With news of gold prices hitting $1,350 an ounce – buyers of all kids are eager to get their hands on all that glitters. That includes the contents of your jewelry box. Gold-party organizers, jewelers, mail-in companies and even kiosks at the mall want to pay for what you’ve got.
While it’s easy to be dazzled by visions of quick cash, some (if not most) individuals and firms might take advantage of your enthusiasm. So, here are a few tips to make sure you get the best deal when selling your metal.
1. Know what its worth. Buyers can offer widely different amounts for the same pile of earrings. I found a simple formula for determining your gold’s worth: Weight in Grams (use your kitchen scale) x Current Gold Market Price / Divide by one of these (10k = 74.8, 14k = 53.2, 18k = 41.5, 24k = 31.1). Then multiply by 0.50 and 0.80 to get a fair price within that range.
2. Ignore the mail-in buyer ads that are blanketing the airwaves. When you send off a piece of jewelry, you’re unlikely to go through the hassle of getting it back in order to compare prices. As a result, these mail-in companies are able to low ball because they know they have a captive audience. You might be better off shopping your gold around traditional jewelers, coin dealers, pawnshops, even gold parties. Remember, just because you go into a store and ask what they’ll pay doesn’t mean you have to sell on the spot. You should think about it first. Also, there are some advantages to selling to jewelers as you may be able to get money for diamonds in the piece, generally if they’re at least 0.25 carat.
3. Consider a trade-in. You might get a better deal if you’re willing to trade up your jewelry. If you’re interested in a swap, visit at jeweler who sells pieces you’d like to wear. And when someone admires your new ring, you can say, “Oh this old thing?” (Literally).
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