Tips for Selling Gold: How To Get The Most Cash For Your Gold

Tips for Selling Gold: How To Get The Most Cash For Your Gold

February 03, 2021

Many gold items retain their value long after you buy them. Selling them if they're not in style anymore is a great way to get rid of some clutter and earn extra money. You can even put the additional cash toward better, more beautiful accessories. Here are some useful tips to help you get a great deal when you sell gold for cash.

Understand the Scales

Scales in the United States have 28 grams per ounce, but gold is usually measured with Troy ounces that contain 31.1 grams. Some dealers also use a system of weights called pennyweights to measure a Troy ounce. A pennyweight has 1.555 grams.

Know Your Karats 

Image via Flickr by mandiberg

Even in jewelry, pure gold is too soft to be durable. It's usually combined with other metals, and the karat rating describes the amount of pure gold. The value of gold jewelry partly depends on the other metals it contains, but the amount of gold is more important. Even if one ring contains copper and another with a similar karat rating uses silver, they should have similar values. Knowing the karat rating and what it means is important for making an informed decision about your gold's value.

One-karat gold contains 1/24 pure gold by weight, and 14-karat gold contains 10 parts other metals and 14 parts gold. Calling an item gold jewelry is illegal in the United States unless it uses at least 10-karat gold, and 24-karat gold is completely pure.

Gold jewelry is usually stamped with an identifying number or hallmark that tells jewelers about the gold's purity. The number 916 or 917 means 22-karat gold, and 999 is 24-karat gold. With 14-karat gold, the number is 583 or 585, and 10-karat gold is 416 or 417. The figure is 750 for 18-kart gold and 500 for 12-karat pieces. Make sure you know the karat rating of your jewelry before a buyer weighs it. They should also examine pieces with different karat values separately to make sure that you get the right amount for all your items.

Understand the Types of Gold Available

Gold is usually the bright, metallic color that's named after it, but gold is available in a variety of colors. The different colors are made by adding different metals. Here's some more information about the different types of gold available.

Yellow gold usually has copper and zinc, and white gold contains nickel, palladium, zinc, or manganese. White gold is often covered with a thin layer of rhodium to prevent scratches and make it look shinier. You can also choose blue or purple gold with aluminum, indium, or gallium. However, they're more brittle than other gold alloys, and they could shatter if you drop them on a hard floor.

Black gold with cobalt or chromium is available, and jewelry manufacturers can also create this color with chemical treatments, very high temperatures, or lasers that change the microscopic structure of the surface of the metal. Rose gold is a pink color with a romantic look, and it normally has copper and silver. Adding enough copper to gold will produce a red or green color. Copper is a hard metal, and rose or green gold is more durable than other varieties.

Some people are allergic to zinc, copper, cobalt, and other metals, so knowing which metal your jewelry contains is important. Most jewelers can find out with a chemical test.

Research Prices

Before you decide to sell an item, research the market price for gold and the value of the piece. If it's a vintage or designer item, it may be worth more than just the price of the gold it contains. However, you should remember that the market price is different from the retail price. In most cases, you won't get as much as you paid for a piece of gold jewelry.

Your jewelry could be appraised for an amount close to the purchase price, but you may not be able to resell it for that amount. Most appraisals are for insurance purposes, and they estimate the retail value rather than the market value.

Remember that gold prices tend to rise during a recession, making it an excellent investment for emergencies. If you buy and sell a gold item at the right times, you can get the retail price back or even make a profit.

Clean Your Gold Jewelry 

You can make your gold jewelry look more attractive to buyers with a quick cleaning. Just dip the item in a bowl of lukewarm water and dish soap, and then clean it with a toothbrush or a soft cloth. If the jewelry contains precious stones or other metals, you can have it cleaned by a professional to make sure that it's polished safely.

Talk to a Jeweler in Person

You can sell gold for cash by mailing jewelry to some sellers, but you could have to wait a while to get your money. If you turn down their offer, you'll have to wait even longer to get your jewelry back. Your piece could be lost in the mail, and you won't be able to watch the jeweler weigh it or conduct tests. Speaking to a qualified jeweler in person also lets you get an accurate estimate of the values of any stones or gems in the jewelry and get the best price possible.

Bring Your ID

Gold buyers must ask sellers for identification. This law protects consumers by helping police investigate stolen property and find criminals attempting to make sales. It also helps prevent money laundering. You should expect the buyer to record your driver's license number or make a copy of your ID.

If you're wondering where to sell gold, check out Unique Gold and Diamonds. We guarantee 100% satisfaction, and our jewelers can give you a great price. Make an appointment for payment on the same day in cash, by check, or through a bank transfer. You can also use the money you get as store credit towards a new, even better ring, necklace, bracelet, or pair of earrings.