Eight Things You Should Know About Before Selling Your Jewelry

Thursday, January 23, 2014

I'm always on the hunt for different ways to bring in extra money.  I routinely go through the house and find items I don't want or don't use - and sell them.  I sell items online and to consignment stores.  The kids and I always come up with a fun plan for the little bit of extra cash we bring in this way.  I've learned that you always need to know the value of what you're selling.  When you decide to sell gold and jewelry, the possible extra money that may come in can be very exciting. However, getting too excited about the prospects and rushing out to sell your jewelry at the nearest store can be a huge mistake that may result in significant financial losses. Hopefully, the following tips will allow you to get the most out of your jewelry and gold so that you know you are making the right decision.

Keep It Local

It can be tempting to use a mail service that sends you a check when you ship them your jewelry.  We've all seen these commercials. They offer many guarantees in addition to a fast turnaround. However, going local is your best bet. You should also avoid single day events housed in hotels and malls. Selling locally gives you the advantage of being able to look into whether or not a vendor is trusted, licensed, and registered in order to ensure that the services are secure.

Do Business in Person

Do not rely on quotes that you receive over the phone from dealers. They may give much higher prices than they are willing to pay just to get customers in the door. Once you are actually attempting to finalize the transaction, the price may be dramatically lower.  If they haven't actually seen the piece - how can they give a fair estimate?

Explore Your Options

As with most major purchases shop the product around before making any final decisions. Visit many different buyers in person with the jewelry in hand so that you can get an accurate price to contrast and compare. You can also get a good idea of their legitimacy based on the amount of pressure that they put on you to sell immediately.

Know Your Jewelry

Do the necessary research to find out the value of relevant metals, stones, gems and weights in gold. Precious metals are bought and sold using troy ounce measurements. The more information you have going into the transaction - the better your chances of getting the absolute best deal possible.

Purity Counts

When dealing with gold jewelry specifically, it is critical to know the pureness of the gold itself. A 24 Karat piece is as pure as possible. If the current market price of gold is $1,400 per ounce, then that should be the price you receive on 24K pieces. As the Karat reduces, so does the price. Note that Karat testing and other evaluations for jewels should all be carried out in front of you!

Be an Observer

According to the laws in most states, a seller must weigh gold and evaluate jewelry directly in front of the customer. The items must also be weighed individually to ensure accuracy. The scales used for weighing must be certified by the state. Certification requires a current sticker that is certified by the Office of Weights and Measurements.

You Can Never Be Too Careful

Even after the transaction is done, get a complete sales recipe from the vendor. This receipt should include detailed information on the transaction in the case of a later dispute. Among the information that should be present is the name and address of the buyer, the date, the metals included, weights, and prices paid.

With this knowledge on your side and a commitment to take the proper precautions, you can sell your jewelry with little worry when it comes to getting the most value out of your precious jewels. The market is good and your payoff can be substantial when you plan ahead of time.