The big buzz happening now is the soaring price of gold. You’ve probably heard about this buzz for some time now, as prices of gold continue to soar. On Monday, gold hit a high of more than $1,900 per ounce. Selling your old jewelry could be a way go get some cash back towards possibly paying off some debt. Depends on where you are in your life, this could be a smart move or simply not worth it, due to the sentimental value that your jewelery has to you. Whichever way you may choose to go, the big question that lies is ‘Who can you trust?’. There are so many different places readily to do business with you, from jewelery stores and pawn shops to cash-money stores and “we buy gold” internet operations. These types of operations are popping up all over the places across Toronto and each is promising to give you the most money in return for your gold, but who’s being real and who’s fibbing? Tough question.
Sentimental Value
One of the toughest decisions when selling your gold jewelery is what to part with and if anything at all. Some or most this gold jewelery has sentimental value to you. Maybe it was passed down from one generation to the next or it has some significant meaning to you. Whatever the case, you will know best what your jewelery means to you. Depending on which way you choose to go, make sure you make the right decision, rather than a radical one, because once it’s sold, its gone.
Educating Yourself
Like your self, even the buyer who is purchasing the gold from you is in the business to make a buck, but here is where the tricky part; Not all jewelers are equal and they all don’t pay equally. Buyers who pay more, don’t have an issue disclosing their percentage. It is essential to visit numerous locations or simply call and ask, what percentage do they pay? Some will pay 65%, others will pay 50% and the real honest buyers will pay sometimes over 80%.
Also don’t forget to get your gold weighed, this can be done at home using a small weight scale or even at a jewelery store. Make sure though that it’s done in front of you and not in the back, like most jewelers prefer to do so. To get the most back in return. It would be ideal to get your gold weighed at home, this way you can determine the exact value of it at 100%, by visiting a site like this, which will give you a pretty good estimated value for your gold. Remember, this value is at 100% and the buyer needs to make a profit too, hence why he or she will give you a smaller percentage.
Ways to Sell Your Gold
1. We Buy Gold Stores
These types of stores are popping up everywhere and everyone seems to be getting in on the buying gold rush. These stores are likely to offer you the least amount for your gold, typically 50% or maybe even lower. They will haggle with you on every aspect and try to low-ball you. Buyer beware.
2. Jewelery Stores
Jewelry stores tend to offer more than “we buy gold” stores, although sometimes the payout is in the form of a store credit. Be sure to get the details upfront. Jewelery stores pay an average of 65-80% of the full value of your gold. Like anywhere else, be ready to haggle and don’t be afraid to ask for a little more. Out of all all the scenarios, jewelers are the most knowledgeable and will least likely try to low ball you.
3. Pawn Shops
In my opinion, these are least knowledgeable in terms of gold. They probably know as much as you do, which would be reading the karat, weighing the gold and giving you a low-ball offer. Totally not worth it.
4. Gold Smart Gold Party (exactly like a Tupperware party, but you sell your gold)
This is a Gold buying Tupperware party. You are the host and you can earn 10% of everything they buy. For example if they buy $5,000 worth of gold at your party you make $500.00. Plus, you can earn 3% of every referral party booked as a result of your party. These parties can be done at home, in the office or anywhere else you prefer. You book-em and they will come.
5. Cash Money Stores
Go directly to any participating Cash Money branch and they will ask you to complete a customer information form. The agent will send your gold to GoldSmart via Brinks or XpresspostGoldSmart and it will evaluate your items and contact you to discuss. You can collect your money on the spot. The only problem is, you are totally getting hosed. You don’t know the value or weight or anything about your jewelery. You’d be a foolish to go this route.
6. eBay
If you go on eBay you can get much more! Now they will take their eBay fees, but it’s still worth a try.! Make sure when sell your jewelery you ship with a tracking #,That way they can’t say they never received it. The beauty of selling via eBay is that you will get the most amount of bids, as opposed to taking it to a location, you are only getting one bid.
Final Thoughts
I am not a jeweler, nor have I ever sold any jewelery. I simply wrote this post as an outlet towards discussing if its worth selling your precious metal or not. We are all in different life boats, so there is no right or wrong. Do your research and don’t get hosed, you should do your homework upfront, in order to save your self grief.
If it didn’t mean a huge amount to me, then I’d think it through. But I’d definitely go straight for eBay rather than faffing around with dodgier ‘Cash for Gold’ services.
Selling your gold when it has a sentimental value to is really a hard decision to make. You have to think over and over again if you really have to it.