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Gold Selling: Do's and Don'ts

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Submitted by Forever Diamonds on Wed, 05/29/2019 - 17:29

sticky note with do's and don'ts and title buying and selling gold

 

 

 

 

Gold Buyers & Sellers: Dos & Don’ts

The world of gold buying and selling can seem a bit tricky but it doesn’t have to be! As professional jewelers and seasoned gold buyers, we have listed some tips to help you navigate the best way to sell your gold.

DON’T: Skip the Research When Selling Gold

When we say do a little research we mean a couple things. First, try to know what gold pieces you have before bringing them in to be weighed. If you have a designer ring or necklace it is possible you could get a little more since it is better quality. Second, find out a little bit about the jeweler or companies you want to get gold quotes from. Check reviews online by searching through Google for the ‘best place to sell gold’ and see if customers give the company a good rating as this could save you some time.

DO: Learn Basics of Gold Prices

Prices of gold are constantly changing so if you want to get a general idea of what gold is selling for you could visit this precious metal website to check gold pricing. There is even a chart so you could click to see how much gold prices have gone up or down within the last months to determine if it’s a good time to sell or not. Just be aware that this is only an estimate based on an ounce of solid 24 carat gold. Any gold you want to sell will be precisely weighed by a jeweler’s scale, so for instance, if you have an 18 carat gold ring it will only get a fraction of the price listed on that website because it’s not pure gold and the setting of a ring will most likely not weigh anywhere near an ounce!

DO: Shop Around to Find the Best Prices for Selling Gold

We always recommend you get a few quotes from different jewelers or gold dealers to make sure you get the most for your gold. In general, we advise to steer clear of places like pop up gold buyers or pawn shops because they are known for giving the least amount of money for things. This is where some extra investigating into businesses will help you before you drive around to get quotes!

DON’T: Lump All Your Gold Together to Sell

Using a magnifying glass, look for the carat amount on your gold. It should be stamped as 14k, 18k, etc. and also look for the letters ‘GP’ as this indicates a piece is just gold plated. Using plastic bags put gold of the same carat type together and anything that is just plated with gold will probably not be worth much so feel free to bring it in but just don’t be surprised if you don’t get a big quote. By separating your gold it will save time when you go into the jewelry store!

By following some of these tips we hope you’ll find the best place to sell your gold and earn some extra money! If you have silver or platinum to sell we can give you quotes for that as well and if you have any questions about the gold selling process we are happy to help.