We get a lot of inquires from customers regarding buying old gold jewelry and we do buy back, if the jewelry is bought from us. So I thought this will be a good blog topic to cover and provide solid tips to our customers and readers on how to effectively sell gold jewelry. Indian gold jewelry mostly being 22K gold is an investment that you can wear, enjoy and resell when you’re ready to upgrade your collection or in need of money. Here are our expert tips on how to sell your gold jewelry.
1. Research the Current Price of Gold:
Visit Kitco.com and find out the gold price for the date you had purchased your gold jewelry. You can type any date and Kitco will let you know what the gold price was on that particular date. Then you compare that gold price to the current gold price, and this will give you a fair idea how much you will lose or gain right way by selling your jewelry. However, keep in
mind that the price listed on Kitco.com will NOT be the price you will get for your jewelry. The price on Kitco.com will only give you a reference point when comparing multiple offers.
2. Know Your Karats:
Pure gold is too soft to be practically used to make jewelry ornaments so it is combined with other metals to create durability and color. The Federal Trade Commission (FTC) requires that all jewelry sold in the U.S. describe a karat fineness of the alloy. One karat equals 1/24 of pure gold by weight. So 18 karats would mean the jewelry is 18 parts gold and 6 parts other
metals. It is illegal for jewelry to be labeled "gold jewelry" if it is less than 10 karats. It is important to know the karats of your gold to make an informed decision on the value of your jewelry. For your information: Most Indian Jewelry is usually made in 22 karat gold; Middle Eastern jewelry is again usually made in 21 karat gold and cut diamond jewelry is generally
made in 18 karat gold.
3. Consider Selling to the Same Jewelry Store you Bought From:
Your best bet will be to contact the same jewelry store you bought the jewelry from and sell it back to them. The reason is that the jewelry store already knows the purity of gold (suggested read: how jewelers test the purity of gold) in the jewelry sold to you and also holds high trust in their own products. You will need a copy of your original receipt or invoice for this.
4. Find Reputable Buyers:
Go to other reputable jewelry stores to sell your jewelry. Also, check out jewelry stores and gold buyers registered with Better Business Bureau at (www.bbb.org). A BBB business review tells basic information about the business, as well as any complaints and whether the complaints have been resolved when presented to the business by BBB.
5. Consider Trading Your Jewelry:
If other reputable jewelers do not agree to buy your jewelry they may have a trade in option where you can buy NEW jewelry from them in exchange for old jewelry. Jewelry stores usually provide a better price for trade in's.
6. Getting an Appraisal is Recommended :
If your jewelry is branded or is an heirloom piece, you really must know how much it is worth so getting an appraisal is recommended. You should get an appraisal by a member of the American Society of Appraisers, the International Society of Appraisers or the National Association of Jewelry Appraisers. Members of all three groups have to adhere to standards and ethics. Appraisals range from $150 to $350 per hour. To give you an idea, a simple diamond ring might take about an hour to appraise, whereas one with multiple diamonds and an elaborate setting might take more than three hours. Some appraisers charge by the item, but under no circumstances should an appraiser charge you a percentage of the item’s value.
7. Do Not Sell to Pawn Shops:
Do not sell your gold jewelry to local pawn shops or places which advertise they 'sell gold for cash' because most likely you will not get a good deal in these places. Whereas, in the case of reputable jewelers they are concerned about their own reputation and are willing to make an investment to earn you as their customer so the like hood of you getting a better value is
8. Shop Around:
Remember, you don't have to jump at the first offer for your gold. Shop around for a few different bids to ensure you are really getting the best price.
9. Try Selling Online:
Once you have gotten quotes from few jewelers and have a fair idea about the value of your jewelry you can try selling the jewelry online in places like eBay for slightly higher price.
10. Tap Into Family & Friends:
If your jewelry is in a good condition try reaching out to your family and friends to see if they are interested to buy from you.
11. Protect Yourself:
Before leaving your jewelry with – or shipping your jewelry to – a potential buyer, document and photograph the pieces. Check the company’s reimbursement policy in the event of a loss. Jewelry should always be insured, but especially when it's in the process of trading hands in transit. Getting the package insured will cover shipping the package safely and securly to a
jeweler and you will be covered in the event the package is lost or stolen.
12. Prepare to Take These Documents:
Gold buyers are required by law to ask sellers for government-issued identification like your Drivers License or Passport Copy. This requirement is designed to protect consumers by helping police investigate the sale of stolen property and prevent money laundering. All reputable gold buyers comply with these rules, so if you don't get asked to show your I.D., be warned.