Best Places to Sell Gold Jewelry to Get the Highest Price

Have you noticed that your old gold jewelry is simply lying at home, just collecting dust? Did you know that you can now turn them into instant cash? 

You can do away with old gold jewelry by selling it and earning some quick money. Once you’ve made up your mind, the next big question is: Where to sell gold jewelry and get a good price for it? 

Worry not. We have not one but several options for you to choose from on where to sell gold jewelry. But first, let us determine how much money you can expect in exchange for your gold jewelry. 

How Much Is Your Gold Jewelry Worth?

The simplest and safest way to find the value of your gold jewelry is by getting it appraised by professionals. 

For this, you could opt for any one of these three trusted institutions that offer a professional and authentic appraisal of your jewelry. These include The American Society of Appraisers, the National Association of Jewelry Appraisers, and the International Society of Appraisers.

All the three institutions mentioned above guarantee the highest levels of professional and expert jewelry assessment. They charge an hourly consultation fee.

Why should you go for a jewelry appraisal?  

After the appraisal of your gold jewelry, you will have a concrete idea of what it is worth and how much you can expect to get while reselling it.

Keep in mind that some designs and pieces of gold jewelry from famous designers or exclusive luxury brands tend to have a high resale value. The professionals appraising your jewelry will be able to guide you on this.

Gold Content in your Jewelry 

Setting a realistic price for our gold jewelry is very important. To do this, you should find out the melt price of your gold jewelry. It is generally a good deal if you can get between 70% to 80% of the gold melt value.   

There is another way to set the Price of your old gold jewelry. For this, you must know the karat value of your gold jewelry. Then, divide the karat number by 24 and go on to multiply the result by 100. This will give you the gold percentage of your jewelry.  

Weighing Gold Correctly 

The weighing process of your gold jewelry is very crucial because gold prices are calculated per unit of weight. So, you must find the accurate weight of the piece of gold jewelry you wish to sell. The unit of measurement for this weight will be in grams. 

Once you have accurately weighed your gold jewelry, use the above-mentioned formula to calculate its gold percentage. Next, multiply the value of the gold content with the weight taken in grams. You will get the total value of pure gold in your gold jewelry.

For instance, if you have an 18K gold jewelry weighing 30 grams, and 60.5% of it is pure gold, then your final value of pure gold will be 30 g x 60.5% = 18.15 grams.

Multiply the value that you get with the current market price of gold per gram, and you will get the final value of your gold jewelry.  

Remember, the Price of gold undergoes a daily fluctuation, so you must keep checking and be aware of the spot price at that moment before finalizing any deal.

Now that we have understood how much you can expect for your old gold jewelry, let us consider the best places where to sell gold jewelry for the Highest Price.

Selling Gold Jewelry to Gold Dealers 

This is considered by many to be the most secure and easiest way for you to sell your gold jewelry. Gold dealers will buy gold from different sellers and then resell it to gold refineries. Your gold is then melted to be reused in such refineries. 

Finding gold dealers is usually easy, and most of them will encourage you to sell your gold jewelry by offering you a good sum of money. They will then resell your gold for recycling purposes. 

Gold dealers offer money in exchange for the gold content in your jewelry. This means that the amount you receive is based on the market prices of gold.

But there is one downside to selling gold jewelry to gold dealers. Since they offer money only for the gold content, you will not be receiving a good price for any stones embedded in your jewelry. 

Furthermore, antique pieces or gold jewelry from exclusive brands are not treated any differently by gold dealers. For them, features such as the design do not matter since the gold will eventually be melted. So if the piece of jewelry you are planning to sell is unique, try another avenue to sell it. 

Selling Gold Jewelry to your Local Jewelry Store

If you are planning to sell your gold jewelry immediately, the best option would be to visit your local jewelry store. This could be any respectable jewelry store in your city, or even more preferably, the one where you originally bought the jewelry from. 

Most jewelry stores readily buy back old gold jewelry and either resell the pieces or melt them based on their current condition. 

While deciding on a place where to sell gold jewelry, you must keep in mind that nowadays, many jewelry stores offer in-store credit instead of instant cash. This means that you can sell your jewelry and receive credit in that store. You can then avail of these in-store points when you shop for your next piece of jewelry. 

Selling Gold at Jewelry Auctions

You must have heard of jewelry auctions where certain pieces of jewelry fetch sky-high prices. Jewelry auctions continue to remain popular for this reason and are also easy to set up. 

How to find a jewelry auction? It is quite simple! Just browse online and filter based on your requirements. You will find tons of jewelry auctions taking place, both online and physically, in your city. All that is left is for you to sign up and list your item, and they will register you as a seller in the auction.  

Are jewelry auctions profitable? Remember, you should enter auctions only if the piece of jewelry you want to sell is rare, has a unique design, or is an antique piece of high value. 

In such cases, you will easily get bidders who will readily pay you more than the Price of the metal. Such deals end up being very profitable and are highly recommended.

Selling Gold on Platforms like Sell Your Jewelry without any hassle.

If you are looking to sell your old gold jewelry without the extra hassle and leg-work, we’ve got you covered. At Sell Your Jewelry, we purchase your old, pre-owned gold jewelry and offer the best prices in the city. 

Book a free appointment and bring in your gold jewelry for assessment by our experts.

We take into consideration factors that affect gold pricing and offer you deals you cannot refuse. Visit our website to avail of a free consultation today.