This article was co-authored by Kennon Young and by wikiHow staff writer, Raven Minyard, BA. Kennon Young is a Master Gemologist Appraiser and the Owner of Vermont Gemological Laboratory in Burlington, Vermont. With over 20 years of experience in the industry, Kennon and his team specialize in handmade engagement rings, wedding bands, and custom jewelry. He attended the Revere Academy of Jewelry Arts, the Gemological Institute of America, and the Rhode Island School of Design Extension. He is a Jewelers of America (JA) Certified Bench Jeweler Technician and received the highest credential in the jewelry appraisal industry, the ASA Master Gemologist Appraiser, in 2016.
There are 16 references cited in this article, which can be found at the bottom of the page.
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How can you sell your gold jewelry without getting ripped off? The world of buying and selling gold can seem intimidating, but we’ll teach you how to sell your jewelry in a smart, savvy way. We’ll go over the pros and cons of selling to jewelry stores, pawnshops, professional gold buyers, and online services. Then, we’ll let you in on how much money you can expect to get from selling your gold jewelry and how to get the highest possible price.
Selling Gold Jewelry
- Visit a reputable jeweler to sell your gold safely and conveniently. However, you may not get the most money with this option.
- Alternatively, sell to a local or online gold buyer to get a better price and an accurate weight for your gold.
- Another option is to sell to a pawnshop if you need cash quickly. You won’t get the best price, though.
Steps
Getting the Best Price for Gold Jewelry
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Get an assessment from a gold appraiser. Find an appraiser through organizations such as the ASA, the National Association of Jewelry Appraisers, or the Appraisers Association of America. Appraisers who belong to these organizations must abide by a strict code of conduct and ethics and will be fully honest when giving you a price estimate. You will have to pay a fee, but some appraisers charge as little as $20 for an assessment.[7]
- In addition to giving you a price for the gold, an appraiser can tell you if your piece has intrinsic value beyond the gold weight and if the gems are real.
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Determine if your gold is worth more than just melt value. Most gold jewelry gets melted down when it’s sold, and you should expect to be paid about 70-80% of the melt value. That difference is due to the buyer’s cut of the profits and the cost of melting down the piece. If your jewelry is a designer piece (like Cartier or Tiffany’s) or an antique piece, expect more than 80% of the melt value. If anyone offers you scrap gold prices for a designer piece, don’t accept the deal.[8]
- A good point of reference a gold buyer uses is "What will it cost to remake this item brand new?" They won’t pay much over the melt price unless it's a very intricate piece.
- Designer pieces will be compared to other designer pieces that have been sold on sites like eBay and Worthpoint. When you look at the selling price, remember that these sites take a cut between 10-15%.
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Sort your gold by purity. By organizing your gold before your visit, you’ll save yourself and the gold dealer time. Use a magnifier to check the little labels on the gold for "10k," 14k," and so on.[9] This number refers to the karat, which tells the percentage of the gold piece that is pure gold. The higher the number (up to 24k), the purer the gold. Separate the jewelry by karat, and then place the jewelry into separate bags or containers.
- In other words, the proportion of the metals in your jewelry will add up to 24. If you have 14k gold, it means the piece is made of 14 parts gold and 10 parts other metals.
- Remove as many of your items in your collection that are imitation gold. The best way to tell if gold is real is with a strong magnet. Anything that sticks to the magnet is very likely not solid gold, and you shouldn’t include it when you bring your gold to a buyer.[10]
- Another way to test your gold is by using bleach. Make a small scratch on your jewelry and add a drop of bleach. If it changes color, your jewelry isn’t 24k gold.[11]
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Measure the weight of your gold. It’s easiest to measure in grams, plus the price of gold is often listed as the price per gram. However, many gold buyers will use a special weight system called a pennyweight or a troy ounce. If they use a different measurement, just make sure you get paid by the right unit. For instance, if they measure by the pennyweight but pay you by the gram, you’re getting ripped off. Use the conversions below to double-check that you and your buyer are weighing your gold the same:[12]
- 1/20th of a troy ounce is 1 pennyweight.
- 1 ounce is 0.911 troy ounces.
- 1 troy ounce is 31.1035 grams.
