However, we recommend that you do your homework first, so you’ll be ready to make informed choices of how to properly sell your gold.
1. Know Your Karats
Gold in its pure state is very soft and must be combined with other elements when creating jewelry. The term “karat” is a measure of how much gold there is in proportion to the other metals. For example, “14 karat” means that there is 14 parts gold to 10 parts other metals. When you take your gold in to sell it, be sure to keep the different karat values separated.
Gold in its pure state is very soft and must be combined with other elements when creating jewelry. The term “karat” is a measure of how much gold there is in proportion to the other metals. For example, “14 karat” means that there is 14 parts gold to 10 parts other metals. When you take your gold in to sell it, be sure to keep the different karat values separated.
2. Know Your Jewelry
All gold jewelry is not created equal. In other words, some fine jewelry is actually worth more than the gold it’s made of. If the designer is famous, for example, Cartier or Tiffany, and that name is stamped in the gold, the value of the jewelry itself increases over the value of what the gold would be if it was melted down.
3. Know the Market
Shop around by taking your gold jewelry to several different buyers before actually handing it over. This will give you a good idea of what the market is offering, and which buyers are offering you the fairest deal. And be sure to know the market price of gold on the day you plan to sell your jewelry.
4. Know the Law
As you can imagine, the high market value of gold these past few years has created an increase in robberies and the selling of stolen gold jewelry. To counteract this illegal activity and to protect consumers, the federal government requires that gold buyers ask to see government-issued ID of the seller. A red warning flag should go up if the buyer you are working with does not ask for your ID.
5. Know Your Buyer
As with any money-making strategy gold buyers come in all sorts and types, from home “gold parties,” to fly-by-night outfits, to professional buyers with good BBB (Better Business Bureau) ratings. Make sure you are dealing with a reputable buyer before you actually sell your gold jewelry.
For example, at Gem ‘N Loans we pay top dollar for your gold, based on market value fluctuation. We have an A+ rating with the Better Business Bureau and have been in business for 20 years. Once you have done your homework you are ready to join the thousands of people who are cashing in on the current gold market which is at a ten-year high. Now you can sell your gold jewelry with confidence and enjoy the extra cash it will put in your pocket.
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