Top Mistakes to Avoid When Selling Gold or Jewelry for Cash
What You Should Know
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Sellers should be aware of some very important mistakes to avoid to make sure they get a fair price when selling their gold jewelry.
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Getting a professional appraisal is a smart way for sellers to get an accurate retail value of their jewelry before they decide to sell.
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Thoroughly research your gold jewelry before selling and keep all relevant documentation handy, such as original receipts and appraisal certificates.
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Remember, you don’t get full retail value for your items when you sell your gold.
Thinking About Selling Your Gold Jewelry for Cash? Here’s What You Should Know
The state of California has a long, storied history with gold. If you’re planning to sell gold jewelry for cash, there are several important things you should know. Understanding how to avoid some major mistakes will help you get the most money possible for your gold jewelry without losing out. The experts at Jeweler’s Touch have some valuable information about the top mistakes to avoid whenever you decide to sell your gold jewelry for cash.
The Biggest Mistake: Selling Without Understanding Your Jewelry’s True Value
The most important selling gold jewelry mistake to avoid is not realizing or understanding the true value of your jewelry. When you underestimate or misunderstand your jewelry’s value, you can end up receiving a low-ball offer and not even know it. One of the best ways to avoid making this mistake is to get a professional jewelry appraisal. Experienced appraisers will provide you with an authentic and accurate value that you can use as a negotiating tool, and it’ll help you avoid succumbing to a low offer when your jewelry is actually worth more.
Don’t Fall for “We Buy Gold” Gimmicks or Street-Corner Buyers
If you’re curious about the best place to sell gold jewelry, it’s probably not those “we buy gold” stores or buyers on a street corner. In some cases, these establishments use predatory practices that leave sellers in the lurch. Most “street-corner” buyers lack the proper knowledge, tools, and equipment to make an accurate assessment of the fair value of your gold jewelry.
One of the best ways to sell gold jewelry safely is to choose reputable, established, local jewelers or precious metal dealers. These retailers have a reputation to uphold and the expertise and equipment required to make honest, fair, and accurate appraisals. They are transparent about their process and give you upfront information regarding the value of your items. This can include the retail value, private party value, and their offer. These will all be different values.
Selling Gold Jewelry Online Without Research
One of the most common mistakes people make when they need cash for gold jewelry is that they sell it online without doing any research first. Before you list your gold jewelry online, examine it carefully for maker’s marks, any unique characteristics that could increase the value, and designer names. When in doubt, you can use Google’s image search tool to help you identify your jewelry more clearly. It’s also important to research the current value of precious metals since the market price of gold and other materials (such as platinum) tend to fluctuate daily based on various factors.
Skipping Documentation Can Cost You More Than You Think
So, what else affects gold jewelry resale value? Most reputable buyers like to see documentation listing things like the original price of the jewelry, where it was purchased, and any associated appraisals or certificates. Hang on to all of your original receipts, especially if you have an appraisal or other form of documentation, such as a report from reputable gemological laboratories (like GIA for diamonds).
Should You Clean or Repair Your Jewelry Before Selling?
In most cases, yes — clean your jewelry first, but it’s not necessary to repair the jewelry since most places will be buying the item based on its weight. If the item is a rare piece or a well-known brand name, you could consider repairing it first, but make sure you use a skilled jeweler. Here’s how to clean your gold jewelry to make it shine before selling.
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Step one: Fill a small bowl with some lukewarm water and add between two to three drops of mild dish or hand soap.
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Step two: Let the jewelry soak in the soap and water solution for approximately 15 to 30 minutes to loosen dirt, grime, and buildup.
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Step three: Gently clean your jewelry with a soft-bristle toothbrush, paying close attention to crevices.
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Step four: Dry your gold jewelry with a lint-free, microfiber cloth.
What’s the Best Time to Sell Gold Jewelry for Cash?
The best time to sell your gold jewelry for cash is when the spot price of gold is high. Or when you are in need of money. Demand is often highest during holidays, especially near Christmas and Valentine’s Day, and the spring and summer months during the wedding season. If you are thinking of selling, monitor the price for general market fluctuations.
Why Choosing a Local Jeweler Like Jeweler’s Touch Matters
At Jeweler's Touch, we provide gold seller and gold jewelry buyer tips to help you make informed decisions about your gold jewelry. Choosing a local jeweler like us matters because you’ll get personal service from a local independent business you can trust. Our expert jewelers and skilled goldsmiths have spent years honing their skills while forming strong relationships with the community and customers just like you.
The Bottom Line: Protect Your Jewelry’s True Worth
Whether you’re planning to sell your favorite pair of gold earrings, a gold ring, or a gold necklace, avoiding these mistakes helps you protect your jewelry's true worth. With documentation and some research, you can feel confident in selling gold jewelry for the fairest price.
Contact Jeweler’s Touch Today
Jeweler’s Touch buys and sells jewelry, including diamond jewelry, gold, silverware, and more. Our team is also available to assist you with an appraisal before you sell your gold for cash. If you’d like to learn more or want to schedule an appointment, contact us today!
Frequently Asked Questions
How do I check a gold jewelry buyer’s reputation before selling my items?
The best way to check a gold jewelry buyer’s reputation is to read customer reviews, visit the buyer in person, and check to see if they have a local presence and longstanding experience buying and selling gold. A buyer who has expert staff on hand to perform appraisals is also generally reputable.
Is it better to sell gold jewelry online or to a local buyer for safe cash conversion?
It’s better to sell your gold jewelry to a local buyer for safe cash conversion. Local, well-established buyers provide you with a safe, secure environment and will give you cash for your gold on the spot once you agree to a price, while selling your gold online can make you
vulnerable to scams.
What affects the resale value when I choose to sell my gold jewelry for cash?
The resale value of your gold jewelry is impacted by its purity (karat), weight, and the current market price of gold. Other factors that may affect resale value include the condition of the jewelry, its maker or designer, and whether or not it has any gemstones.