Aug 1, 2013 5:15 am
If you are looking for tips on selling gold jewelry, look no further. Whether you're in desperation mode to pay those bills or have unwanted items from an ex spouse, selling used jewelry is one of the only feasible "get rich quick" schemes. However, it's important to not go by the word of any salesman and to do your research. As long as you familiarize yourself with some fundamental industry tips and "tricks of the trade", you'll be golden!
It's crucial to ensure that your gold jewelry is being weighed to the exact decimal. Some dealers will try to maximize profit by rounding off the weight in some pieces. This is a clever and easily overlooked method to the untrained eye. Double check that they are weighing any gold in pennyweight.
If you had a mint condition Louis Vuitton bag, would you list the Ad title as "1.3 lb's of leather" or "Authentic Louis Vuitton Clutch"? Of course, you'd write a headline akin to the latter. Selling jewelry is no different. Make sure that you get the actual value of your piece appraised. Anything designer or name brand will payout higher than the compensation for melted down gold.
One of the biggest scams in gold selling is paying a client for "gold jewelry". This may sound bizarre, but you need to bear in mind that there are many alloy varieties of this precious metal. There's a huge difference between a 14 and 24 karat gold necklace. In fact, in most western countries it's the law for the jewelry industry to properly label the karats in all gold items for sale. Furthermore, ensure that your dealer is properly compensating you for any additional ornamentation. This could include diamonds and embedded gemstones.
If you are unsure what gold buying business to visit, you should always check online reviews. Yelp and citysearch.com are a must if you're looking to avoid getting taken advantage of. When you've finally selected someone to do business with, it's crucial that you bring some form of government-issued ID. This is mandatory as a lot of jewelry is bootleg or stolen. Records help law enforcement track down and prosecute criminals.