Finances and Money Management Made Simple

Are you decluttering your jewelry box or have you inherited a bunch of jewelry? If so, you may find yourself with a bunch of gold jewelry that you have no desire to keep. The good news is that the gold has value even if the jewelry doesn't anymore. The following guide can help you assess your jewelry so you can get the best price.

Organize what you have

Gold content is measured in karats, with jewelry tending to be 10, 14, or 18 karat gold. The gold is bonded to another metal to form an alloy, since gold on its own is too soft for jewelry use. The higher the number, the more pure gold that is contained within the jewelry. When sorting your jewelry, separate it out by its gold content rating. This way you can have a better idea of what you have when you visit the gold dealer. The higher the purity level of a piece, the more it should be worth.

Visit an appraiser

Taking your gold to be appraised at a jewelry store is a good idea. When you sell gold to most scrap gold dealers, they will send it in to be melted down and the gold will be separated from any alloy metals. You will then be paid for the gold. In some cases, though, jewelry is worth more than the materials it contains, either due to the maker, artist, age, attached gemstones, or style of the piece. An appraiser can alert you to which pieces should be sold as gold and which ones should be sold as jewelry. This can ensure you get the best price for your gold jewelry.

Check gold prices

Before visiting a scrap gold buyer, make sure to watch the gold market for just a few days. You want to sell when prices are high. If gold has taken a temporary downturn, it may pay off to wait a few days or weeks before making the sale. Keep in mind, you will not be paid the full market rate for your gold, since the buyer will need to take their cut of the profits. Also, check to make sure that the buyer you choose offers some sort of price guarantee. This ensures that you are paid the high price on the day you sell, not the price that the gold is worth once it is melted down. Otherwise, you could lose money if the gold market experiences a dip after you have dropped off your pieces with the gold buyer.

For more help, contact a company that buys scrap gold.