Factors that you should take into Account Prior to Selling Gold Jewellery
With gold prices soaring than never before, it is not quite surprising to come across people who are willing to part with their old trinkets and neckpieces for hard cash. When it comes to selling gold jewellery there are different parameters that are taken into consideration. So before you put up your grandmother’s gold locket for sale and hope to make a profit out of this, you need to do your homework well in advance. If you carry out the process in haste, there are chances that you may end up losing out on what you rightly deserve. You are up against people who have traded in gold for years and therefore have the requisite knowledge pertaining to the fluctuating price of gold.
You need to know the ways in which you can trade off your unwanted piece of gold jewellery to reap rich dividends. It is necessary that you go ahead with following steps:
Get the value of your gold appraised
Though it may initially appear to be troublesome, but it is necessary that you get the piece of jewellery evaluated and get an estimate of its current market value by consulting an expert in this regard. You need to get this evaluation done from a neutral jeweller, one who is not interested in buying the piece themselves. Though the chances of getting the exact appraised value may not be possible, but at the same time you will not end up losing out much. The appraiser may also suggest what you should sell off and what is for keeps.
Quality of Gold
When you decide to sell your jewellery , you need to bear in mind that the quality of the gold is what matters the most. Most businesses that purchase gold in the current scenario plan to melt it and therefore they are keen on buying stuff that is authentic. The market prices are determined based on the purity of the gold. So if you intend to sell off gold plated items or pieces that are made of gold which is less than 10 karats, then it is better not to expect much from their sale.
Take into account other Details
The gold items that are not in proper condition such as a pair-less earring or broken chains are the ones that can get you a good amount in the market as these are not of any value in the second hand market. Obviously you will not want to part with pieces that are engraved with gemstones, boast of intricate craftsmanship and designer names.
Get a Hang of the Prices
It is necessary to be up to date about the closing price of gold on the previous day along with its current price. Even slight variations may affect what you get for your valuable piece of gold jewellery.
The best place to trade off gold for cash are jewellery and pawn shops where you can hope to get a good price for your heirloom or other expensive pieces of jewellery.
Author Bio: Simon Corall is a financial expert and has authored several articles on diverse aspects of the financial market. He offers advice on relevant topics such as selling gold jewellery.
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