- It’s always smart to weigh your gold yourself before taking it to a buyer. Use a kitchen or postal scale to get a reasonable estimate of the weight.
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Calculate how much you’ll get when you sell your gold. To find the current gold price, visit https://www.kitco.com.[13] The price that a gold buyer will give you for your jewelry is based on the price of gold for that day. However, keep in mind that price is based on 24-karat gold, which is 100% pure. To find the price for your piece, multiply the price of gold for that day by the percentage of your gold’s purity (check out common percentages below). Then multiply that number by your gold’s weight in grams. Many websites also offer a gold price calculator.
- 10 karat gold has 41.7% gold content, 14 karat has 58.5% gold content, 18 karat has 75% gold content, and 24 karat is pure gold.
- For example, if you have a 14k gold chain, "14k" means it’s 58.5% pure.
- Calculate the price based on the purity: If the price per gram that day is $57.44 per gram, at most, you would get 58.5% of $57.44 ($33.60 for each gram).
- Factor in the weight: If your 14k gold chain weighs 6.8 grams, it would be worth at most $33.60 x 6.8 (which is $228.48 total).
- Consider the melt value: Expect a potential buyer to offer you between 50%-80% of the $228.48 due to their fees and the price of melting the gold down. That means you’d expect a price of $114.24-$182.80.
- If your jewelry has precious or semi-precious stones, the weight of those will be deducted and not paid in gold weight. For example, if your ring weighs 3 grams with a large amethyst, they will pay you based on 2 grams of gold and factor 1 gram for the amethyst stone.
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Get at least 3 quotes from buyers on the phone. Tell buyers exactly how much weight you have of each karat of gold and ask for a total payout amount.[14] Be wary of companies that only quote a "price per gram" because they may only be referring to 24-karat gold.
- Always try to get a price by asking "What will the total payout be when I walk out the door?"
- If any place won't give you a phone quote with an adequate description of what you have, they’re probably hiding their prices because their payouts are terrible.
- Do your research before you go to the place that gave you the best phone quote. Check them out on Google, Facebook, and Yelp.
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Let your chosen buyer evaluate the piece in person. A gold buyer with a business license must have a physical location, so don’t trust “mobile services” and “gold exchange parties.”[15] Wait for the buyer to make the first offer. If they ask, “How much do you want for this?” say something like, “I’d love to hear your opinion on what it’s worth, given its quality.”
- Don't let them take your gold to the "back" or out of sight. This shouldn't be necessary and should make you uncomfortable. Ask that your gold is tested in front of you, or find a different buyer.
- If you leave and their offer goes up by double or triple, DO NOT go back—that’s a classic rip-off strategy.
- Many places might need to take a sample of your gold before making a formal offer, but make sure they get your permission to take a file to your jewelry if you aren't sure about selling it. If they don’t get your permission before taking a sample of your gold, find a different buyer.[16]
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Obtain the required documents to sell your items. Any legitimate gold buyer will require a signature, ID Card, and potentially a thumbprint.[17] These are required so anyone who doesn't do this could be operating illegally, and you should avoid those places. Most places will pay you by check, PayPal, Venmo, Zelle, Cash App, Apple Pay, wire transfer, or cash.
- Be sure they don’t measure by the pennyweight but pay you by the gram.[18]
- Be careful walking out of gold stores carrying a lot of cash.
Expert Q&A
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QuestionWhat does it mean if gold jewelry is stamped with GF?Kennon YoungKennon Young is a Master Gemologist Appraiser and the Owner of Vermont Gemological Laboratory in Burlington, Vermont. With over 20 years of experience in the industry, Kennon and his team specialize in handmade engagement rings, wedding bands, and custom jewelry. He attended the Revere Academy of Jewelry Arts, the Gemological Institute of America, and the Rhode Island School of Design Extension. He is a Jewelers of America (JA) Certified Bench Jeweler Technician and received the highest credential in the jewelry appraisal industry, the ASA Master Gemologist Appraiser, in 2016.
