If you are looking for a little extra spending cash but don't want to sell any of your stocks or other investments, you might want to take a look inside the jewelry box. The price of gold can fluctuate just as any stock does, but in general, you will likely always be able to get at least something for your gold, even if some of your other investments have gone belly up. But before you rush to the closest cash for gold store with your jewelry, there are some things you'll want to keep in mind if you want to maximize your return.
Understand Karats Vs. Ounces
While the price of gold is often quoted per ounce, pure gold by itself is too soft to be turned into jewelry. That's where karats come into play. Gold is mixed with other metals so that it can be formed into gold jewelry. The higher the karat count, the more pure gold is in the jewelry. So just because that gold-colored chain in your jewelry box feels like it weights quite a bit does not mean that you are about to hit the jackpot once you sell it. You need to figure out the karat count of each piece of jewelry you own in order to get an accurate estimate of how much it is worth.
Weigh Different Karats Seperately
Another reason it's so important to know the karat count is for when the time comes to weigh your jewelry at the cash for gold store. Sometimes, if you're not careful, a higher karat piece can get accidentally mixed in with a lower karat piece. Make sure you insist to the cash for gold shop employee that each karat selection gets weighted separately and take care to ensure that jewelry of different karat amounts remain separated throughout the process.
Know Your Value
Use an independent and reputable website to look up the approximate price range of your jewelry before you take it into a shop. Goldprice.org is an industry-leading site for those looking to sell gold for cash. The site's gold price calculators can help you calculate the current market value of different types of gold, ranging from jewelry to coins. Keep in mind though that online tools like this are just a guide. A cash for gold shop might offer a different price if your jewelry or coins are not in mint condition, for example.
If you want to sell your gold jewelry or coins for cash, educate yourself about the process. When working with jewelry, make sure you understand the karat count of each piece and keep jewelry of different karat amounts separated while at the shop. Remember that you can check the approximate value of your gold items online at a reputable site before heading into the store. Contact a business, such as the Pomona Pawn Shop, for more information.
Share