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With the economy continuing to struggle and so many people out of work, it might be a great time to consider selling gold jewelry that you no longer want or use. You see many commercials these days from companies encouraging you to send in your gold for cash. How can you make an informed decision and put some cash in your pocket? Consider the following overview before selling your gold. Somewhere back in time, somebody decided that gold was more valuable than all the other things we pull out of the ground and people have been desiring it ever since. Gold has started wars, caused towns to spring up (and disappear), and accessorized our bodies. No matter what the state of the economy, gold always is in demand and thus is never a bad investment. Consider that despite the poor economy of the past two years, the price of gold has risen 70%. Since gold is always in demand, that chain in the back of your jewelry case just might fetch you some extra cash. Gold is completely recyclable, turning everything from jewelry to gold dental fillings into assets you can resale. You can take your gold to a pawn broker, jeweler, or refiner of precious metals. The amount of money you will get depends on the weight of the gold and the handling fee the dealer takes for himself. The gold content of a piece is measured in karats and is usually indicated somewhere on the jewelry. Look for an inscription like “24k” or “14/24k” to indicate the number of karats. Solid gold is 24 karats. Jewelry marked with fewer karats contains other metals and/or hardening agents. Regardless of the weight of your ring or necklace, you will only be paid for the gold content as the other materials are useless for the dealer to resale. You can sometimes get more if the piece is an antique or part of a unique or valuable collection. In this case the resale value for the dealer is greater than what she might get for the recycled gold content. What types of gold jewelry make good candidates for resale? Think of items you have that you never wear anymore because they are out of fashion or your personal style has changed. Or, they might be items that no longer fit properly. For example, the large chains that were popular with men in the 80’s and even 70’s have gone out of style. These have good resale value as they were typically heavier than what is currently fashionable. Aside from diamonds, dealers typically won’t give you much for other fashionable stones, so remove them before selling your jewelry. So, before you take your jewelry to a pawn shop or dealer, make sure you are informed before you go. This will help you get the best price for your gold. Make note of the karats and weights of all the pieces you intend to sell. Pay attention to the gold prices over the previous few weeks so you know a fair range for the dealer to quote. Also, keep in mind that the dealer will deduct a handling fee (Hey, they’ve got to eat too). If you have the time, consider getting multiple quotes for your items as well. Finally, you have probably heard of buyer’s remorse, but there is such a thing as seller’s remorse. Unless you have no alternative, don’t sell items of intense personal value. Once your gold jewelry is melted down, you will never get it back. So, try to only sell the gold jewelry that no longer has personal value to you or your family.
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