When selling gold jewellery, using these seven helpful hints will ensure that you get the greatest possible price for your items.
The sale of unused gold can be a fast method to generate some more income, but finding the best possible price can be difficult at times.
You have your choice of a large number of specialised cash-for-gold businesses, but it’s possible that they won’t give you the greatest price for your gold.
It is possible that you will be offered more money if you sell your gold to a traditional high street jeweller or through an online trading platform such as eBay. However, this will need more time on your part.
When it comes to selling gold jewellery, have a look at these pointers to guarantee that you obtain the best possible bargain.
1. Determine the optimal time of year to sell gold.
The laws of supply and demand state that the price of a commodity will go up if there is a rise in the number of people who wish to invest in that commodity. Gold is viewed as a safer bet than other types of investment, such as equities and shares, and as a result, its demand tends to increase when the economy is showing signs of potential instability.
When deciding whether or not to sell gold, it is important to take into account the state of the economy. If you believe that more difficult times are on the horizon, it may be worthwhile to wait for gold prices to climb before investing in gold.
In spite of this, it is exceedingly challenging to precisely forecast future increases or decreases in value, just as it is with any investment.
2. Don’t be in a hurry to visit companies that buy gold for cash.
Using a cash for gold company that specialises in the trade may seem like a convenient option, but prior research conducted by Which? has shown that it is unlikely to offer you the most money in exchange for your precious metal.
When compared to the prices supplied by high street jewellers, pawnshops, and online gold buying services, the prices that cash-for-gold organisations offer are far lower. Before you sell your gold, it is in your best interest to get price quotes from as many different places as possible.
3. Determine how much your gold is worth.
You may estimate how much your jewellery might be worth by looking at the hallmarks and weighing it using the current price of gold. This will help you determine how much your pieces are worth.
You can also ask a jeweller on the high street for a value of your gold, which will provide you with a more accurate estimation of how much it is worth.
Always make sure to receive a valuation before sending your goods to a company that would pay you cash for gold. If you believe that the price is too low or that the agreement is otherwise unfavourable, you have the option of requesting a higher price or the return of your gold.
4. Haggle before you trade gold
Do not be hesitant to negotiate the price of your gold if you believe that it is not being provided at a fair price.
Determine the number of jewellers that are located in your area. If there are multiple buyers vying for your business, you may find that they are more likely to negotiate the best price for your unwanted gold, particularly if you are selling a significant amount of jewellery.
Collect quotations from a number of different jewellers, then compare and contrast them with one another. You can improve your chances of having a successful negotiation by reading our advice on proper haggling etiquette.
5. Sell gold online
You might try selling your valuables online on websites such as eBay if you reside in a region where there are not many jewellers or if you are unable to find a decent offer for your gold on the high street.
Because you may be selling an expensive item, it will be to your advantage to accumulate a satisfactory level of positive feedback from other site users. This will let potential purchasers know that you can be trusted.
Find out more about selling items on eBay in a secure manner, as well as how to create and make use of an eBay account here.
6. Consider the value of the object as a whole, not just the value of the gold.
Gold buyers are typically just interested in the worth of the gold itself, and not the value of any valuable stones or craftsmanship that may be included in the piece.
If you send in rings, earrings, or necklaces set with precious gems to a company that buys gold for cash, the company may take the stones from the gold jewellery and throw them away. This will prevent you from profiting from the value of the jewels.
Similarly, high-fashion or branded jewellery may be worth more if it is preserved in its entirety rather than if it is sold on to be melted down.
Other artefacts, such as antique coins, medals, and mementos, may have a value that is significantly more than what you could ever earn from a cash-for-gold company or even from a high street jeweller who is not a specialist in the field.
Get your possessions properly appraised and priced before selling them if you have any reason to believe that their value goes beyond that of the gold they contain, that they are antiques, or that they would be of interest to collectors.
7. Evaluate the reputations of several cash-for-gold businesses
If you are set on employing the services of a cash-for-gold company, you should look into their reputations online. This could assist you identify companies that you would be better off avoiding.
Enter the names of particular cash-for-gold businesses into a search engine, and then look for testimonials or reviews pertaining to the quality of their service. Be sure to disregard any advertisements that cost money.
In-depth evaluations can also be found on websites like forums and blogs, which are both good places to look.