Call it the gold rush of 2009! With the price of this precious metal flirting with record highs, many of us are thinking of cashing in. Here are some tips to know about selling gold jewelry that will help you get a fair deal.
What is it worth? You need to figure that out, otherwise you have no way of knowing if the gold buyer is trying to rip you off. (For the sake of this article, we are going to assume you want to get rid of plain, damaged or broken gold jewelry and sell it for scrap.)
Condition, craftsmanship and beauty of the piece don’t play into the value. It’s a simple numerical formula determined by the quality of the gold (is it 10k, 18k, etc.), its weight and the price of gold that day. Your jewelry is likely stamped, but a buyer will probably do an acid test to determine the karats. These will make up the base value. The buyer will then subtract the refining fee, which is the cost to melt it down, and the profit he wants to make. Get a few offers before settling on one. Ideally, you would like to get about 85% of its base value to make it worthwhile to sell your gold jewelry.
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