Avoiding Unfair Cash for Gold Jewlry Offers

Many people are struggling to make ends meet and need a little extra money in between paychecks. If you have seen commercials or advertisements for companies that will buy your gold for cash, you might consider selling the few pieces of jewelry you have. While you may not realize it at first, the price of gold is so high that you may be able pay your next month’s bills by selling your broken chains and old earrings.

Know How Much You Have

Some buyers may try to low-ball you into selling your jewelry for less than what it is actually worth. To get the best price for your items, you need to know exactly much gold you have. When weighing your jewelry, keep in mind that not all gold pieces are pure gold. For example, 24k gold is what is considered “pure” gold, so the weight of the jewelry is the same as its actual gold content. On the other hand, 14k jewelry is only 58.33 percent gold, so weigh what you have and then multiply it by .5833 to calculate how much of it is actually gold.

Know Your Range

While you should know that you may not receive the exact amount for the value of your gold, it is important to research so that you gain a better understanding of what it is worth. Use the Internet to check the current price for gold bullion to determine how much your jewelry could bring you if it was already refined into gold bars. Remember that since you will not be selling it that way, you will not get that amount.

Find an appraiser who is knowledgeable about gold and can give you an estimate of the highest amount you could expect to receive. Depending on the jewelry you have, the appraiser may try to put you in touch with a dealer who may be looking for a similar piece. However hard it may be, step back and do not jump on the first offer you receive.

Find Buyers

Using the Internet, look through your local Craigslist for wanted advertisements for gold. Ask the buyers how much they are paying per gram and multiply their price by the total weight of your jewelry to find what they would offer you. If you decide to meet with one or two of these buyers, make sure they are offering you what they said they would. Since you have done your research, they may incorrectly assume that you do not know how much gold you actually have.

Get Multiple Offers

Try to receive more than one offer and do not go with the first person you contact. You may want to take your gold to a pawnshop or gold dealer and ask if they are interested in purchasing your jewelry. However, they may not be interested in your pieces if they are broken or damaged, or they may not be able to offer you a high price for the items.

If you do not need to have the cash for a few days, you may want to consider using an online company that will buy your gold through the mail. If you decide to try this option, do some research on the company before you send them your jewelry. Seek out customer reviews or ask for references from friends or family members who may have tried the service. While there are dishonest companies who may try to take your items and refuse to pay you, there are numerous reputable companies purchasing gold this way. In fact, an online company who can offer you cash for your gold may be able to give you the highest price because they take your jewelry and melt it down themselves; they do not have to pay a “middle man” to do it.

Remember that even if you send your gold to a company, you do not have to take their offer. If you decide against it, return the money and let them know that you are declining their offer. They will send the gold back to you. Be careful, however, because you only have a certain timeframe to make a decision before they melt your jewelry. Make sure you read the sales agreement so you are fully aware of the company’s policy regarding acceptance and declination of offers.

Not only are online companies able to offer you the most money, they are one of the easiest ways you can receive cash for your jewelry. The most important thing to remember to avoid selling your gold for less than it is worth is to do thorough research about the pieces you own, and shop around for multiple offers before choosing a buyer.