Gold Selling Guide: How to Sell Your Unwanted Jewelry

Home Side Hustles Gold Selling Guide: How to Sell Your Unwanted Jewelry

Thinking about selling your gold but not sure what is the right way to go about it? If the answer is yes, then you will benefit from our gold selling guide.

Thinking about selling your gold but not sure what is the right way to go about? If the answer is yes, you have come to the right place because we will talk about the right way to sell your gold with our gold selling guide.

A lot of people have old gold ornaments and jewelry lying around their homes, not getting used and just collecting dust. Does this sound like you?

When you need some extra cash to pay off student loans, these are perfect items to sell that can get you that much-needed cash.

However, if you are not familiar with selling gold or what affects the value of gold bars, there are some common mistakes that you will want to avoid.

You will first need to educate yourself and familiarise yourself with the selling process, as well as also learn about what you are selling and its value. The first thing you will need to do is check out the current market price of gold.

Want free money?

  • Aspiration: Want to get spotted a $100 for free? Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $100 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

With that mind, let’s get to know your options when selling your unwanted gold.

What to Know Before Selling Your Gold

is gold a good investment

1. Go to a Jewelry Store

When you are selling gold, the first thing that you need to find out is the actual value. Take your jewelry to one of the bigger stores because there are fewer chances of them ripping you off because their main source of income is coming from somewhere else, and they don’t want to affect their reputation.

2. Avoid Pawnshops

Pawnshops will pay you the least amount of money, so avoid going to them. They generally are very manipulative and won’t give you the amount you deserve.

3. Avoid Gold Buyers

A lot of gold buyers have popped in recent years and they are more likely to rip you off, so it is a good idea to avoid them.

4. Do Your Research

Don’t settle for the first offer that you get because more often than not it is not a true representation of the value of your piece. Different stores offer different prices, depending on the cut they take for themselves.

Other than finding out the latest price for gold, you will also need to know what you are selling and its value. If you are selling broken gold jewelry, you will most likely only be able to get the scrap price for your gold. This also includes other items such as ornaments, if they are not desirable or easy to sell. You may be able to get above the price of scrap for your gold if there is a market for it.

5. Learn about the Factors that Affects the Price

Don’t be swayed away by the prices that you see on the news because only 24-carat gold gets the full price. Also, remember that the weight of the stones doesn’t count towards the weight of the gold. You can learn more about what affects the value of gold bars here.

6. See the Things You Own

Your gold will be melted down, so don’t assume that you will get more money just because you are selling your wedding ring.

Want to Sell to a Gold Dealer?

Here are some of the things that you need to know if you are dealing with a dealer:

Want free money?

  • Robinhood is a free investing app for your phone. I really mean free all around – free to join and they don’t charge any fees to buy or sell the stock. You can get a share of stock like Apple, Ford, or Sprint for free when you join through this link (must complete application). The value of the free share may be anywhere between $2.50 and $200 and fluctuates based on market movements. You’ve got nothing to lose.

1. Organize Your Gold Before the Visit

If you will go after organizing your gold, you will save a lot of time. Remove all the imitation items from the collection and only take solid gold.

2. Sort Out the Goal

Use a magnifier and look for labels like “10k,” 14k,” etcetera. A good practice is to measure the gold as well.  If you don’t have a scale, use the one at your local post office.

3. Get Quotes from Other Buyers

After your items have been sorted and weighed, make sure that you get a quote from at least three different buyers. This will give you a good idea of what you should be expecting.

Things to Remember When Selling Your Gold in 2021

gold selling guide

Here are some last minute tips that will help you out:

  • Make sure that you understand the scales as well as the karats.
  • Know the value.
  • Know the buyer.
  • Know what you are selling.
  • Do your research.
  • Be realistic
  • Take your I.D. along.

Also, remember to take your time when shopping around.

Take Your Time And Shop Around

Another common mistake that a lot of people make is rushing the sale of their gold and accepting the first quote that they are given. Even if you are in a rush for cash, the best way to maximize your profit is to shop around and speak to reputable jewelers and pawn shops. If they have a physical location that customers can visit, take the gold that you wish to sell to them and let them give you an on-the-spot evaluation. Get as many different evaluations as you can and also get the terms and conditions of the transaction and compare these closely.

