What to Keep in Mind When Selling Gold Jewelry

Almost everyone has some gold that they never touch, and it’s not doing anyone any good to leave it hiding in the back corner of your closet.  Selling gold is a wonderful way to get some quick cash in a financial bind.  But how do you know how much it’s worth?  Here are some factors to keep in mind when selling gold.

Weight and Karat

A gold buyer will not be interested in any sentimental value of your jewelry, and they probably won’t care about how pretty the design is, either.  The value of gold is determined by its weight (generally measured in ounces ) and karat.  Karat refers to the purity of the gold, and the higher the karat, the higher the price.  If you’re selling hallmarked jewelry, you will already know the karat.  If it’s not hallmarked, visit a purity testing center and get your jewelry verified.  They will give you a certificate that explains the proportion of gold to other elements in your jewelry.

Deductions

Most people buying used jewelry are doing it either to get a bargain or to resell it themselves.  They want to make a profit, so they might deduct your price a little bit.  They are doing this to account for melting, refining, and making.  Most prices are already set by the buyer, so there won’t be much room for negotiations when selling gold jewelry.

Conversions

If you want to get the maximum value per ounce, you can have your gold melted into a gold cube.  You would have to cover the cost of this yourself, but it could mean less of a deduction when you go to sell.  It’s an extra hassle, but you might get a better deal on melting than the buyer would offer you, allowing you to make more of a profit than if you had just sold your gold as it was.

The Gold ATM has been buying gold for years, and we are one of the top gold buyers in Atlanta.  If you’re interested in selling gold, call The Gold ATM at 770-843-4653 to get the best deal!