Q&A What's the best way to sell gold jewelry
Q. I have lots of gold jewelry I would like to sell. Should I try one of the
companies advertising on TV saying they’ll buy old or broken gold jewelry?
A. Maybe not. When Consumer Reports Money Adviser compared what one of those companies offered for a gold band a couple of years ago with what a local jeweler and an on-line gold buyer would pay, the TV company paid a much lower price. Instead, take your gold to a reputable jeweler in your area for an appraisal. Note the carat of the metal, and ask the jeweler to tell you the weight in pennyweights or troy ounces. Use this online calculator to figure out the value based on the price of gold that day.Then quickly (because prices fluctuate) call several jewelry or coin stores and ask how much they pay for gold. Aim to get about 85 percent of what you calculated it’s worth.
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Posted by: GoldintoMoney | Jul 22, 2008 4:30:34 PM
The TV companies admit that they pay less then your traditional jewelers... It really depends on the quality of your product and how much you are selling. Premium pieces with high-quality craftsmanship are most definitely worth shopping around to jewelers, while a handful of broken chains and earrings are far more convenient to ship off to places like cash4gold and goldkit.
Posted by: greenhungry | Jul 27, 2008 6:38:16 PM
Has anyone tried selling on eBay?
Posted by: james | Aug 3, 2008 5:03:01 PM
not all jewelers will pay you more than the tv guys. I shopped a few of the local shops and ended up getting almost double what the jewelers offered from an online buyer called Gold Fellow.
Posted by: Royal Jewelers & Loans Chicago | Aug 12, 2008 1:35:41 PM
I think that all the posts above make valid points. You never know where you’ll get the best price for your gold; until you’ve made yourself knowledgeable and shopped around.
As Consumer Reports indicated, you must realize the kind of gold you have. To discover this, it is important to understand how the Karat system works. To measure Karat, visualize a scale of 1 to 24. 24 is the top; 24K has 24 parts gold. It is 100% pure gold. In comparison, 14K indicates that there are 14 parts gold and 10 parts of some other alloy (14+10=24). So, 14 out of 24 parts is gold. That means that your 14K gold ring is 58.33% gold and 41.67% some other alloy. If you’re selling the ring for scrap, the gold buyer is only interested in paying you for the part that is real gold.
Here’s a table of Karats
22K = 91.66% gold
20K = 83.33% gold
18K = 75% gold
14K = 58.33% gold
10K = 41.66% gold
Example: a 10K ring, weighing 10 grams will contain 4.166 grams of gold.
Also, be realistic. You may have a piece of jewelry that has a lot of sentimental value, but not a lot of cash value.
Be informed, be realistic and shop around; that's the only way you'll know who will pay the most for it based on actual value.
Posted by: Rachel | Aug 12, 2008 6:40:49 PM
I used the Gold Kit. I sent in a 14k plain wedding band, 14k bangle, 2 pr 14k gold hoop earrings(light weight) 2 thin 14k chains and several 14k charms. I estimated the purchase cost to be about $400.00. I received about $40.00.
Posted by: Danny Thomas | Aug 18, 2008 9:09:10 PM
I had a good experience with an online Company by the name of US Gold Buyers. They provide free shipping, They contacted me the very next day with the payout. They advertise their prices on the front page so you have a good idea what you can expect. I'm sending my third shipment tommorrow. I'll post with the results.
Posted by: Bill | Aug 18, 2008 11:08:41 PM
Based on what I have seen and know, you need to make sure that the company actually does refining of the gold scrap-no middle man. You will get the highest $ for your gold by dealing with a true refiner. They will refine the gold and will not send it to somebody else. Republic Metals Corporation/Miami does it all.
Posted by: Steven Madar | Aug 19, 2008 2:04:14 PM
Most of the TV companies offer customers ten days to change their mind and request back their gold, therefor they have to pay less because they need to have room to absorb any losses in the value of gold from day to day, unlike local refiners. I visited Global Gold & Silver for instant payment based on that days gold fix, this is the only way both buyers and sellers can be confident in the transaction.
Posted by: jason | Aug 21, 2008 9:05:59 AM
I used GoldFellow and I think it worked out pretty well. I had a 14k ring which I found while snorkeling. It was pretty beat up and had a weight of just under a half an ounce. I hand delivered it to GoldFellow being that their office is about 20 minutes from me and got paid $263.21. I don't really know much about selling gold, but compared to some of the other commenets on here, I think I get paid really well.
Posted by: Sell Gold | Aug 25, 2008 4:14:10 PM
I've used Cash4Gold as they seem to be the biggest one. Even the president of the company admits you won't get the "actual price" for gold (rather, the spot price). But when you're selling broken and unwanted pieces, it's the way to go. When you have pieces that are higher value because of craftsmanship, its worth taking it to a jeweler to see if you can get more.
Posted by: George | Aug 28, 2008 1:08:44 PM
I sell to USGoldBuyers.com. I have used them for 3 years, they work on the london fix. Always great service and accurate pricing
Posted by: Troy | Oct 2, 2008 11:02:22 PM
I used www.GoldPawnShop.com. Found them to be very quick and got rid of some old gold jewelry and much needed cash.
Posted by: Ken T. | Oct 2, 2008 11:55:48 PM
I switched to US Gold Buyers after I seen them featured on ABC's Nightline News. These guys are on point and knowledgable. They are truly the highest paying Company that I came across.
Posted by: Sell Gold Jewelry | Oct 3, 2008 8:57:14 AM
The main thing that you need to do is your homework. Most of the online sites are good, but make sure they are the refiner. The refiner is able to pay you much more for your gold then just the middle man sites. My neighbor recommended a site called GoldPawnShop.com to me and my experience was great. I never would have sent in my gold necklaces with out hearing about someone else's experience before hand. Do lots of research, but I do recommend this site.
