How much can you get for your gold wedding ring, bracelet or earrings? Where should you sell your gold jewelry?
Most people who want to sell gold jewelry simply go to a pawnshop. However, that’s not the best choice. Pawn shops take a large margin and often cheat customers in order to earn as much as possible. That’s why it often seems like it isn’t worth it to sell your gold, but the opposite is true. Market demand for scrap gold is always increasing, and due to growing competition, you can get good prices for your gold jewelry. Nevertheless, you should be careful to choose a reliable buyer from among the many on the market.
First of all, the price for a gold wedding band, bracelet or earrings depends on both the weight and the quality of gold from which the jewelry was made. The price of gold is not constant – it rises and falls with the market. The price for the jewelry also depends on other elements. For example, you can get more for diamond earrings than for regular gold earrings.
Gold jewelry with diamond elements should be accompanied by a certificate of product authenticity. For example, if the certificate says ‘ring 2.2 grams Au 585 with diamond Si/H 0.20 ct, value $500,’ i.e. the replacement value – the amount you would have to pay for a new version of the same ring in case your ring is stolen.
Remember that the amount on the certificate is not the amount you’d get from a pawn shop or precious metals dealer. It often happens that a customer comes to a dealer and says “I have a ring which cost $1,000, I’ll sell it to you for $950.” Of course, this will just make the dealer smile, as they would offer just 40% of the price – the value of the raw materials used to make the ring. In a pawnshop, the ring is likely to either be divided into pieces – the gold sold as scrap and the stone sold to a jeweler – or to be cleaned up and resold for about 70% of the value on the certificate.
If you don’t have a certificate and don’t know how much your jewelry weighs, ask an appraiser – in this case, an independent jeweler is recommended – and ask for an evaluation before selling.
Where should I sell jewelry?
As mentioned before, it’s best not to sell jewelry in a pawnshop, as the price offered in a pawnshop will be much lower than the market price. The low price in a pawnshop is due to two reasons: first, pawnshops earn money by lending money to people who can’t get credit at a bank, meaning that the pawnbroker has to account for the fact that the loans may not be repaid; and second, the pawnbroker has to account for the fact that they may be forced to sell the gold.
Many people don’t realize that you can get more per gram when selling to online gold companies. This is due to lower business costs. Some people may be afraid to send their jewelry to an unknown company for evaluation. However, it’s easy to check the reliability of any company by reading reviews on the internet.
How much is your gold chain worth per gram?
Remember that at the beginning its best to ask a jeweler about the value of your jewelry, which is determined by its weight as well as the quality of gold from which it is made. Calculators available on precious metal buyer websites allow you to determine how much you could be offered for your earrings, chain, or other jewelry. In addition, quoted purchase prices are often for a gram of 916 gold, whereas most engagement rings and wedding rings are made from 585 gold.
The spot4coins sales procedure is as follows.
You order a free secure pack or pack your items yourself, attach the form from our website, and send the package to our address. Any gemstones or other non-metallic items must be removed from the jewelry.
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