You don’t need to be an industry professional to sell items of value, like gold jewellery or coins. The dusty set of stow away valuables which has accumulated enough space in your house to be paying rent, really ought to go if no one needs it; but you’re not sure if you know enough about how to sell gold to venture off and do it. Perhaps you’re worried you’ll be taken advantage of, or you just don’t think the memories are worth what you’ve been offered; a little help to getting it right would be nice. It’s not really that complicated if you consider these four golden rules for selling your old gold.
That means each item. There’s no use in weighing a lump of the stuff in your hand as if it were clay. Carefully examine each and every individual item for their weight and quality. Whether the item is scratched or not, or needs a polish, seldom matters. Chances are it will be melted down for its ore. If that hasn’t helped you let go of grandma’s ring, my apologies. But remember, a heavy piece with a high karat rating will make your lump of dusty gold far more valuable.
Besides, it will be turned into something that will bring great happiness to someone’s life, probably. Many items of jewellery have what is called a ‘hallmark’ on it. Somewhere on the piece, is engraved one or more numbers which tell you the weight and grade of the item. Sometimes there is also a logo to link it to its manufacturer. Having this information will make things a little easier for you. If you don’t have a hallmark, there’s no need to panic, it doesn’t mean there’s anything wrong with your jewellery.
2. Go Buyer Hunting
Generally, settling on the first buyer you find is lazy and could lose you money. There is no good reason to feel overly loyal to the first person who appraises your rings or coins. Not only are pawn shops a great option for frugal shopping, they can be a good source for buying your gold. Visit every pawn shop Melbourne wide if you can. The more prices you get, the more selling power you will have.
Get to know the guys. Ask them questions and speak to their customers if you can. See if you can find anything on the web about them, a good review in a blog or a complaint to the Better Business Bureau. Compare their rates for each piece and see which one offers you the best deal. It won’t take long for you to separate the good businessmen from the bad and whittle down your number of likely buyers. But if you are patient and you do your homework, you’ll win.
3. Wait for the Right Moment
Like most investments, if you want to make money off of them you have to do it when the time is right. Like other precious commodities, gold and silver fluctuate in price as their market value rises and falls. Getting this right will make a difference, especially if you have plenty of grams of gold to sell. If you stand to make good money, then there’s no need to rush it. Sell the pieces in your own time, when the price is right for you. Selling when the market is low is great for the buyer, but will do nothing for you; while selling when it is high will keep you smiling. Keep a close eye on the news; wait for the steak to sizzle, as they say.
4. You Can’t DIY if You Don’t Have the Equipment
What do jewellery and potatoes have in common? Not very much indeed. So kitchen scales are just not going to work when you weigh your jewellery. They’re not sensitive enough for such delicate material. We’re not going to slam a glistening necklace down on a chopping board and go to work on it, are we? Yes a bad workman always blames his tools. But you are not a jewellery appraiser, and those are not the tools you’d need for the job. Incidentally, if you go to a buyer’s shop and he slaps all your jewellery down on a kitchen scale as if it were a lump of fish, you should probably thank him kindly and leave.