Tips and Tricks for Selling Gold
- December 3, 2018
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Selling gold can be intimidating and overwhelming but it doesn’t have to be. Here are a few tips and tricks and bits of pertinent info that can help you sell your gold with confidence and ease.
Know what you have
If you can, locate purity stamps and separate your gold by karat. Some stamps will be large and easy to read, others will be minuscule and some pieces might not be marked at all. Don’t worry too much about getting everything sorted out 100% correctly, we will help and we can always test pieces as well, but for your own sake, it is a good idea to have a rough idea of what you are trying to sell.
The vast majority of gold jewelry is not pure gold; it is an alloy of different metals. In the US gold jewelry is commonly 10K, 14K, and 18K. That means that it is 41.7%, 58.5%, and 75% gold respectively. This is why we sort gold into karat groupings. In 10 grams of 18K gold there will be 7.5 grams of pure gold. In 10 grams of 10K, there will be 4.17 grams of pure gold. The total weight might be the same but there is almost twice as much gold in the 18K.
Know what you want
Before coming in, try to have an idea of what you have and what you are looking to get. This is a good idea no matter where you are going or what you are trying to sell. There is no guarantee you will get the sum you are asking for, you might get more you might get less, but it helps to start the conversation with everyone on the same page.
Go somewhere you trust
Anytime you are asking for expert advice or assistance, it is good to think about who you are putting your trust in. After all, expert guidance is only as good as the expert giving it. We are longstanding members of the community and we care deeply about our home, our customers, and our reputation. We are not a pop-up that will disappear in a few days or mail-in service where your gold is already out of your hands by the time you get an offer. We are a local, family-owned business and we are here to stay.
An offer is just an offer; you are under no obligation to take it.
This one is pretty self-explanatory but in the heat of the moment it can be an easy one to forget. You are under no obligation to sell your gold. If you want a second opinion, if something doesn’t feel right, if you start having second thoughts, whatever the reason it is your choice whether or not to sell and for how much.
Still have questions? Leave them in the comments below; we would love to answer them!