Selling Your Gold: What You Need to Know Before You Sell
Wright's Estate Liquidators
Estate sales & Liquidation services- estate sales & auctions
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We have all seen the headlines-Stock Prices Falling, Inverted Yield Curve and Certain Recession headed our way...instilling fear in some. Perhaps, your stock portfolio has been affected as well. Wall Street players are leaning towards perceived safer investments, one of which is gold, silver and other precious metals, which is driving up the prices to higher highs. This presents a good opportunity to sell some of your own or your inherited jewelry and goodness knows there are a TON of businesses out there that want to buy your gold and claim they pay top dollar, yada, yada, yada. Before you sell, below are some things to think about to ensure you are not "leaving the cream on the top" Profit to be made by gold buyers instead of yourself or the estate you are responsible for.
Several Ways to Sell Your Gold Jewelry
There are several ways to sell your gold or other precious metal jewelry. The key is to go with a trusted, experienced and knowledgeable professional. Now you might think that a local Jeweler, Pawn Shop, Gold Dealer or Buyer that advertises that they buy gold would be an ideal place to go and to get a fair price for your treasures..it makes sense. Its easy, fast cash in your pocket and they are professionals, Right? Not so fast...there are a few questions to ask yourself before making that decision and going that route:
What is it?
You have a whole jewelry box or boxes full of gold or silver jewelry you recently inherited. Your first thought may be to bring in all your jewelry and get an offer for it from one of the above mentioned professionals who buy gold and other precious metals...but let's go deeper. There are alot of factors to consider in deciding what it is you actually have. Unless you are an expert or have been in the jewelry reselling market for years, this can be a daunting task. This is where we come in....frequently, very frequently people who are selling their jewelry to buyers of gold believe the value is in the weight of the gold or precious metal in the piece of jewelry. Very far from the truth most of the time...
What is it made of-Gold, Titanium, Silver?
What Gemstones does it contain-Diamonds, Rubies, Tourmaline, Sapphires?
What markings are on the piece-is there a Karat marking, Makers Mark, Initials, Numbers?
What Style is the Piece-Georgian, Art Deco, Victorian, Retro, etc..?
What is the history of the piece-is it scrap or valuable History?
What does the Makers Mark Reveal-Is it a high end, sought after designer such as-Tiffany & Co, David Yurman, Chanel, Gurhan, Cartier?
Those are all clues that expert's such as Wrights Estate Liquidators use to identify your specific pieces and we liquidate accordingly, offering at auction to get the absolute Highest Price the market establishes...nationwide. While we are all about recycling and repurposing, we like it best when we get the MOST Money for your inherited Jewelry AND the history of the piece continues to make memories. Why give the "cream on top" to someone who just buys your jewelry at less than Spot Value, and either sends the true scrap pieces to a refinery to melt OR who in turn, does all the research as above...they own it now and can turn around and sell if for a HUGE Profit. That profit should be in Your account or the Estates Account...not in a Jewelry Buyers Account.
As the prices in gold rise, all of the sudden everyone is a gold buyer. Go with the tried and true and know what you really have before selling to a business that advertises they "Buy Your Gold and pay Top Prices". Everyone claims to pay the top price in the area, but do your due diligence and see our tips below.
If You do Decide to Sell Your Jewelry for Cash-Here are Some Tips on What to Check
How do the Gold Buyers mentioned above arrive at a Price for the jewelry they buy from you?
Most will pay you a percentage of the "Spot" gold price, anywhere from 50-85% of the Spot price. The spot price of gold is a standard that is commonly used to determine the current price that one troy ounce of gold can be bought or sold. This "Spot" price is determined by the market and fluctuates daily. This is based on the unfabricated form of gold or silver before being sold to a dealer. The percentage they pay varies and you should always go to three or more Businesses to get the best payout.
How do the Gold Buyers mentioned above make money and what do they do with your jewelry?
Most partner with Refineries or Bullion Companies who pay your gold buyer a percentage of "Spot" Gold Price, typically between 90-98%. The Refinery or Bullion companies then melt down your jewelry to produce investment grade gold bars OR they do the research mentioned above and resell at a much higher price than Spot for the designer piece, pocketing all the profit.
Don't Mix Karats!
Gold Jewelry comes in varying Karats, make sure your gold buyer has the proper tools to assay the actual quantity of gold in your piece...10K, 14K, 18K, 22K, 24K. Do NOT let them mix Karats or throw all pieces of your jewelry on the scale together, separate by Karat. Each Karat has a different Spot Price and buyers who throw all gold together, typically will offer you the lower Karat Price for all pieces.
Is Stone Removal Free?
Remember those gemstones we talked about above, some stones are worth more than the gold the stone is set in. They are worth MONEY! They should be paid for or removed from the piece.
Ask your Gold Buyer
What is the price per gram-if the buyer you are talking to says they don't pay by gram but by pennyweight, you should avoid. If they say you will need to bring your items in for us to look at, you should also continue shopping. Gold buyers know what they will pay per gram for 10K,14K, 18K, 22K and 24K and should be able to quote it over the phone.
We, at Wrights Estate Liquidators do not measure our success on the amount of money in our pocket, but rather the difference we make in our clients world, during a time of transition. You, the client, should have the bulk of the profit for items sold, and they should be sold at the BEST Price!!