Remember These Key Facts When Selling Your Gold
While the markets reel under recession, many of us are actually happy about gold prices soaring new heights. Take advantage of the current gold prices and do what most people are doing. You can sell your broken, outdated and unwanted, used jewellery or antique items which you no longer cherish.
This can be a good way to improve your finances. You can make fast cash and some hefty returns.
Here are some helpful tips from Oren you need to consider:
- Avoid gold parties. This is an old fashioned process. Many housewives and relatives pool in and exchange items made of the yellow metal. This might sound very trustworthy but can be deceptive in reality. You may not get the entire worth of your jewellery.
- Always calculate the online market price of gold before you embark on a selling spree. Make a complete valuation of all the items you are planning to sell. Generally, stores which are round-the-corner shops have middlemen who might eat up your profits. Professional dealers, who regularly buy in volumes, make about 90 per cent of profits. You have to search for a store which gives you good margins. So be wise in choosing a good jewellery store.
- Always inspect your jewellery before you sell it. Gold jewellery may have clasps. Identify and inspect the inside of rings, look for markings in items. These may prove helpful in indicating the total gold content in karats. You can also use online research tools to identify unfamiliar terms. This entire process can be simplified if you have a jeweller’s loupe. If your items are unmarked, buy a gold test kit from the market. Know the true worth before you sell.
- Remember to detach all stones from the ornaments or make sure you get a separate valuation for the stones. Many dealers might not pay you the price for the stones or simply ignore them and only pay you the amount for the gold.
- Small gold items like rings, ear tubs, small bands all need to weighed first. Purchase or borrow weighing scales first. Separate each item and measure them in karats. You should know the weight first before you approach a gold dealer.
What you should AVOID when you sell your gold
As a seller you obviously want to get the best deal. It is important that you don’t tread into troubled territory. Most of us are unsuspecting strangers to fraudsters and unscrupulous dealers.
You should avoid the following:
- Avoid visiting ordinary stores or pawn shops. These have a local and friendly feel but are uncertified and are not registered with the authorities. They usually offer you the least amount of money. “We buy gold” stores are the other common culprits.
- Small jewellery stores tend to offer you more than “we buy gold” stores. But many of these offer store credits and the pay-outs can take time. When paid in terms of store credits, you might be tempted to recycle your pieces instead of selling. It’s important that you research well in advance before you visit these stores. Many of these can quote you an offer that is hard to miss but that could be the bait. The offer can be a hair under what was quoted. So beware.
- Antique market shops are sometimes very good when you buy gold jewellery and offer a lot of variety and choice. However, these might not be the best choice in the long run when it comes to selling your old pieces. They can use faulty gold standards and dupe you. Also make sure these shops ask for your identity and age proof. Those which don’t are actually breaking the law.
MUST-KNOWS when you sell your gold
Often when you decide to sell the yellow metal items, you can overlook some key points. Proper knowledge on selling should be an asset here. When you go to a gold store make sure you ask for the dealer’s license. If the dealer is a reputable name, he will have the documentation. It might sound a bit paranoid but this is necessary if you want to be absolutely sure of the dealer’s authenticity. You should also know if the dealer has weighing scales which are kept in front of the public eye. Make sure you weigh your items in the store itself without sending them to a second store. Ask for cash immediately after the weighing is done. Paying cash on the spot is not a novelty but the rule.
You should know the following:
- Always measure the weight of gold in grams. Pennyweight measurements can be faulty. Always ask for weight in grams.
- Get the correct karat rating of the gold. The purity of the metal is checked in karats. Know how much impurity your jewellery contains. Scrap metals used to harden the gold can pose to be a hindrance in valuing the item. Know your jewellery before you sell it.
- In addition to knowing the karat value of your gold item, stress on the markings it might have. These markings are also called hallmarks. Hallmarked items are a sign of great quality. Before you sell the item, check its hallmark credibility.
- Gold items can be plated and sometimes filled, shelled and rolled. These do not have value barring the weight of the thin plating. Know your item’s true weight before you sell it.
Before you decide or actually sell your gold we hope that you follow our tips. You should research well in advance about buyers and dealers who are credible and who are not. Check who gives you the right price. Call around and talk to people. Sometimes word-of-mouth can be a boon. This business thrives on good customers who are knowledgeable. So, take those broken bracelets, trinkets, chains and old scrap jewellery pieces and head for the right store. Being an informed gold seller is the key.