Step-by-step Guide To Selling Your Gold Jewelry Online
Suppose you owned several pieces of old gold jewelry you were unable or unwilling to wear
. For example, you might own a few necklaces that broke long ago, and you never felt compelled to have them fixed; you may have earrings that went out of style a decade ago; or you might own jewelry that brings to mind memories you'd rather forget. These pieces may remain packed in storage, or hidden in the corners of drawers. There, they collect dust.Now suppose there was a way you could sell this long-forgotten gold jewelry online. What if you could do so easily with every confidence you'd receive the highest price? Not only is this possible, but we'll explain the step-by-step process to doing so below.
Step #1: Calculate The Value Of Your Gold
Each of your pieces is designed with a certain number of karats; the number is usually etched onto the piece. Separate your entire collection into piles that reflect the number of karats in the pieces. Put every item with 14 karats into one pile; put the pieces with 18 karats into another; and do likewise with the rest.
You'll need to weigh each pile, and note its number of grams (a small gram scale comes in handy). Then, find the current spot price per troy ounce, and divide that number by 31.1 to arrive at the price per gram. You'll then need to multiply this price by the fineness of the gold in each pile. Fineness varies by the number of karats, so each pile will have a different value by gram. Lastly, multiply the resulting values by the number of grams in the related piles.
This first step is the most time-intensive. By comparison, the following steps are simple and fast.
Step #2: Do Your Due Diligence
Once you know the value of your gold jewelry based on the current spot price, you'll need to find a buyer. There are hundreds of them online. The key is making sure you work with a trustworthy buyer who offers you a fair price. Many of them will assume you have little idea regarding how much your jewelry is worth.
This step involves some investigative work. Check each prospective buyer's website, and read their agreements. Look for a phone number, and call it. There are many fly-by-night operations that could easily close their doors and disappear after you have sent your gold jewelry to them.
In the gold-buying industry, experience is a valuable barometer of trustworthiness. Look for buyers who have a track record that spans at least a decade, and preferably much longer.
Step #3: Work With A Gold Refiner
This step requires no effort at all. It is a matter of recognizing the type of gold buyers you'll find online. Some are middlemen while others are refiners. Middlemen buy scrap gold, and "flip it" to refiners for a higher price than that which they offered to the seller. They make a profit on the difference. The downside is that they need to offer sellers a low price in order to be profitable.
A refiner can offer you a much fairer (i.e. higher) price because there is no middleman to pay. The refiner pays you directly for your gold jewelry.
Step #4: Ship Your Gold Jewelry To The Buyer
Once you have chosen a refiner who has significant experience in the gold-buying industry, print a jewelry processing form from their website. Detail every gold bracelet, watch, and necklace you intend to mail to them. A reputable refiner will offer to send you a postage-paid mailing kit that includes insurance for your items. This provides financial protection in the unlikely event your package is lost by the postal service. Place your jewelry, along with the processing form, into the kit, and mail it.
Step #5: Respond To The Buyer's Offer
After the refiner has appraised the value of your gold jewelry, they will email you an offer. If you agree to it, they will usually mail you a check within twenty-four hours. Otherwise, they will return your gold jewelry to you at no cost.
The takeaway is that selling your old gold chains, pendants, earrings, and brooches is simpler than you may realize. The steps above will help ensure you find a reputable buyer who offers a fair price and a quick check in the mail.
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