Selling Gold for Cash: Tips and Tricks to Make More Money

Gold is one commodity that continually increases in value due to the limited amount of it available. Because of this, the return that someone can get on gold is significantly higher than what a person might have bought it for. However, there are a few things to know before heading on out to the nearest store to sell any gold for cash.

Know the Piece Being Sold

It might be an unfortunate situation to be in, but there are times when a jeweler doesn’t give a potential seller a straight answer of how much the gold is worth. Often, potential buyers will use a scale to determine the weight of the gold, so it is important for potential sellers to know the rates of gold at the time of sale. As such, it is important to know about the karat, a measurement that denotes the amount alloy used along with the gold.

In other words, a karat is the ratio of metal-to-gold; once this ratio is determined, the proper weight of gold can be calculated. A 12-karat ring, for example, means it is 12-parts gold with the rest being other metals. In its pure form, gold is incredibly soft, which is why most jewelry tends to be a mix of gold and some other kind of metal, to create some stability in the piece.

Weigh Pieces Separately

If you have multiple pieces of jewelry you want to sell, measure each piece individually; this will give you most approximate rate for each product so you can better determine the prices you should be selling at. In doing this, make sure that the karat and the gold are measured individually to get the best idea of what your items are worth. It is better to know the karat value of gold before setting out to sell it to avoid being cheated by a potential buyer.

Know Potential Buyers

It is always advised to sell jewelry to an authorized buyer who has a good reputation. Searching online and finding reviews about potential buyers is one of the best ways to figure out whether a particular buyer is someone you would want to sell your products to. There are a number of sites that rank buyers by their efficiency, location, and purchasing price.

Know the Worth of the Gold as a Whole

Sometimes, the karat and weight of the gold are not the only factors to take into consideration when getting a good price. If possible, find out the history of the piece itself. Is this a unique find with historical significance or made by a famous designer? If so, the chances of getting an even better price are much higher. However, jewelry designers don’t always point this out to their customers, which is why potential sellers need to do their own research beforehand.

Try Multiple Buyers

Even if you find the most well-known buyer in your area, you still may not get the best price for your product. Sometimes, smaller buyers tend to offer a lot more for certain pieces, which can be significantly more profitable for the seller. There is nothing wrong with visiting multiple stores to find out which one will offer the best price for your gold. It might not be as quick or convenient, but it can potentially lead to a better sale, making it worth it in the long run.

Be Wary of Gold Parties

Gold parties are events where people gather to sell their gold to friends and acquaintances. These events are meant to be a fun and interactive way to get people to socialize with one another while offering some kind of benefit in the process. However, these parties may not always be the right choice for people who want to make a good amount of money on the gold that they are selling. More often than not, people get significantly less on their gold at these types of parties as compared to what they would get if they were to go to a regular jeweler or other buyer to sell their gold.

Additional Tips

When setting out to sell gold for cash, always be sure to a valid form of identity. Jewelers require this because of registry protocol they have to follow; they cannot give people money for their gold unless they provide valid proof of identity.

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