January comes with lots of promises. It’s a new year and a lot is in store for you. You may be in need of some cash to get you going. Your jewellery box can be a great place to start to get that much needed cash. So, the question is where should you sell your gold, do you go to your local gold buyer or the pawn shop down the street? It is important to get the best price for your gold, but how do you get the best price for your gold jewellery. There are a couple of things you might want to keep in mind through when you are looking to get cash for gold
#1. Be realistic
It is important to manage your expectations when you have gold to sell for cash. You may have a precious heirloom in your jewellery box, but it might not as exceptional as you think to someone else. You cannot expect to get the same amount of money you paid for your jewellery when you sell it second-hand to a gold buyer or pawn broker. You can have your jewellery appraised but you need to know that appraised values are based on the retail cost of replacing the jewellery. There are lots of variables that go into an appraisal, which include the quality of gold, beauty and rarity. However, when you sell gold to a gold buyer who buys scrap gold, the likelihood is that the buyer will only be interested in the gold itself to melt down and nothing else. It will not matter that your gold piece was specially designed, or is a one of a kind piece or that it contains precious gems.
#2. Evaluate Your Piece
Before you take your gold to a gold buyer, evaluate the piece. Get a ballpark figure by doing weighing it, checking the spot price and doing a little bit of math. Better still, take it to a couple of pawn shops and gold buyers in your area. You can also look at the internet for similar gold jewellery. EBay is a great source of information to see what people are buying and selling. As you do this you may discover different places to sell your gold for the kind of cash you are looking for. If you want to sell it a jewellery piece, a professional appraiser may provide a more accurate value for your gold jewellery piece as an item including the diamonds and gems set into the piece.
#3. Prep your gold
Appearance go a long way when you want to get the more than just cash for gold. If you are selling on Ebay, a little sprucing up can help fetch a decent price. That old family heirloom will look more appealing when it’s cleaned and gleaming. Cleaning your gold jewellery is easy. All you need is some warm soapy water and a soft-bristle brush. If you are uneasy about the dishwashing soap method, then you should take your gold to a professional who will be able to guarantee that their cleaning methods will do nothing to damage your gold in any way. Don’t forget selling on Ebay has its drawbacks as they charge high commissions.
If you have really old or jewellery that is in need of some repair, or want instant cash for gold there are gold buyers who are looking for gold in any condition so you don’t even have to fix the jewellery before you sell it.
#4. Shop your gold around
You can sell your gold either to a jeweller, a gold buyer or a pawnbroker. Jewellers may buy your jewellery as it is and give you a price based on the gold, the design and the gems or they can give you credit on your next store purchase. However, if all you need is cash for gold then a gold buyer and pawnbrokers are your best bets. Gold buyers will offer you a price based on the spot price of gold as it will likely be sold and the melted down into bullion at a refinery later on. Pawnbrokers or Jewellers are unlikely to give you the kind of cash that a gold buyer would.