It is essential to understand the terms and conditions as it is in the fine print that all of the deductions are listed, and these can vary quite drastically between all of the different companies offering to buy gold. The market price for gold is universal, but the fees that are charged can vary a lot, which is why you want to speak to as many reputable companies that you can before deciding which one to sell your gold.

Want to Sell Your Gold? Get it Done!

In summary, all you need to do to ensure that you get the best possible price for your gold is to educate yourself on what you are selling, and also research potential buyers. Take your time in making your decision. Speak to as many experts as you can and compare all of the fine print and charges of each company.

Want free money?

Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $150 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

Use the time to work out which company is offering the best deal for you, and make your decision based on this conclusion. Taking your time and shopping around will help you to maximize your profits from selling your unwanted gold.

If you have any questions about the gold selling guide, please leave a comment below!

The Best Apps to Save You Real Money

We are on our phone a lot, right? Wouldn't it make sense to save money with the best money saving apps?

AppAt a glancedownload
aspirationAspiration
★★★★★
Get a $100 bonus at Aspiration when you open and fund an account with $10 or more. Then use your Aspiration debit card to make at least $1,000 worth of cumulative transactions within 60 days of account opening.
CLAIM $100 BONUS
robinhoodRobinhood
★★★★★
Open a new account in the next 24 hours and you could get up to $200 in free stock.
CLAIM FREE STOCK
Truebill reviewTruebill
★★★★★
This free app delivers on its promise to save you money effortlessly. You can use it to lower your bills, cancel unwanted subscriptions and bill negotiations.
SLASH YOUR BILLS
capital one shoppingBestow
★★★★★
Leave your family $1M. Who doesn’t want to be a millionaire? While we don’t all have trust funds waiting for us, there is still a way to provide protection for your loved ones with up to $1 million in term life insurance. You could do this for as little as $8 a month by getting a free quote from Bestow.
GET ESTIMATE

About the author

Brian Meiggs
Brian Meiggs
Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the the future. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. He has been quoted as a top personal finance blogger in major publications including Yahoo! Finance, NASDAQ, Discover, MSN Money and more.

On a similar note...

Explore More On

Do you want free money?

Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $150 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

CLAIM BONUS

Our Favorite Apps

ImageDescriptionGo
personal capitalThe First and Only Interest Earning Crypto Account
  • Receive up to $250 Bitcoin bonus when you make qualifying deposits over the first 30 days
  • Receive up to 8.6% annually on your crypto
  • Join the most trusted financial services for crypto investors on the market
Learn More
aspirationThis Company Will Give You $150 for Opening a Free Account
  • Boost your savings and earn up to 1.00% APY interest on your savings
  • Get up to 10% cash back on your purchases
  • Get $150 bonus when you spend your first $1,000 with your new Aspiration Plus Card
Learn More
personal capitalGet Up $500 in Free Stock for Joining
  • Commission-free stock, ETF and options trades
  • Get a free stock worth up $500 when joining (must complete application)
  • Simple, easy to use investor platform with no account minimums
Learn More
sofiAll-In-One Investing That's Easy to Use
  • Invest in stocks, ETFs, crypto, or automated investing in all one app
  • No commissions for stocks and ETFs
  • Complimentary access to SoFi Financial Planners
Learn More
personal capitalThe Smart and Free Way to Manage Your Money
  • Take control of your finances with the perfect union of technology and highly personalized service
  • Get access to free online financial tools, including retirement planner, investment checkup, net worth calculator and more
  • Digital-first wealth management advisor with 24,000 clients in 50 states
Learn More
blooom401K and IRA Management
  • Start your free 401k and IRA management now
  • Find and reduce hidden fees
  • Improve your diversification
Learn More
citEnjoy the Benefits of a CIT Bank Money Market Account
  • A CIT Bank Money Market Account helps you get more from your savings with interest rates for maximum growth
  • Earn over 7x the national average with high-interest rates
  • It now pays to open a money market account with CIT Bank
Learn More
Do NOT follow this link or you will be banned from the site!