If you're looking for a place to sell your gold jewelry, you have plenty of options. Certain commodities hold their value, and people have prized gold for centuries. If you know where to go, you can turn your unwanted jewelry into cash.
Sell Your Gold Jewelry
There are several options for selling your gold jewelry. Each has advantages and disadvantages, and the one you choose will depend on your situation.
Pawnshops
Pawnshops specialize in buying valuable merchandise for reduced prices, marking it up, and selling it back to the original owner or another buyer for more money. If you're hoping to sell your jewelry quickly, a pawnshop may be your best option. In addition to speed, pawnshops offer selling convenience. You can find a list of local pawnshops near you by looking in your local yellow pages.
If you're considering selling your gold jewelry in a pawnshop, keep the following potential disadvantages in mind as well:
- Pawnshops typically do not offer the best price for fine jewelry. Since they need to mark up merchandise before reselling it, they need to buy low.
- Although most pawnshop owners are honest, there are individuals who may misrepresent the value of your jewelry. If you're not well informed about a piece's value, you may not get enough money for it.
Several online pawnshops specialize in buying gold jewelry:
Always use caution when selling your gold jewelry to online pawn shops. Look up the company with the Better Business Bureau, and get all agreements in writing.
Consignment Shops
If you aren't in a hurry to sell your gold jewelry, consider selling it at a consignment shop. Some vintage jewelry stores specialize in consignment deals. When you arrange to sell on consignment, you agree to give a portion of the sale price to the owner of the shop. Typically, this fee can be as much as 30% or 40% of the final price.
The main advantage of selling on consignment is that you don't need to let the piece go for less than it's worth. You can also sit back and wait for it to sell without doing a lot of work to sell it. However, since the fees are so significant, you may not make much more money than you would in a pawnshop.
Online Auction Sites
These days, many consumers buy used or vintage gold jewelry online. This is a great way to sell your unwanted gold for what it's really worth. To list an item on a website like eBay, you'll need to take pictures and include relevant information. Be sure to describe the piece carefully, paying special attention to the karat and the weight of the item. You'll pay a small fee to list the item and another small commission when the piece sells. You can set a reserve to make sure the piece doesn't go for less than its value.
The advantage of selling your gold jewelry online is that you can get top dollar for it; however, there are a few disadvantages to this type of selling. You'll need to know a lot about your item to make sure you're asking a fair price. You'll also need to keep an eye on the auction and ship the piece out immediately to avoid buyer complaints.
Classified Ads
If you'd like your jewelry to sell closer to home, you can take out a classified ad in your local newspaper or on a website like Craig's List. In your ad, be sure to list all details about the piece. If you're using an online classified ad, you should also include a photo of the item.
The advantage to selling your gold jewelry this way is that it's very inexpensive. Most classified ads cost only a few dollars. If you're not in a hurry to sell, you can keep relisting your item until you get the price you want. The main disadvantage to this type of selling is that you only reach a small audience, usually just the readers of your local paper.
Helpful Tips
Before you sell your gold jewelry, keep the following tips in mind:
- Know what the item is worth. This means understanding the karat of the gold and knowing the value of any gems or other precious materials.
- If possible, take your time. Selling quickly may mean selling for less money.
- Get multiple offers. Include "or best offer" in your ad or listing if you're selling the piece yourself. Ask multiple consignment shops or pawnshops what they would ask for the piece. Compare these numbers to get the most money for your gold.
- Know if your piece is scrap. Some gold jewelry is damaged and does not have any value as an accessory. Instead, its value lies in the materials. If your jewelry is in bad shape, this may be your best way to market it.
When selling your gold jewelry, doing your homework is very important. Take the time to research your sales options, get to know the value of your piece, and compare offers. Educating yourself will get you the highest price for your gold.
