The Best Ways to Sell Your Gold
How do you know the value of your gold?
It doesn’t take an expertise to obtain the weight of your gold. You may initially use a regular kitchen scale to get the weight. Then you can proceed to a reputable jeweler for further assistance. There are ways available to measure gold. U.S. scale weighs 28 grams per ounce whereas jewelers use Troy ounces which is 31.1 grams. Other jewelers applies pennyweights (dwt) equivalent to 1.56 grams.
For the purity, it is usually marked on the jewelry piece such 14k, 18k or 21k stamp. Other jewelries that do not have stamps can be identified through “scratch test”. You can buy this test kit on Amazon, Ebay or other online stores for about $25. Another option is to bring your jewelries to your jeweler. And if you don’t have a jeweler, the best location is the Los Angeles Jewelry District.
Be noted that transaction in selling jewelry varies. Some jewelers or dealers make their offer in cash or certified check basis especially when you decide to visit their location. Others can give their offer via email with specific time frame because gold market value changes a lot. As you agree with the offer, the vendor can either send you a check overnight; direct deposit or wire transfer. It very important to choose a jeweler or dealer that gives a time allowance for you to decide. This way, you avoid getting pressured and act out of impulse.
How do you know if you’re selling your gold at a fair price?
As you sell your gold whether in the form of coins or bars, at least 90% – 95% of the current market value is expected to be offered to you. But when it comes to gold jewelry, 70% – 80% of the melt value is likely to be given. Such disparity between gold coin or gold bar and gold jewelry can be best understood through the process that a jeweler will go through as he buys or prices your jewelry items. For gold jewelry, the cost of melting and refining your gold to become a new item (gold jewelry or bullion) is greatly considered.