The business models adopted by most companies that buy gold are quite simple: they buy the gold, melt it down, and then dump it for a profit. Therefore, when you plan to sell any of your gold pieces, the first thing to consider is the variance between its actual selling price and the price after the merger.
The retail price of your gold is the cost for which you bought it from a real store. In all likelihood, you may be offered a fraction of this price.
In an article titled “Selling Gold: How Much Is That Old Ring Worth Now” for CNN Money, Jessica Dickler wrote on July 20, 2011 that if you’re selling gold to buyers online, at a neighbor’s gold party, or at a jewelry store, it’s important to note that your gold jewelry price will vary widely.
Today there are a number of options available if you are eager to sell gold.
You should take your gold pieces to a local jeweler in person, then the first thing to do should be to ask for the value of gold jewelry, and even if it happens that you don’t want to sell or can’t really sell, it could be a great way to get your pieces valued. If necessary, go door to door and haggle on the spot.
With this option, you will receive an online quote; you then submit your gold for verification after which they make you an offer. Unfortunately, not all gold dealers have a great reputation. In fact, some of those who seem most convenient can also turn out to be the least scrupulous. So, before you rush to sell that family heirloom, take a few precautions by doing some background research.
In general, pawn shops have a bad reputation as the ultimate destination for desperate sellers. However, they could also form some of the best locations to sell your gold. But an important consideration is the fact that pawn shops are basically for-profit businesses and strive to give the seller as little cash as possible. If it seems like you’re in a hurry or desperate, or just take the first offer made, chances are you’re getting a rough deal. The best way to maximize your pawnbroker offer is through some research. Based on various comparative searches, it is possible to get an idea of what you could possibly expect.
Knowing the karat of your gold is vital before starting the sale. For example, in the US, the Federal Trade Commission has required that all jewelry sold must be described in terms of carat fineness. 14 karat means that your jewelry is fourteen parts gold and ten parts other forms of metals, or about 58 percent gold. The maximum Karat level is 24. Most jewelry will range between 10 and 18 karats.
Karat values are the same throughout the global gold industry. Also, jewelry of different carats will be weighed separately. From time to time, gold dealers may weigh all of your jewelry and then give you the lowest karat value, which is something you should avoid.
