1) Learn and understand the scales
The weight of your gold is a huge factor in price, jewelers measurement is in troy
ounces and while U.S. scales will measure 28 grams an ounce, in Troy ounces it
measures 31.1 grams per Troy ounce.
2) Know the karats you have
Pure gold is too soft to be used so its combined with other metals for durability
and color. 1 karat equals 1/24 of pure gold so if you have 14 karats you got 14
parts gold and 10 parts other metals, it is also illegal for gold to be marked “gold
jewelry” if it is less than 10 Karats.
3) Separate your karats when selling
It is important when selling your jewelry to keep all your karats separate and not
weighed together to maximize your profits and not letting them give you less
when you have a mixture of 14 and 18 Karats.
4) Know the value
Call a local jewelry store or go online to a gold price website like Kitco to know
the current price of gold, it changes from day to day so you need to know the
exact price of gold on the day you are selling to maximize your profits.
5) Know your buyer
When selling your gold find a buyer and read as many reviews as possible about
the company on top review sites throughout the internet.
6) Know what you are selling
Some gold items might be worth more rather than being sold for melt value. An
example is designer jewelry from well-known designers or makers like Cartier or
7) Read the fine print
If you choose to sell your gold online or through the mail, read the fine print like
the length of time it takes to get reimbursed, how long they keep your gold by law
before melting it down, ad how many days you have to accept or reject the offer.
Take photos of items before sending them and keep any paperwork that came
with them as well.
8) Try shopping around
You don’t have to take the first bid, you can ask around and get several
offers before selling so you can get the best price for your jewelry.
9) Please be realistic
Keep in mind that while gold parties hosted by friends are more about
having fun then value you should expect 70-80 percent at gold parties
and 90%+ at local jewelers.
10) Don’t forget your ID
Gold buyers by law are required to ask for identification, this protects
them and consumers from buying or selling stolen merchandise; any
reputable gold buyer complies with these rules, so if you don’t get
asked for I.D. be cautious.
If you are in need of a quote please call us at 212-642-4345 or fill out
our appraisal form on https://www.buyersofnewyork.com
We are open 6 days a week from Mon-Sat from 10am-6pm and are
located at 30 W. 47th St. #806 New York, NY 10036
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