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If you are looking to sell gold coins, jewelry, or bullion, one of the easiest ways to get cash for gold is by going to a gold buyer. Gold buyers are businesses such as pawnshops and jewelry stores willing to buy your gold items for straight-up cash transactions. Nonetheless, when selling your gold items, it is advisable to conduct some due diligence by considering some factors to ensure you get the most out of the transaction. With that said, here are three tips for working with gold buyers.
Have your Gold Items Appraised
It is essential to note that most gold buyers will prefer to buy your items based on the weight of gold they contain. Thus, if your items are valued based on the weight of pure gold they have, you may lose out on value in the sale.
Thus, it is advisable to have the items appraised before approaching a gold buyer with your items. Appraising enables you to get a reasonable valuation of the items. Thus, when you are selling it to a gold buyer, you are in a position to determine if you are getting a reasonable price for your items. Hence, appraising your items in advance will help you avoid getting less money from the transaction.
Know the Kind of Gold You Have
In most cases, gold jewelry is not pure gold. Thus, gold jewelry is actually an alloy containing other minerals that determine the jewelry's karat value. For gold, a karat is a 1/24 portion of gold. Thus, karats represent the value of pure gold in an item, be it a gold bar, jewelry, or coins. Hence, the higher the karat value, the more gold a piece contains, with the highest karat value being 24 karat gold which is pure gold.
Thus, the higher the karat value your gold piece has, the more valuable it is. Hence, a 14 karat gold piece is more valuable than a ten-karat gold item. Therefore, to ensure you get the best price from a gold buyer, you need to know the karat value of your gold before selling it. There is usually room for negotiation, and thus, when you know the karat value of your gold, you are in a position to negotiate a better price for the item based on its actual karat value.
Consider the Intact Value of the Gold Jewelry
As mentioned earlier, gold buyers usually purchase gold items based on weight. However, you may get a better price when it comes to jewelry if you sell them as complete pieces. For instance, if you have a gold ring or necklace with a jewel, it is impractical to sell the pieces for the value of the gold they contain. The reason behind this is that if you sell for the value of the gold they have, you will be giving away the jewel for free, which means you will not get the total value of the piece.
Hence, instead of selling for the value of the gold, sell jewelry as whole pieces. Besides, even if you remove the jewel from the gold necklace or ring and sell each item separately, you will still lose value. Remember, the craftsmanship of the complete piece also contributes to its value. You stand to get more money for complete gold jewelry pieces compared to selling them in parts.Share