Master Gemologist AppraiserIf your piece is stamped with GF, which stands for "gold-filled," then the jewelry is just gold on the surface. Also, separate pieces stamped with R.G.F ("rolled gold filled"), H.G.E. ("Heavy Gold Electroplate"), 1/20th 12k (heavily plated with 12k gold), and E.P. "Electroplate." You can still sell those pieces, but you won't get as high of a price, so you should keep them separate from your purer gold. -
QuestionHow do I get a ring appraised?Cory SchifterCory Schifter is a Jeweler, Certified Jewelry Appraiser, and the Owner of Casale Jewelers in Dongan Hills, Staten Island, New York. Casale Jewelers is known for its selection of fine jewelry, designer brands, engagement rings, certified diamonds, custom-made jewelry, and watches. Cory has over 10 years in the jewelry industry and is a certified jewelry appraiser. Cory was featured on NY1 News “Got it Made in New York” for Casale Jewelers’ custom design business and Casale Jewelers was recognized by American Express and Facebook in 2012 as one of the top five small businesses in the nation.
Jeweler & Certified Jewelry AppraiserRead reviews on sites like Google and Yelp to find a reputable jeweler in your area, and take the ring to them for appraisal. If the ring is a diamond ring, you can also have the diamond certified by an organization like the Gemological Institute of America, or GIA.
Video
Tips
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Many factors influence gold prices, including supply and demand, geopolitical factors, inflation, and currency fluctuations.Thanks
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If you’re also selling gold bars or coins, eBay allows you to send in a photograph of your gold to receive a quote rather than having to mail the actual piece.Thanks
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You may hear the term “spot price” when selling gold. This refers to the current price at which pure gold can be bought and sold.Thanks
Warnings
- If you mail out your pieces, take photos and make a list of everything you’re sending beforehand so you know you’re not getting scammed.Thanks
- Look out for scam artists. If someone seems like they're a bit off, they probably are.Thanks
References
- ↑ https://youtu.be/_kFjbFvJRDE?t=503
- ↑ https://4cs.gia.edu/en-us/blog/how-to-choose-a-reputable-jeweler/
- ↑ https://www.americangemsociety.org/gems-and-jewelry/sell-your-fine-jewelry/
- ↑ https://youtu.be/_kFjbFvJRDE?t=562
- ↑ https://oag.ca.gov/secondhand
- ↑ https://youtu.be/zyYzhDKry8M?t=167
- ↑ https://www.appraisers.org/docs/default-source/3---governing-documents/asa_code_of_ethics_2020_11_18.pdf?sfvrsn=7dbe7384_11
- ↑ https://www.jewelers.org/education/jewelry-metals/454-tips-for-selling-gold-jewelry
- ↑ https://www.cascaderefining.com/real-or-fake
- ↑ https://sciphile.oit.umass.edu/lessons/magnetic-materials
- ↑ https://youtu.be/royPT9kxzPA?t=218
- ↑ http://abcnews.go.com/Business/10-tips-selling-gold-cash/story?id=14356892
- ↑ Cory Schifter. Jeweler & Certified Jewelry Appraiser. Expert Interview. 21 April 2020.
- ↑ https://www.americangemsociety.org/gems-and-jewelry/sell-your-fine-jewelry/
- ↑ https://www.njconsumeraffairs.gov/News/Brochures/Selling-Your-Precious-Metals-and-Jewelry-Brochure.pdf
- ↑ https://blog.esslinger.com/testing-gold-silver-and-precious-metals/
- ↑ https://abcnews.go.com/Business/10-tips-selling-gold-cash/story?id=14356892
- ↑ https://abcnews.go.com/Business/10-tips-selling-gold-cash/story?id=14356892
About This Article
If you want to sell gold jewelry, try to sell it to a jewelry store rather than a gold buying company because they're less likely to rip you off. Before completing the sale, get several quotes so you can compare them and secure the best deal. Before making the final decision on which store to sell to, carry out a check on their business reputation. If you decide to go to a gold dealer instead, make sure to sort out your gold items according to the type of gold they're made out of to help you secure a better price. To learn why it's important to avoid pawn shops and how to get quotes from dealers, read on!
Reader Success Stories
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"The pre-sell preparations are most helpful. Warnings against known unscrupulous buyers, doing my due diligence with BBB, etc., were helpful, too. Thanks so much. Keep up your altruistic website which has put me on the correct way to sell my treasured pieces."..." more