What to Know Before Visiting Places to Sell Gold Jewelry

If you’re planning to part with gold jewelry you no longer wear, or if you simply need cash as quickly as possible, you may be searching for the best places to sell gold jewelry near you. It can be tempting to just sell jewelry online for cash and be done with it, but this can cause you to accept a lower value than is fair — and you likely won’t even receive the cash same-day. If you want quick cash at the highest value possible for your gold jewelry, do your due diligence and make sure you know these four things before deciding on the best jewelry and loan shop for you.

Your Gold’s Weight

Luckily, it’s fairly easy to determine a baseline cash value for your gold jewelry based purely on the amount of gold that the jewelry contains. One of the factors for determining gold’s value is its weight, so know what you have before you visit places to sell gold jewelry. Gold is usually weighed using either pennyweights or grams. 1.55 grams is about equal to one pennyweight, so if you receive an appraisal in one value, you can easily convert it to the other to directly compare appraisals. 

Your Gold’s Purity

Another factor that will determine your gold’s market value is its purity. You’ve likely heard of 24 karat gold; this translates to 100 percent pure gold, making it the most expensive type of gold available. Eighteen karats are 70 percent pure gold, 14 karats are 57.5 percent pure gold, and 10 karats are 41 percent pure gold. If you have one gram of 18 karat gold, for example, it will be worth much more than one gram of 10 karat gold since the gold’s purity is much higher.

Gold’s Market Value

The price of gold fluctuates day-to-day, so what your gold jewelry will sell for today isn’t the same as what it will sell for tomorrow, for better or for worse. Before going into a cash jewelry and loan shop to sell your luxury items, know the market rate of gold on that day. You can calculate how your jewelry’s offer compares to the market rate by multiplying 31.3, the weight of the gold in grams, and the purity of the gold in karats. Then, divide the current market rate by that value. That will give you your gold jewelry’s current value. However, keep in mind that the cash jewelry and loan shop will need to profit from your item, so their offer will likely be lower than the market rate.

Where to Get the Best Value

Even though you know your gold jewelry’s theoretical market value, many factors can determine the actual value of the piece and the value you’re offered by places to sell gold jewelry. To make sure that you receive the highest value possible for your gold jewelry, take the time to do thorough research on gold buyers near you to determine which one is the most reputable and will give you the most money for your item. Look through their online customer service reviews, verify that they’re licensed to buy gold jewelry in your state, and make sure they have a certified gemologist on staff. These are all signs of a reputable, trustworthy gold buyer, and they will be most likely to offer you a competitive price with a comfortable customer service experience. If you have cash jewelry and loan shops you’re considering, get appraisals from each of them. Any reputable and trustworthy places to sell gold will allow you to walk away after an appraisal, and you can always come back later once you determine the best jewelry and loan shop for your purposes.

At Watch & Wares, we consistently offer five-star customer service reflected in our reputation online and in the local Orange County community. As a family-run business with 30 years of experience, we place transparency, integrity, and honesty at the forefront of everything we do. We want to ensure that every visit to Watch & Wares leaves you happy and confident in your selling decision. To find out more about our cash jewelry and loan services or to receive a free jewelry appraisal, give us a call at (714) 633-2030 or fill out our online contact form today.