Getting cash for gold is simpler now than ever before. With the number of businesses solely focused on purchasing consumer gold and reselling individual pieces or melting scrap, consumers have more options than ever to exchange unwanted gold for cold hard cash. Consumers need to consider several things prior to selling their gold. The top considerations when starting on the journey to get cash for gold are the price, ideal places to sell, and how to sell for maximum value.
1. Gold Price
Factors to Resale Value
Most people have a fundamental understanding that not all gold is pure. The “Karats” as indicated on the piece, will provide a determination of the purity of a gold piece. The higher the karats (i.e. purity) the greater the value of the gold itself within a given piece. Most gold buyers will test the piece to confirm the purity by using a scratch and chemical method or similar.
Consumers who have sold any piece of jewelry or a valuable stone, are no strangers to the fact that items of value are weighed. The weight and purity (as described above) are the 2 main factors that will allow a buyer to determine a price.
Scrap vs Reselling a Piece
An easy way to get cash for gold is to sell it as scrap gold. Broken, old or unused gold jewelry with no additional value fall into this category. Even those gold earrings with missing pairs could be sold, as they will simply be melted and recycled. However, this may not be the ideal way to sell valuable, unique, or undamaged pieces that could be resold “as-is” for a higher value (meaning someone is likely to want the piece). If the gold piece is being sold (not scrapped) there are a few more considerations in determining the final price. This includes the condition of the item, the designer and if it has any gems or diamonds. Antique pieces also have a higher value and should be sold “as-is”.
2. Where to Sell Gold
Pawn Shops/Jewelry Stores
Pawn shops and jewelry stores are located in almost every town. They take into consideration the current gold price but will often offer much less than other options can yield. Pawn shops often deal with jewelry, but their core business model involves creating the highest margins possible for themselves among any of the items they purchase and resell, a disadvantage for the consumer/seller. This means painful and pressured negotiation to acquire the piece at the lowest possible cost as opposed to the standardized offer that most other experienced jewelers would likely provide.
Many people have attended or are aware of gold parties which are growing in popularity, often hosted by a friend or family member. These gold parties are a fun way to sell gold jewelry that you no longer have a desire for. Jewelry you no longer love or are attached to. Attending one these parties can be a good option if you are simply looking to have fun and walk out with some cash for your gold that same day. However, gold parties are rarely the venue to collect maximum value for your unwanted gold jewelry. This is due to the fact that gold party companies tend to pay about 50% of the actual gold’s worth. They do this because they have to pay the host a commission and still make a profit.
Gold buying companies, such as Art House Gallery, tend to give top cash for gold as they are able to resell to their portfolio of collectors or other means of distribution. These type of collectors often focus on long-term holding of special pieces or selling a high volume of valuable items over a longer period of time. Sellers will not experience the haggling and negotiation that they might at a pawn shop, but instead receive a standardized offer after an experienced appraisal.
3. How to Sell Your Gold for Maximum Value
If your top priority for selling gold jewelry is to receive maximum value, selling to a private party may yield the highest monetary return. To find a buyer that is interested in your gold piece and the time and effort involved in the process is the challenge to going this route. Most people find that it is far simpler and more reliable to walk in to a gold buyer like Art House Gallery, receive an instant appraisal, and walk out with immediate cash for your gold. If you would like to have your gold appraised by Art House Gallery, submit an inquiry or call us today!
We Buy Gold
Art House Gallery has professional experts that can test and evaluate the value of your gold. We buy gold jewelry, with or without diamonds or gemstones, gold coins or any type of gold object or scrap. Art House Gallery will authenticate the quality and karat value for your gold and pay top price!