Know How To Get The Most Cash For Your Gold

Gold is easy to sell and difficult to buy. And with the state of the economies right now, more and more people are seeking to sell their gold to make fast cash. Here’s how to get the most money when you sell your gold bangles and other jewelry.

1.      Know the Scales

How much gold weighs – be it a bangle, a vintage ring or a necklace – will determine its value. But you’ll need to keep in mind that jewelers tend to use a different measurement for gold known as a Troy ounce. There are dealers who may use a system of weights known as pennyweight to measure your treasures and there are those who will use grams.

Make sure a dealer doesn’t weight the gold by pennyweight, for example, but pay you by the gram (usually less than a pennyweight). It’s sneaky way for dealers to pay you less than what your jewelry is really worth.

2.      Understanding Karats

Pure gold is actually too soft to be used practically so jewelers combine it with other metals for better color and durability. A single karat equals 1/24 of pure gold when weighed so that means that a bracelet weighing 14 karats would be made up of 10 parts of various metals and 14 parts of gold. It’s important that you understand karats so that you can make an informed decision when you sell your gold bangles.

3.      Keeping Karats Separate

Don’t let different karat values be weighed together. Some dealers will try to weigh all your gold in one go and pay you for the lowest of the karat values. Rather, separate your bangles and other jewelry by karat value before having them evaluated.

4.      Know The Value of Your Jewels

Before you head off to sell your gold bangles, check in with a local jewelry store or even a reputable online source to verify the current market price for gold and solid gold. Most dealers realize that people tend to be looking for quick cash and will offer you a price much lower than the value of your gold.

5.      Understand or Know the Buyer and Know What You're Selling

Check out the buyer you intended to sell your gold bangles to. Find out if they had previous customer complaints and whether or not those complaints had been resolved. You want to sell your gold to a reputable, honest buyer.

There are those gold items that might just be worth more when they’re sold as is as opposed to being melted down. If your gold bracelet, necklace or vintage ring comes from a well-known designer or jewelry maker, it may have a better value to buyers far beyond the gold it’s made of.

Sell Your Gold Bangles For the Best Possible Price

Before you rush off to find out where to sell gold bangles in Melbourne, shop around. Contact at least three buyers and even surf online to get an idea of what your pieces are worth. Weigh the gold yourself too, if you’re able to, and calculate the bullion value. That way you’ll be in a better position to negotiate a price as close to the bullion price as possible – at times as much as 80% of the bullion price.

Also, prepare your gold and if you need to mail it off to a buyer, you’ll have to wait for payment.

If you need cash right now for a pressing debt or expense, chances are a buyer will realize this and give you as little as possible for your bangles. Remember, buyers have overheads and rent to cover. Small buyers, in particular, will carefully calculate handling and certain risks that are present when buying gold.

The best line of defense, to ensure you get the most money for your gold, is to arm yourself with knowledge about your bangles and other jewelry.