Selling Your Gold Jewelry
How to Get the Best Prices for Old Watches, Rings and Bracelets
Now that the dollar has fallen on hard times, worried consumers are looking to gold as an inflation hedge. How you can cash in on the "gold rush" by selling old jewelry.
If your class ring doesn’t hold the same sentimental value as it did 20 years ago at the prom, sell it for cash! That broken promise ring and antique locket might fetch some big bucks as well. Just make sure you get a good deal without falling victim to scams.
How to Get the Best Price for Old and Damaged Jewelry:
- Take your jewelry to a store. Have a reputable jeweler take a look at the piece and give you a fair assessment. Local merchants want your repeat business, so they are likely to be honest. Their reputation depends on it. Some store owners may even make you an offer. If not, you can take your appraisal and start looking for buyers online.
- Be careful when dealing with online gold buyers. There are a lot of them out there. And the way it usually works is they send you an envelope and you ship your jewelry to them. The company will then make you an offer based on the weight of the gold and the quality. You need to find out: What happens if you don’t like the offer? Do they pay to return the item? Who insures the piece, you or the online wholesaler? Do some research on the company. Check with the Better Business Bureau and your state’s Attorney General’s office. And don’t be afraid to ask for references.
- Search eBay for similar items. See what other class rings are selling for. If you don’t think you can’t get a good enough price, scout out local consignment stores, pawn shops and estate sales. You might be surprised at how much you could get at a garage sale. If you don’t want to hold one yourself, check with a friend or neighbor about selling your jewelry at theirs for a commission.
- Host a gold party. You’ve heard of tupperware parties. They pale in comparison to lucrative gold parties. Instead of buying makeup and kitchenware at these all-women soirees, ladies are bringing their old gold and leaving with cash. Sites like My Gold Party are popping up all over the Web selling kits and books on how to host your own gold bash.
What if You Want to Buy Gold Instead of Selling it?
If you’re worried about the floundering dollar and want to invest in gold, you might want to consider a mutual fund or commodities fund that invests in gold, or sometimes gold, silver and oil. Check with a reputable stock broker or certified financial planner.
The copyright of the article Selling Your Gold Jewelry in Consumer Education is owned by L. Marie Dubuque. Permission to republish Selling Your Gold Jewelry must be granted by the author in writing.
