Gold buyers are individuals or businesses specializing in purchasing gold jewelry for cold hard cash. But, the business model of a gold buyer is to buy your gold at a lower rate so that they can resell it for a profit.
If you are not accustomed to selling gold, there are several steps you can take to ensure you get the best value for your gold. Hence, if you plan on selling your gold jewelry, here are three steps to help you get the best deal.
1. Have the Gold Jewelry Appraised
One of the most common mistakes people make when selling gold jewelry is failing to appraise it first.
Appraising gold jewelry lets you know its current market value before selling it. But gold buyers have to buy the gold at a discounted rate to sell it later at a profit. Thus, you will have to negotiate with the gold buyer.
When you already know the piece's current market value, you have a bargaining point to ensure you get a fair cash value for it.
2. Wait for Gold Prices to Rise
Gold is a commodity traded in the financial markets. Consequently, gold prices fluctuate based on demand and supply. Hence, before selling your gold jewelry, check the value of gold in the financial markets.
Failing to check the price of gold may lead you to sell your gold jewelry when gold prices are low. Then after a few weeks or months, the price of gold may rise. Thus, selling when gold prices are low will not fetch you good money.
Hence, it is advisable to wait for the financial markets to reflect a rise in the price of gold before you consider selling your gold jewelry. Besides, gold buyers also buy gold based on its current market value in the markets.
3. Know Your Carats
Gold jewelry rarely comprises 100% gold. Your gold jewelry may include gold and other metal alloys. Therefore, when selling gold jewelry, gold buyers only pay for the actual gold contained in the jewelry. The metal alloys will not contribute any monetary value to the sale.
Carats represent the actual amount of pure gold in a piece of jewelry. Thus the higher the quantity of gold in jewelry, the higher the carats it has, and therefore the more valuable it is.
Hence, knowing the amount of pure gold (carats) in a piece of jewelry enables you to gauge the value before selling it. As a result, when selling the gold jewelry to a gold buyer, you will be able to negotiate a fair deal based on the carats.
Contact a professional for more information about how to sell gold.Share