Can you turn your old jewelry into a nest egg or a fast cash injection? If you’ve got gold simply taking up space in old jewelry boxes, you can unlock its value by selling it to a trusted buyer in your area. Research is the name of the game — and you’re already on the right track by reading our comprehensive gold-selling guide. You’ll learn how to tell a reputable buyer from a less trustworthy option, and how to prepare your gold before selling. Read on for more information on revealing the value held in your gold and gold jewelry.
Calculate the Value of Your Gold or Gold Jewelry
Use our handy gold price calculator to quickly figure out how much you could get paid for your unwanted gold jewelry. Simply enter the details below and see an estimate within moments.
Got questions or want a free quote for your gold? Contact us. We can accommodate video appointments for your convenience or you can call or fill out the contact form online.
Places That Buy Gold Jewelry
Knowing where to sell your gold is the first important step. Here’s a quick comparison of the places you might sell your gold or gold jewelry and the pros and cons of each.
Whatever type of gold buyer you choose, it’s important to do your research and ensure that the buyer is reputable and trustworthy.
Tip #1: Reviews
Take a look at online reviews or, if possible, speak to someone who has used the service before. If you find a pawnshop that doesn’t have an online presence at all, this could be a red flag. Most reputable businesses will have some way to contact them online and other pertinent information about their gold-buying processes.
Tip #2: Customer Service
A reputable gold buyer should provide exemplary customer service, from the first point of contact to the moment you get your cash for your gold. If the transaction feels rushed or you feel that your custom isn’t valued, consider an alternative buyer.
Ways to Get in Touch
If the only way to get cash for gold is to walk into the store and queue — well, that’s not a great experience. Most professional gold buyers know that you’re a busy person and will arrange ways to contact you or book appointments that work around your schedule. Look for establishments that offer both phone and video chat options and can see you, by appointment, at a time that suits you.
Selling Gold Jewelry
For most sellers, gold jewelry or perhaps small gold ornaments are what they’ll be looking to sell. If that’s you, this is the section you want to spend some time looking over. If you’re only interested in selling gold bullion, you’ll find details on that further down our guide. You can sell gold jewelry at some jeweler’s shops, vintage jewelry experts, pawnshops, and scrap precious metal merchants. The latter two options will usually value gold on weight alone. Scrap metal merchants will usually separate the gold from any precious stones or other adornments. Jewelry experts will likely consider the vintage significance of your jewelry as well as the weight and quality of the gold.
What Types of Gold Jewelry Can I Sell?
You should be able to sell any good-quality, solid gold jewelry. Most buyers will not consider either gold-plated or gold-filled jewelry. If you’re unsure, use a magnifying glass to examine the jewelry. If you see the mark GP, it means the piece is gold plated — gold layered onto a base metal. The actual gold content of these pieces is usually less than 0.5% and not of interest to gold buyers.
The mark GF stands for gold-filled and denotes another method for fusing gold with a cheaper base metal. Again, most gold buyers aren’t interested in these small amounts of gold. The effort and time to extract the gold from the base metal renders buying this type of jewelry virtually worthless.
Solid gold bracelets, rings, necklaces, brooches, or small trinkets should all spark the interest of gold buyers. You may find that some experts will also be interested in any gold jewelry with precious stones, such as engagement rings or other items that they can sell on for a profit. If the buyer needs to separate the stones from the metal, always ask for any stones back so you can get those valued separately at another facility.
Should I Clean My Gold Jewelry?
If you’re taking your jewelry to an expert for valuation, consider cleaning it the best you can with what you have available. Never use strong chemicals or bleach as this could damage the gold. Also, avoid any abrasive cloths or scrubbers. Remember, gold is a soft precious metal and very prone to scratches. Even the smallest nick or mark could reduce the value of your jewelry.
Soft cloths and soapy water can help remove surface grime. However, if you’re concerned about the cleaning process, be reassured that most jewelers and gold buyers will have the facility to clean your gold.
Aspects That Impact the Value of Gold Jewelry
What other aspects can impact how much a buyer will give you for your gold? It depends at least partially on the type of buyer you choose. If you head to a dedicated scrap gold merchant, they will value your gold purely based on quality and weight. An expert on vintage jewelry may be able to see beyond this and note some additional value in your items. Let’s take a look at the key factors that determine how much cash you’ll get for your gold.
