Thanks to an unforgiving economy and rising gold prices, many consumers are looking to trade in their unwanted gold and jewelry for cash. However, there are a few precautions consumers should take to make sure they don’t fall prey to the numerous scams out there. Make sure you’re getting the most money for your old gold and jewelry by taking a few moments to read through a jewelry appraiser’s insider tips.
- Research the Buyer
Protect yourself against theft and illegal practices by only dealing with companies that are licensed and bonded. A licensed company is trained in correct industry practices and regulations. It is crucial to make sure the company is also bonded, meaning that money is set aside and regulated by the state to deal with customer complaints or lawsuits.
- Get an Appraisal
Get an accurate jewelry appraisal range of your gold’s worth by going to a couple different appraisers. Seek out companies that are trained and certified by the Gemological Institute of America and the American Gem Society.
- Know your Gold’s Purity
The purity of gold is measured in karats – pure gold is equivalent to 24 karats. Anything less than 24 karats is considered a gold alloy, meaning it is mixed with other metals such as copper and silver.
- Shop Around for the Best Price
The amount offered for gold can vary widely from dealer to dealer. Do a little research and visit more than one cash for gold company before making a deal.
- Know the Weight of your Gold
Gold’s value lies in the fact that it is infinitely recyclable. Gold buyers are not interested in craftsmanship or design, weight is the main factor they consider when assessing value.
- Consider Worth, Not Just Weight
Unlike gold buying companies, collectors consider jewelry’s age, origin, background, and rarity. Do a little research on the background of your gold or jewelry and tell the jewelry appraiser for a more accurate idea of current value. Then decide if you are better off selling to a gold buyer or a collector.
- Know the Price of Gold
Gold prices have been on upward swing for the past few years. This is an excellent time to sell gold for its maximum value.
- Ask to be Paid by Check
Most buyers give about half a percent more to customers who agree to being paid with a check versus cash. Be sure to find out if this is the case before accepting a check.
- Don’t Trust Companies that ask you to Mail your Gold
Your valuables should never leave your sight until a deal has been agreed upon.
- Favor Buyers with Secure Locations
Listen to your gut instinct and only make deals with buyers that you feel comfortable with.