We all know how difficult things are at the moment when it comes to money – especially money that’s free to be used in any way we wish. This is why selling your unwanted gold jewelry is becoming an option that more and more people are starting to consider. This article will talk about how to sell your gold scrap and other items and how to make sure you get the best deal available.
The first decision you need to make is whether you should sell your gold as jewelry or as metal for scrap. The difference is that if you sell metal as scrap then the value immediately drops compared to what it would be if you sold it as jewelry. For this reason, if you have a choice you should always sell the gold as jewelry, unfortunately doing so is quite difficult and with gold prices near an all time high it will be much easier to sell your unwanted items as scrap. The reason that scrap is usually sold at such a discount – upwards of 50% or more off retail prices in some cases – is because you only get the value of the piece of metal you’re selling rather than the metal plus the craftsmanship and beauty of the design. In some cases you won’t have a choice though.
Another decision you’ll have to make is whether you want to use one of the many “gold for cash” websites and companies which will provide you with real money in exchange for your gold or whether you want to try to sell your piece of jewelry at an auction or to a store. The great thing about “gold for cash” companies is that the process is so simple but the downside is that you won’t get the full value. Selling your unwanted jewelry for scrap is different than selling it for resale, you see pretty much all scrap is melted, not resold so the price you will fetch will greatly depend on the price or spot price of gold on any given day.
So who should you sell your unwanted jewelry to? My business runs mainly on referrals so if you know anyone who has had a positive experience selling their items that would be the first choice in my opinion. If you’re looking for someone on your own it’s easy enough to find a gold buyer by doing some research online, make sure you’re dealing with a reputable company, make sure you can speak to someone in person if you’re planning on shipping your items. Make sure they list or tell you their price in grams, the higher the karat the more per gram you should be receiving. Many companies will list their price in dwt or pennywweight which is deceiving as it makes their prices appear higher, you see one pennyweight/dwt is equal to 1.55 grams, stay away from companies like this.
Scrap gold prices largely determine scrap prices and vary depending on a number of different factors such as currency exchange rates and spot prices. The dealer that you’re planning on selling the gold to will also affect the price you get as they have different profit margins so you should visit several before making your final decision. To check for the exact price of gold you need to visit financial websites which provide an updated list of the cost of many commodities including what the current gold bullion spot price is.
So exactly what is gold scrap? Well, the easiest way to explain that is that it is any unwanted piece of jewelry in any condition, scrap can consist of gold, silver or platinum earrings, bracelets, rings, necklaces, chains, brooches, body jewelry, dental gold and more. Selling your unwanted jewelry can be a great way of getting some extra money quickly and easily. With current record high of gold and the number of people in need of cash there is certainly no shortage of individuals and companies anxious to purchase your items, with some research you’ll be able to get a good price for your items.