Parting with precious gold jewelry and heirlooms is not a decision to be taken lightly, and neither is how or to whom you sell them. Though there is no shortage of cautionary tales in which those selling cherished items end up scammed, it’s actually easy to avoid selling your gold for less than it’s worth when you go into the process well-informed—and reading this guide is your first step.
Begin by researching the current price of gold and the rough value of your piece, which will be based on its weight and purity. While purity is typically inscribed somewhere on the item, your gold’s weight can be calculated with a basic kitchen or postal scale, and measurements should be converted from the standard ounce to the Troy. Markings of 10k, 12k, 14k, and 18k denote compositions of 41%, 50%, 58%, and 75% gold, respectively. To estimate the retail value of your gold, subtract the percentage of non-gold material in your jewelry from its measured weight, and multiply this figure by gold’s current selling price.
Before selling your gold, having an accurate idea of its ballpark retail value as well as its weight, in both Troy ounces and pennyweight, can help weed out untrustworthy buyers. If a buyer claims your gold weighs or is valued at a significantly lesser amount than you measured yourself, or if he uses different units between weighing and pricing, move on to another business!
With the many visible advertisements for places to sell your gold these days, it’s easy to think that everyone is authorized to buy it, but this is not the case. State-licensed gold buyers have obtained official credentials, and, at the time of the sale, will request to see your photo ID to prevent selling stolen goods or laundering.
To sell your gold confidently, your best option is to avoid the online buyers with mail-in schemes or local pop-up shops and, instead, go through any established, well-respected jewelry store. If you’re concerned with the reputation of a gold-buying company, see if any customer complaints have been lodged against them on the Better Business Bureau’s website.
Before sentencing your gold jewelry to molten reconfiguration, though, it’s worth investigating its current value—not as a precious metal, but as a unique artistic creation. After all, in its current state, it could be worth even more! Even some of the stunning pieces we offer in the vintage jewelry section of our shop might have otherwise been melted down had our professional staff not properly appraised their value.
By following these tips, you can choose a buyer with confidence and make your gold-selling experience a positive one! For more information on inherited and vintage gold or jewelry, explore our blog and company website, or visit our store on 5th Ave in New York City.