New Jersey has a relatively high demand for old gold jewelry, which makes the process of selling your jewelry easy and convenient. However, the precious metals industry is prone to many scams from both sellers and buyers, which is why it’s important to know several key facts before negotiation on price. While getting quick cash for something you no longer want may seem appealing, keep in mind that some other business may be willing to pay you way more. Don’t become the victim of a scam when selling old gold jewelry for cash in Bridgewater, NJ.
How Much Is Your Jewelry Worth?
The most important aspect of negotiating a fair deal is knowing the current worth of your gold jewelry. The word “current” is key because gold prices fluctuate daily, meaning your jewelry item may be worth more, or less, in just 24 hours. This is why it’s crucial to look up the right numbers right before you negotiate with someone. Otherwise, you’re setting yourself up for a scam. Finding the current price of gold is relatively easy with just a few online searches. You will notice that the prices are divided up by gold purity, or karats. You can find the karat of your item by looking for a small stamp, something like 14k, or 585, which both mean 58.5% gold purity. Sometimes, gold items may have unfamiliar markings, especially if they came from another country, but if you find no markings at all, beware that your item may be fake. The next step involves a scale, which should weigh in small increments, or multiple decimal places. Typically referred to as a gold scale, you can find a relatively inexpensive one online. Once you have the total weight of your jewelry piece, you can multiply it times the current market value of that karat. Of course, you must also understand that the value you get won’t be what most gold buyers will offer, but you should expect between 75-90% of the total value when trying to get cash for gold in Bridgewater, NJ.
Working with a Trusted Business
The value jewelers offer will depend on if they want you to return. Some businesses are only interested in turning a quick profit, and those are the ones you should watch out for. If they don’t care whether you come back or not, they may try to drive down the price of your gold jewelry using a number of shady tactics. One of the most common methods unfair jewelers use when it comes to selling old gold jewelry for cash in Bridgewater, NJ, is arguing about gold purity. While your ring may say 14k, they may argue that it is in fact 10k, and thus drive down the price. You can choose to argue with them, but a smarter solution would be to get a second opinion from another business, preferably one with good reviews.