For the last few years, everyone has been scurrying to take advantage of the current gold rush. This can turn you a nice profit if you follow some sensible tips and do it right.
Since 2011, gold prices have soared and while they crashed in 2013, they still fluctuate enough where so many people want to sell their gold to ward off financial insecurity. It has become easy to sell your gold jewellery practically everywhere from online on eBay to hotel chains to specialized gold parties to local jewellers and pawn shops. The trick is to decipher which one of these avenues is legit and to get the most money for the current melt value.
Tips for Selling Your Gold
- Choose where to sell gold in Melbourne. Typically, you want to avoid gold parties because while they’re fun, you may only get around 50 percent of what it’s worth. In addition, stay clear of companies advertising in hotels as you don’t know their reputation. Instead, choose local jewellers or pawn shops that house gold specialists who know how to weigh and value your pieces.
- Realize the difference between retail value and scrap value. Full retail price refers to the entire price of the diamond and white gold pendant you received for your birthday. You’d only get a fraction of that back because when you sell gold, you generally only receive around 80% of the melt value.
- Look through your collection of gold that you’re trying to let go of. Decipher if any of the gold you own is a family heirloom or antique and if it would be worth more than the melt value of the gold. Put those pieces aside for now. Meet with a gemmologist who may even be able to provide you with advice on how to let go of unwanted gold. Have them evaluate your pieces and see if these are worth way more than you’d receive from the melt value. However if you see any tacky costume jewellery, you may receive more money for its melt value than you would for its total value.
- Divide the remaining pieces by carat and put each type into a separate container. Keep in mind that 24 ct is 100% pure gold but it’s softer and less resilient. Therefore, more pieces are created with 18 ct gold which is 75% pure gold or 14 ct gold which is 58% pure gold. Separating them will assist you in estimating how much you’ll make.
- Watch the scale to make sure you are paid correctly. Jewellers and pawn shops can use one of three different kinds, including the standard where an ounce equals 28 grams. However, most generally use Troy ounces, where one ounce equals 31.1 grams. Watch closely making sure they aren’t using penny weights because one pennyweight equals 1.55 grams, and you could get screwed out of the right amount of money.
- Try to find a local place to take your gold. If you can’t, aim for a company that offers its own gold express kit with insurance protecting your items. This shows their professionalism.
As gold prices change so frequently, make sure you check the current spot prices as close to the day you’re selling as possible. Sometimes, even a small fluctuation can mean more dollars in your wallet.