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What to do before selling gold jewelry
By Ryan Harish at 2013-11-17 11:18:02
Gold has got an all-time high demand on the market. Although Diamond and Platinum jewelry items have got more aesthetic look than gold jewelry, people seem to be more inclined towards gold than other jewelry. Reason is the high difference in cost. You can get standard gold ornaments at an affordable cost, whereas, standard diamond and platinum ornaments are a way too expensive.
Gold selling is equally high just like gold buying. If you want to sell your gold jewelry, do not rush. Many scrupulous gold buyers are out there on the market, you may fall as a victim. Read the full post to know what you need to do before going to sell your precious jewelryIs your gold jewelry good or broken?
Is the gold jewelry you are going to sell is a good ready made piece of jewelry or broken? If it is ready to be put on directly, you can go for some good exchange offers or you can earn only cash. Else if you are going to sell it just because it’s broken, better you get it measured first because you will only be getting paid for the gold weight in it.
A broken or unwanted jewelry is only considered as scrap gold. A scrapped gold jewelry is melted down to get the precious metal and then weighed for calculating the cash for it.
What other things you need to know?How much your gold will cost and what amount you will get paid is determined by factors like:
i. Karat weight:Gold is measured in karat weight. 24 karat gold is considered as 100% pure gold. It is impossible to make jewelry using 100% pure gold so impurities like silver and copper are mixed. A 22 karat refers to 91.7% gold, an 18 karat refers to 75% gold, 14 karat is 58.3% gold and 10 karat is 41.7% gold.
ii. Gold price on the day of selling:The market price of gold is often calculated for 24 karat gold. Today, there are dedicated websites and multiple finance related TV channels. If you are an internet guy, get up-to-date information about gold and silver prices. Otherwise, do watch TV channels for the most recent gold priceiii. Refining fee:
If you know the jewelry store, it may not charge you anything for refining and assaying your ornament.
iv. Buyer’s profit:Then comes the buyer’s profit margin. Some gold buyers are ready to buy your gold with a profit margin of 20%, whereas some buyers demand at least 30% profit margin. This helps you go for the suitable gold buyer.
If you want to sell your gold which is beautiful and well-maintained, you can go online to sell it at high price.
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