4 Essential Facts to Know Before Selling Gold Jewelry for Cash
Whether you’re in need of quick cash or want to let go of old clutter, there are many reasons you may want to sell your vintage estate jewelry. No matter the reason, however, you likely want to ensure you receive the best value possible for your pieces.
Selling gold jewelry can be surprisingly tricky business. From receiving deceptively low appraisals to mailing off your gold jewelry to an online business never to be heard from again, there are many pitfalls to beware when looking for places to sell jewelry near you. To safeguard your jewelry and protect yourself from scams, make sure you know these four essential things before selling your gold jewelry for cash.
1. Know the price of gold
The first step to ensuring that you receive a fair value for your vintage estate jewelry is to know the price of gold. While some jewelry repair stores will offer a value based on several factors, others will consider it nothing more than “worth its weight in gold,” as the saying goes. In this case, you should know the up-to-date price of gold so you can set it as a bottom line for your appraisal.
Today, the current price of gold can be easily Googled right after you search “best places to sell jewelry for cash near me.” As of this writing, gold is $52.95 per gram. Keep in mind that this price is the wholesale value of 24-karat gold, so there are a couple of other things to keep in mind before arriving at your valuation. You should also consider the purity of your gold, as less than 24-karat gold will be worth less, as well as the condition of the metal.
2. Know the value of your gold jewelry
Along those same lines, it’s essential to know the value of your vintage estate jewelry. This differs from the price of gold because the jewelry’s purity, condition, name brand, and inclusion of gemstones can all affect the final value. While you don’t need to know the exact value, doing a quick online search can help you approximate its value so you can avoid any lowball offers.
If you want to verify your item’s value before selling it, take it to a reputable jewelry repair store for a free appraisal. They’ll be able to confirm whether your gold jewelry is real, what the purity of the gold is, what the weight of the gold is, and what the jewelry overall might be worth with all factors considered. Comparing appraisals from multiple jewelry stores can further help you solidify a fair average value.
3. Have realistic expectations
One of the most common occurrences when selling gold jewelry is sky-high expectations on the part of the seller. Many people, especially those who have inherited their vintage estate jewelry and didn’t buy it initially, have an overinflated valuation in mind.
Keep in mind that your jewelry is likely not pure 24-karat gold, and therefore you may not receive as much as you were expected based on a Google search of today’s gold prices. You’ll also have to leave room for the jewelry and loan shop to make money when they re-sell your item. They aren’t going to offer you as much as a private seller because they need to make a profit, and therefore you may be disappointed when viewing comparable private auction prices. While you should always receive a fair offer, keep in mind that a reasonable offer will likely be slightly less than the current secondhand market price.
4. Look for reputable places to sell jewelry
Finally, the most important step before selling your gold jewelry is to find a trustworthy and reputable jewelry buyer in your area. When searching for places to sell jewelry near you, look at third-party review sites and testimonials to verify their quality of work. You should also verify how long they’ve been in business, as well as whether they have proper licenses and certifications.
The best jewelry repair stores in your area will have a certified gemologist on staff who can provide transparent and accurate appraisals based on decades of industry experience. At Watch & Wares, we always have a GIA-certified gemologist available for gold jewelry appraisals and repairs.
If you want to sell your gold jewelry for cash, Watch & Wares is Orange County’s premier choice. We’ve maintained a 5-star rating over our 30 years in business because we always prioritize customer experience and display consistent integrity and transparency. Our top priority is always ensuring a discreet and trustworthy appraisal experience for our customers, so they are comfortable with their decision to sell. To schedule an appointment for a vintage estate jewelry appraisal in Orange, CA, or to find out more about Watch & Wares, give us a call at (714) 633-2030 or fill out our online contact form today.