Is Selling Gold Jewelry Worth It?

Find out if selling your old jewelry or coins is worth it and how much money you can make from it.

Is Selling Gold Jewelry Worth It?

For many people, selling gold jewelry won't make them rich. But it could be a great way to make some extra money. The amount of money you get for your gold jewelry depends on the amount of gold in it, minus any fees the company has to charge for refining. So, is it worth selling gold jewelry? Yes, if you have some that you want to part with.

You can also buy gold jewelry at flea markets, garage sales, or property sales with the goal of collecting them. Remember that different grades of gold, determined by carat weight, will be valued differently. A piece of 18 karat gold is approximately 75 percent pure gold and 10 karat gold is only more than 41%. The higher the carat weight, the more money you get.

There are three main places to sell gold: reputable online gold buyers, bullion pawn shops, and local jewelers. Generally, selling online is the best way to get the highest possible price for your gold. When you sell gold coins or bars, you should expect to receive at least 90% to 95% of the current market value. But with gold jewelry, you're likely to get only 70% to 80% of the fusion value.

This difference reflects the trader's profits, plus the cost of smelting and refining their gold and turning it into new jewelry or gold bars. Selling your jewelry in person to a local store may still be the best way to get the most out of it. You have plenty of options here, including coin shops, pawn shops, consignment shops, and jewelry stores. The American Gem Society provides a list of local jewelers who buy jewelry.

For example, in the Washington D. C area Chance Diamond Jewelers and Nelson Coleman Jewelers in Maryland announce they are buying gold and other jewelry.White gold has a silver or white metal look and is an alloy of gold with nickel, platinum, or another metal. Some gold selling websites offer calculators that allow you to quickly and easily calculate the pure gold content of a gold ring or other piece of jewelry and then calculate an approximate price of the gold used to make the item.When currency values are uncertain or fluctuating, many investors buy gold to overcome uncertainty. It may also make sense to sell gold for other investments, including equity funds in a retirement account, in real estate, or even in education or a new business.Today, online gold bullion buyers often provide a quote based on the weight of the gold you want to sell and then provide an address for you to ship the gold through an insured delivery, tracking and tracing service.But if you have some gold jewelry, coins, or other type of gold that you prefer to exchange, there are ways to sell it safely and at the best price.

Companies that buy gold are generally required by state law to keep items for a set number of days before selling them.The way gold buyers determine how much gold is worth is based on the London Bullion Market Association which today operates an electronic auction system called LBMA Gold Price recognized worldwide as the accepted market price for gold.Gold prices have been close to all-time highs and are on the verge of rising as gold prices have historically increased as the stock market declines.So if you're looking for ways to make some extra money from your old jewelry or coins then selling your gold could be a great option.

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