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Advantages of Selling Your Gold Jewelry for Cash

July 11, 2018


You've probably seen more than one post describing the basic reasons you should sell your jewelry for cash. While most of those reasons are common sense, very few articles dive into ways you can maximize your profit when trying to get cash for jewelry in Bridgewater, NJ. The reason for selling old jewelry is simple: you need cash. However, few people know that prices of precious metals vary on a daily basis, just like any other stock. If you have a gold necklace that’s worth a certain amount on one day, it could be worth much more next week. Knowing how to access this information will give you a significant advantage at the negotiating table. Keep in mind that knowing this doesn't guarantee a good deal. You have to find a trusted jeweler to work with as well, because there's more than one way unfair businesses can try and lower the price of your gold jewelry.


Knowing the Worth of Your Gold



Before you look up anything regarding stock prices of precious metals, you have to figure out exactly what time of gold your jewelry contains. Most authentic jewelry has some sort of stamp indicating gold purity. While some of these marks are easy to decipher, such as 24k, others are much more difficult to identify for the untrained eye. A good example is the 3-digit number system, in which case a 24k jewelry piece would be stamped with the number 999. The easiest way to identify gold purity in your case would be to find the stamp, and then do an online search of what it means. Once you have identified your karat, the next step if finding the karat price. A simple search on precious metal stock prices will give you the karat price per gram. The last step is weighing your jewelry. Take the weight, multiply it by the current stock price, and you will know what your item is worth in its weight in gold. However, this doesn’t take into account any sort of brand jewelry, but that may not matter since old jewelry is melted down most of the time anyways, rather than being resold. After you have gathered all of this information, it will be safe to start looking into where to sell jewelry for cash in Bridgewater, NJ. 


Avoiding Common Scams 


There're certain things to watch out for if you want to avoid getting a bad deal. One of the most basic scams is a precious metals broker trying to convince the customer that the carrot stamp on their jewelry piece is a grade higher than the actual karat. This allows them to drop the appraisal price significantly. In rare occasions, some jewelry pieces are intentionally stamped with a false karat number, but this doesn't happen with authentic jewelry. If you find yourself in a similar situation when trying to get cash for jewelry in Bridgewater, NJ, it's best to get a second opinion from a different business. 

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