way you can get the best price. Although they all are influenced by the current market price, there will likely be differences in the price quotation.

But reaching out to two, three, or more buyers, you can get a better deal when you compare and contrast before making the final decision.

All these and more are helpful tips on how to find the right gold and jewellery buyer.

Whatever is the reason you are selling, you deserve a return commensurate to the value at least. To get nothing short of this, we have shared valuable tips to help you make the right dealing.

By adhering to these tips, you are going to smile back with cash, knowing fully well that you were not cheated.