What to Know Before Selling Your Gold Jewelry for Cash
There can be many reasons why you might be looking for a good place to sell gold jewelry; maybe you’ve encountered financial hardship and need quick cash to get you to your next paycheck, or maybe you’ve inherited jewelry that isn’t to your taste. Whatever your reason to sell your gold jewelry is, going about it can be tricky business. There are many scammers or businesses who offer you unfairly low values, and it can be difficult to know who to trust and what your options are for selling. Before you try to sell your gold jewelry for cash, here are a few things to ensure you make the best decision possible.
How much is my gold jewelry worth?
Many dishonest and unreputable gold buyers will offer you incredibly low amounts for your valuable gold jewelry. To ensure that you get the fairest value possible, you should have a good idea of what your gold jewelry is worth and how the value of gold jewelry is measured. The three main components of gold appraisal are gold weight, gold purity, and the presence of any jewels.
The weight of the gold is measured in troy ounces, with one troy ounce weight 9 percent more than a standard ounce. Gold purity is measured in karats, with 24-karat gold being the purest and therefore most expensive gold on the market. To calculate the price of your piece’s worth in terms of raw gold, the formula is (gold spot price / 31.1) x purity in decimals x weight of the item in grams. For example, if you had 1 gram of 14-karat gold, and the current spot price (also known as the market price of gold) was $1300, you could calculate the value of that gold by doing the following calculation: (1300 / 31.1) x 0.583 x 1 = $24.37. However, if your jewelry contains any precious jewels, this figure will be even higher. Although certain pieces can be more or less expensive depending on their time period, brand, condition, and more, this calculation will help form a good baseline for your appraisal expectations.
Where to sell my gold jewelry for cash
As we mentioned, there are a lot of untrustworthy gold and jewelry buyers everywhere. So, how do you know where to find trustworthy places to sell gold near you? Before selling to anyone, do your research on local gold buyers and their reputations. Search for reviews on Yelp and Google, check their rating with the Better Business Bureau, and ensure that they are licensed and insured.
Another good way to gauge trustworthiness and expertise is to see how long the company has been in business and whether they have certified jewelers and gemologists on staff. Here at Watch & Wares, we have curated a team of expert jewelry appraisers and gemologists with decades of experience working with some of the biggest names in the diamond jewelry industry. You should also collect appraisals from multiple businesses before committing to selling. A reputable pawn shop or gold buyer will offer you an appraisal without any obligation to sell, allowing you to collect multiple appraisals and assess the best offer. Watch & Wares is proud to offer no-obligation appraisals that are often the most competitive rates in the Orange County area.
What if I don’t want to sell my gold jewelry but need cash?
If your jewelry is sentimental to you or you’re just not ready to part with it yet, you don’t need to sell your gold jewelry to get cash fast. Watch & Wares offers collateral loans on gold jewelry, diamond jewelry, designer watches, and other luxury goods. We offer generous four-month loan terms with a 10-day grace period, and our interest rates are always state-regulated.
To find out more about our jewelry collateral loans or how to sell your gold jewelry, contact Watch & Wares at (714) 731-9600 or fill out our online contact form today. We would be happy to schedule an appraisal appointment at our Orange or Tustin locations for your earliest convenience.
