There are many people who have gold jewelry at home, and these jewelry are not wearable some of the times. If you happen to have such gold items at home and you’d like to transform them into money, you can sell them off and gain at least a portion of the money you have initially invested.
The thing is that if you sell used gold and you know where to sell gold, you will get just a portion of the scrap value, so don’t expect to get the money for the real value of the gold – also known as the market value. Those who buy your gold will usually melt it and make new jewelry out of it, so they won’t pay anything for the style of your jewelry or the artisanship, unless the jewelry is in a very good condition and you sell it to a pawn shop.
This being the general rule, the buyers usually have to pay a second person – the smelter – the person who melts the gold and it’s usually about 30% from the value of the item to refine that precious metal. The rest is the profit of the buyer, so it’s important for them to buy the item at a very small price so that they could make a higher profit.
Here are some tips about this and where you can sell gold.
The Mail-Away Selling Operations
There are different companies that operate through the mail. They offer heavily advertising with seductive money and a specific lure for drawing in thousands of eager sellers. All you have to do is mail in the gold items that you have and they will mail you a check.
The thing with these companies is that they offer a very easy system, because they will send you a prepaid envelope and all you have to do is place inside the gold items that you have. They also mail you a check that has an itemized receipt, promising you that they will return the gold jewelry if you are not satisfied with the price.
The Jewelry Shops
These are the places that everyone knows about and you won’t have a hard time finding a jewelry store. They are usually available to buy old gold items, as they make a very good profit out of this without paying for intermediary services.
These are the best to go to because they are willing to pay up to 70% of the gold value. If you have a special item, like a finely crafted jewelry and if it is in a good condition, you will get more money out of it because they won’t use the item for making new jewelry, but they will sell it exactly as it is.
The Pawn Shop
This is another place that you can look for if you want to sell your gold. Of course, they also have the option to hock the item instead of selling it, but you’ll have to give back more money than you have taken on the item.
They work with one item at a time, and they will test your gold for authenticity. If the item that you want to sell is nicely crafted, or if it’s from a limited series or unique, you will get a better price than the rest of your items.