When you have no money, the easiest way to get money is to sell your gold jewelry – take the money for gold. The price of gold is rising, and many ads are flooding newspapers, the internet, radio and television from gold buyers.
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To make the most of your gold jewelry, you need to be very careful and follow the right channels.
How to sell gold jewelry
You should start by dividing jewelry into different categories: broken parts, missing parts and antique ones. Your next step should be to find the true value of your gold. It should be borne in mind that there are many people who pretend to be professional jewelers, but they are not.
To be sure, you should find reputable jewelers from your local office for better business. If you live in the United States, you should find great gems from the American Gem Society.
The goldsmith will analyze the gold and give you the carat value and weight of the gold in the banknote. There are some jewelers who will give you weight in troy ounces. You should not be satisfied with the value given by one jeweler – you should get the value from at least three professionals.
In addition to getting value from a number of jewelers, you should also determine the intrinsic value of gold online. The cool thing is that there are many network calculators to help you determine the value within seconds.
You can also calculate the value yourself. You should start by determining the percentage of gold in your jewelry. Always keep in mind that 24 carats is 100% gold; therefore, to get the percentage of gold in your jewelry, divide the carat of your jewelry by 24.
For example, 18-carat jewelry is 75% (18 carats / 24 carats = 0.75 = 75%)
With a percentage you will be able to determine the weight of the gold. To do this, you only need to multiply the percentage you get by the recorded weight of your jewelry. For example, an 18-carat gold ring weighing 20 grams has 15 grams of gold (29g X75 = 15g).
To convert weight to ounces, you must keep in mind that 1g = 0.0353 oz; hence 15 g = 0.53 g (1 oz / 0.0353 g).
To get the value of gold, you have to multiply the weight of the gold (in ounces) by the current price. For example 0.53 g X 1000 USD / oz = 530 USD
With all the information with you, you should now explore your sales opportunities. As mentioned above, the price of gold is rising; therefore it is easy to find a buyer of gold. Keep in mind that different buyers will accept different qualities of gold. For example, online shoppers will accept broken jewelry, but jewelry stores will only accept intact jewelry.
If you have broken jewelry, consider selling scrap gold or broken jewelry and keep the jewelry intact for the jewelers.
You should reach out to different customers and compare their prices. As a basic rule, buy from a customer providing the best prices for your gold.