Why and How to Sell Gold
Selling used gold can be challenging. When you set out to sell used gold, there are several roadblocks that you may encounter. Even if you are a knowledgeable individual, it’s quite possible for you to get deceived by unethical gold buyers. One of the most important considerations while selling gold is the reputation of the buyer.
Reasons why people sell gold:
- The most common reason why people sell gold is to earn quick and instant cash. This can be due to emergency situations or their gold jewelry is not being used.
- With gold prices at an all-time high in today’s society, people are looking to make profits due to the favourable market conditions.
- People are fond of jewelry and often sell their old jewelry for new modern trendy styles.
- Jewelry sometimes gets damaged or broken; it is then a wise decision to sell it.
- Another reason is that people may have bad memories associated with some jewelry pieces and do not wish to possess it any more. A broken engagement, a failed marriage or a friendship gone sour are a few examples of such instances.
We now know why people they sell it. But the real challenge comes when you want to sell your gold, but don’t know where to sell it. Here are some factors to consider when you are selecting a buyer for your gold.
Tips & advice when you’re looking for a gold buyer:
- Choose a reliable and trustworthy buyer, who is reputed and has been in the business for several years. Also, you can ask friends and acquaintances for references.
- Opt for buyers who are prompt in their services like evaluation and payment.
- Know the exact weight and purity of your gold pieces.
- Inquire about the buying procedure and select a buyer whose practices are open and fair.
- Evaluate your gold so that you know the range of how much to expect.
- If you’re planning to sell your gold through mail, it’s very important that you verify the authenticity of the buyer and their history.
- There has to be uniformity in the units of weight for your precious metals. If you have evaluated your gold in grams, then insist that the buyer also quote his price in grams.
Steps in selling gold:
There are many factors to assess when actually selling your gold. You can be armed with all the information, but if you don’t know how to go about it, all your knowledge will be of no use. We have come up with a guide to help you:
- When you decide to sell gold, the first and foremost step would be to sort your gold and figure out the pieces that you want to sell. Take your time in deciding what you want to keep and what you want to sell.
- The next step would be to classify the jewelry depending on its purity. This is where we help; we assess jewelry free of charge and give a fair value. You can also get your jewelry assessed by others as well for your piece of mind. This is important because gold jewelry with different purities will fetch different prices. For e.g., you will get a higher price for gold that is 22k and less for 18k.
- Next step is to choose a reliable buyer of gold who is fair in his practices and abides by ethical practices. You can do this by researching the market and finding out reliable names in the business. We at Oren have been in the industry for years and one of the top buyers of gold in the Toronto area.
- Make sure that your valuables are weighed in your presence so that there is no scope for any malpractice.
- The last step is the best one, receive your cash.