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Smart Ways to Sell Your Gold Jewelry for Cash

August 16, 2018

Gold jewelry is wonderful for several reasons. Besides being a beautiful metal, gold is a commodity with a value all its own. No matter how ugly a piece of jewelry - or how beautiful - the gold itself carries a worth above and beyond the jewelry itself. That's why gold jewelry is a perfect item to sell if you need extra cash. If you're in possession of some jewelry you're not using, and you're looking for the best place to sell gold jewelry for cash in Bridgewater, NJ, here are the steps you need to take to find the best price.


Find the Gold's Value



You can't get started unless you can get some idea of what your jewelry is worth. If you aren't familiar with a jewelry store you know you can trust, there's a way to calculate the gold's value on your own. All you need to know is the weight of the gold, and its purity. Look for a marking on the jewelry to indicate its karats. 24-karat gold is pure gold, so if you see a marking that reads "12k", that's 50% pure. Weigh the gold, then multiply the weight by the percentage of gold, and you'll know how much gold you have. Then just look online to find gold's current market value, and you'll know your jewelry's definitive value.



Expect a Fair Price



There is cost in melting down and refining gold - and dealers need to make a profit - so don't expect to get 100% of your gold's value. You should be able to expect approximately 70% to 80% of the market value for your gold jewelry. If you ask a dealer for an estimate, and you aren't satisfied with their answer, don't be afraid to walk away. If, however, your jewelry holds a unique value due to its age or because it's associated with a high-end designer, the jewelry may be worth more than its melt value. Make sure you know what you have before you sell it. Some items are simply not worth selling because they can't easily be replaced.



Research Your Vendor


Be sure you exercise due diligence once you've made the decision that you're "selling my gold jewelry for cash". Bridgewater, NJ, has several legitimate companies who can give you fair value for your jewelry, but you'll need to vet them first through the Better Business Bureau to make sure there aren't any complaints. Another resource that provides invaluable information regarding jewelry resellers is the Jewelers Vigilance Committee. If the vendor your considering is legit, and the price lands within the 70% to 80% industry standard, you can proceed with the sale.


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