What Are The Significant Things You Need To Know In Selling Your Gold or Jewelries?
1) Determine and understand the karat weight. Since pure gold is too soft it has to be mixed with other types of metal to become durable and bring out its color. The agency called Federal Trade Commission has strictly ordered that all finished jewelries sold in the U.S. market carry fine alloy in karat term. A karat is equivalent to 1/24 of pure gold in weight, thus, a 14 karat jewelry is 14 parts gold and 10 parts other metals. It is also unlawful for a jewelry piece to be claimed as gold if it’s less than 10k. Seeing a stamp on your ring is not enough, it needs to be checked by a gold tester.
2) Identify the karat type of you jewelries. When you sell a bunch of jewelries, it is highly recommended to identify which pieces are 10k, 14k, 18k or 21k because the buying price of each karat type is different. The higher the karat the more expensive. Some dealers simply weigh the whole pieces & give just one offer for everything without considering the real value of the gold.
3) Understand the use of scales. Gold weight help in determining the gold value. But jewelers use a different standard to measure gold known as Troy Ounce. The U.S. Scales measure gold for 28 grams per ounce whereas gold is measured at 31.1 grams per Troy Ounce. Other dealers use a weight system called pennyweight (dwt) to measure a Troy Ounce and others use grams. A pennyweight has 1.555 grams equivalent. So be on guard! The dealer must buy your gold by gram and NOT by pennyweight.
4) Understand what you are selling. You may get carried away for immediate offer a dealer extends to you. But you must be equipped if you are selling ring, necklace or bracelet made by a known designer, or may consist of quality diamonds that are more expensive in the market. Go online. Visit more dealers mostly located in Los Angeles Jewelry District.
5) Be aware of the market value of your gold. Before you even make an appointment with a dealer to sell your jewelries, it is wiser to call that dealer first & visit online to check the current market price for gold. Don’t sell your jewelries out of impulse or desperation for dealers may take advantage of you for a quick cash — their gain at your expense! Learn to shop around and don’t get swayed by just one offer.
6) Have a good knowledge about your buyer. Don’t get enticed by such promising offers from dealers. You should check their reputation or validity from Better Business Bureau (BBB), Yelp, Google and other known sites. Also, a legitimate gold buyer should ask you for government-issued identification before any selling transaction takes place. Such requirement is for protection of both buyer and seller preventing a sale of stolen goods or money laundering.
7) Find out the dealer or buyer’s terms and conditions. If you agree for a consignment, make sure you know what kind of arrangement you are getting into. Ask the price range and what type of payment a dealer will give you once they sell your jewelry pieces. If you prefer, the transaction via mail, ship out the items with full insurance coverage. Sometimes a dealer provides a prepaid label for the shipment. Again, the price and period a dealer will hold your jewelry or jewelries needs to be disclosed and agreed by both parties.