Posted by: Troy Buckner | Nov 9, 2008 4:37:55 PM
Hey, guys! It looks like nobody has been to this thread in a while, but I ran across it a couple of weeks ago when I had some gold jewelry for sale- I was looking for a place to send it. Thank you for all your suggestions. I investigated half a dozen places before making a decision, and the place I sent it to was JewelryBoxMining.com. They paid over twice as much as Goldkit.com, more than Cash4Gold.com, and a little more than GoldFellow.com. I had close to 4oz of assorted necklaces and rings- mostly 14k, but some 10k as well. My payout was over $1,020, and they offered to overnite my check for $20. I had my money in less than a week after the day I mailed my package. Thank you for all your help- you guys are right; We should all do our due dilligence- It pays!
Posted by: David | Nov 12, 2008 8:38:26 PM
Troy,
It DOES pay to do your due diligence. Jewelry Box Mining discloses their prices . . . 4 ounces of 14k gold would get you 55% of the current spot gold price.
With gold at $733.75 they offered to pay $11.77 per DWT (pennyweight) for 14k gold which is 58.3% pure gold. So if you divide $11.77/58.3% = $20.18 per DWT of PURE gold. There are 20 DWT's per ounce ($20*$20.18) or $403.60 for pure gold divided by $733.75 or 55% of the actual gold price.
John
Posted by: Sell gold | Nov 13, 2008 3:26:32 AM
Today there is no reason to compromise about anything. You can get 10 offers in 1 hour of search on the internet.
It's the same as buying staff online. You search for gold buyers, compare their offer and then go for the best deal.
If you still want to get out of the house to get an offer from your local jewelry store or pawn shop you can go a head and do so. Personally, I prefer the comfort of my home computer and since most of the time I get the best deals online I find it not only more comfortable but also more profitable.
Good luck
Posted by: Frank | Nov 14, 2008 8:16:53 AM
I just received my check from US Goldbuyers.com. They are quick, honest, and easy to work with. Great thread! thanks for the posts.
Posted by: Cali Guy | Nov 15, 2008 1:50:53 AM
I shopped around some gold and the pawnshops were the worst in terms of prices. I found a place in Hollywood that gave the highest amount. If you live in LA, check them out. This is their website:
goldexchange-usa.com
Posted by: Walter D. | Nov 30, 2008 4:23:04 PM
If you're in Canada, I highly recommend Gold Experts (goldexperts.ca).
I'm not sure if they buy silver or other metals, but they ended up paying me about 75-80% of my gold's value. Not bad compared to what the other guys are supposedly paying.
Anyhow, just thought I'd share my experience.
Posted by: gerilynn lathrope | Dec 2, 2008 9:48:45 AM
I have an old plaque ( middle east or Isreal) looks like from the writing on the plaque. I thought is might be silver but it acid tests positive for sure 18K with no change in color. It is silver toned - could this be 21K I do not have acid for this? It is not 22/24K I know that has to be yellow but does 21K have to be yellow in color too. The weight of this is 7.9oz or 223 grams. Should I sell it direct to a refiner- they claim to pay 94%. Thanks
Posted by: Scott Grissom | Dec 2, 2008 1:52:48 PM
Gerilynn,
If you can sell your item to the refinery, you definitely should. The problem is that most refineries I called won't deal with the public directly. They said I had to be a wholesale buyer or have a jeweler's license. One of them said I had to be in some kind of jeweler's association, or they wouldn't deal with me. And I do think if they can make 14k gold white, they can do it with 18, too.
I just wanted to comment on some of the things mentioned earlier in this thread. I did a lot of research before I sold my grandma's old jewelry, and I think I got the best deal at AugustusGold.com. They were nice when I called and explained the whole process. They even have their prices posted on their website, so I had a pretty good idea of what I was going to get paid. I already knew how much it all weighed because I went by the post office and put it on their postal scale in the lobby. Most of the stuff I sold them looked like it came straight out of the Cilil War. It was dirty, some pieces broken, and they didn't care one bit. My check was for over $1600, and I got it in just a few days. The guy there who processed my order sent me a handful of his business cards with my check, and I feel good about passing them out to friends.
Posted by: Jeff Gilbert | Jan 2, 2009 12:14:52 PM
Does anyone here know where I could get a good deal on selling old gold and silver coins? When my uncle went to a nursing home, we had to move his stuff out of his house, and I found all these coins and bars in a wooden box hidden in the corner of his attic. I think there are enough of them here that we may not need to sell his house to pay for the nursing home- the box weighs too much for me to pick it up.
Posted by: johnny sparks | Jan 2, 2009 12:16:38 PM
I had a bad experience with US gold buyers. I visited their office in Manhatten. I brought them my 18K solid gold rolex, and they tried to pay me based on its weight. I took it down the street to another spot and sold it for 3 times what USGoldBuyers offered me. Not only did they give me a bad offer, the guys I dealt with were very rude and told me if I came back that they would lower their offer. I also had some scrap gold and I sold it to another place by the name of Midas Resources, they totally ripped me off, and gave me much less then promised. I hope this info helps someone avoid a mistake.
Posted by: Kyle | Jan 2, 2009 12:18:22 PM
The online/TV companies pay very well. What people don't understand is when you buy jewelry in a store there is more than 400% mark up on the items and the actual gold value is very low. The price of gold is very high these days. You also have to be careful just because your item may be stamped with 14k or 18k ect. the actual gold purity is much lower its another way jewelers make money. I use wwwafgold.com they are the refiner and work not only in the US but international which i thought was interesting. You can try and shop around but unless you have a way to actually test your gold for its purity, you can't get an accurate quote from any company. Check out AF Gold they do a really good job and send the check out they day they receive the gold.