Hallmarks
Many gold jewelry pieces will have stamps or marks on them that indicate several aspects of the piece. Sometimes, these marks are only visible with a jeweler’s loupe or high-quality magnifying glass — a good reason to get your gold jewelry valued by an expert jeweler. A hallmark or jewelry mark can show how exact the purity rating is of the gold. A “P” states that the karat rating given is exact. Some items may be marked on the Millesimal Fineness scale. This is a number that states the percentage of gold in the jewelry, for example, 375 means the item is 37.5% gold. These marks and numbers help appraisers and buyers give you a more accurate valuation. There may also be a maker’s mark which could impact the price of the piece if being sold to a jewelry expert.
Karat
One of the most important marks that gold has is the karat rating. All gold jewelry produced in the United States must have a karat stamp which denotes the purity of the gold. The higher the number on the mark, the more pure the gold is. 24-karat gold is the purest and will fetch you the highest value compared to the same weight in a lower karat rating. Here’s a quick guide to gold karat ratings.
History and Ownership
Some buyers may assess the jewelry you’re selling beyond its gold weight and purity. If a buyer determines that the piece of jewelry has historical significance, for example, it could seriously impact the value of that piece. Some vintage engagement rings or other jewelry items may have been worn by celebrities or royals and will be of interest to collectors. If you have evidence to back up your claims about the previous ownership of your jewelry, bring it to your valuation appointment. It could mean the difference between how many zeroes are on the end of your offer!
Notably, any jewelry that doesn’t have the aforementioned karat stamp is likely to be from before 1905, when the requirement to hold a karat stamp became law. A professional jewelry expert will be able to tell if the piece is a genuine antique — or an unfortunate fake — and value the piece accordingly.
Market Prices
Some sellers may get confused by the fact that the same piece of jewelry can get a different valuation from one week to the next. The fact is that gold prices are fluctuating all the time. Factors like supply and demand, economic situations, and financial speculation across various markets can all send the price of gold soaring — or drop it right down. You can take a look at the current price of gold on many financial and investment sites or use a calculator like the one above to get an estimate of what your items could be worth.
What About Broken Chains or Settings?
Unless the buyer is only interested in reselling whole pieces, you should have no problem selling broken jewelry. A gold valuation is usually done on weight and purity, meaning that the condition of the jewelry is rarely an issue. If you’re selling to a jewelry expert who is interested in whole pieces for resale, they may not accept pieces if they are severely broken. However, they will also let you know early in the process if this is the case so as not to waste your time.
Selling Gold Bullion
Of course, not all gold sales revolve around jewelry. A reputable gold buyer will also be able to take solid gold bullion off your hands for a fair price. Gold bullion is always 99.5% purity or over, so you can get potentially high amounts of cash for these transactions. Because of this, gold bullion is priced by weight only, based on current market values.
Check if the gold buyer charges a commission for buying bullion. Some do, and this can dramatically drop the price you can expect, particularly if you’re only selling solid gold in small amounts. Remember to check the current price of gold so you can be sure you’re selling at the right time to make the most money.
Questions to Ask a Gold Buyer
Knowing what to ask a potential gold or jewelry buyer can help you shop around more efficiently. Here are some quick questions to gather the information you need.
How long have you been operating?
A brand-new gold buyer isn’t automatically untrustworthy. However, you are more likely to get good service and value from an established entity within the industry. If the buyer’s website doesn’t give you any clear information about the heritage of the firm, ask them how long they’ve been buying gold and what their industry expertise is.
How do you come up with your valuations?
Any gold buyer should be completely transparent about how they come up with the cash price you’re offered. If they’re vague or unclear about this process, consider a competitor who can clarify the process for you.
You could transform your unwanted or broken gold jewelry into cash for home improvements, household emergencies, or even a well-deserved vacation. If it’s just sitting in a jewelry box or case, why not find out if you could get paid for your gold? Contact one of the members of our expert team here at Estate Diamond Jewelry or use the calculator above to get more information. We’re a family business with over four decades of experience in the jewelry industry, so leverage our expertise. We’re happy to answer any questions you might have about selling your gold or gold jewelry.
