If you have an unexpected large expense this month and need to raise some quick cash to cover it, then you might want to consider selling some of your unwanted gold jewelry. While the process of exchanging a precious metal for cash isn't complicated, there are a few guidelines that you should follow to ensure that you get the best price possible for your gold, such as the following:
Know the Daily Market Value of Gold
Since gold is a metal that is traded the world over, its price continually fluctuates with the global commodities markets. This means that the scrap gold value for your jewelry changes from one day to the next depending upon what the market is doing. For this reason, you should always go into a selling situation with a clear understanding of the current market price of gold. A simple Google search will give you many options for researching the current price of gold.
Know the Difference Between Jewelry Value and Scrap Metal Value
While all gold jewelry has a scrap value of the gold that is contained within it, gold jewelry also has an added value for its design and decoration. For example, broken gold chains do not have much of a jewelry value because they are not unique, but a small piece of gold jewelry made by a famous jewelry maker can have a value that well outpaces the scrap metal value. Before you decide to sell vintage or unique jewelry pieces, you need to determine both values for the pieces.
Understand Your Selling Options
When you decide to sell your gold jewelry, you have a few different options, such as:
a local pawn shop
a local jewelry store
a scrap metal buyer
If you need some quick cash but want to possibly retain the ownership of your jewelry, then you can take it to a local pawn shop and pawn it for a loan. If you no longer want the jewelry pieces and want to sell them for their jewelry or scrap value, then a local jeweler is your best option. They can evaluate the pieces for both values and make you an offer. And, finally, you can also sell your unwanted gold to a scrap metal buyer for the current market price of gold. It is always a good idea to investigate all three avenues and see who is willing to give you the best price for your gold.Share