Selling Your Jewelry: Cash for Gold, and Everything Else You Should Know

April 1st, 2022 by admin Leave a reply »

Unless you’re an oil tycoon, Hollywood heiress, forest-dwelling hippie, or have been living on the moon for past several years, there is scarcely a single person that hasn’t been affected by the great recession. We have all felt the far-reaching and devastating repercussions of our failing economies. Bankruptcies, foreclosures, and out-of-business narratives saturate and infect our daily lives. We hear of people pawning off property, using cash for gold services, taking second and sometimes even third jobs to keep themselves and their families afloat.

Selling off jewelry is one of the most popular options, and many companies are capitalizing on this trend. Jewelry is an expendable commodity, and people need to eat. So businesses are popping up like weeds to offer their services in assisting you with the task of attaining much needed, easy cash. Be aware of a few things before you turn over your precious metals though. There is some need-to-know knowledge you should arm yourself with to prepare for these kinds of transactions.

First and foremost, don’t think you will get market value for your gold. For example, if you choose to go with a gold melting service you will get minimal value for your pieces. They pay smelters to melt your jewelry, and then they deduct this cost from the value of your gold. They also keep a percentage for themselves, called buyer’s profit. No consideration is given towards the fashion or artisanship of your jewelry either. Doesn’t matter if Tiffany’s is stamped on your piece. All they want is gold.

So, now that you know some facts, lets go over a few more options. There are several. Each one has its advantages and also drawbacks. It just depends on what you are more comfortable with and where you can get the best value.

-Pawnshops: This is pretty simple. They will outright buy your piece, or they will pawn it from you. Basically meaning you can come back later and buy the jewelry back, at a higher price mind you.

-Jewelry shops: There are people out there that are actually stocking up on gold. They view gold as a safer and more secure form of money, should the system eventually fail. So, jewelers tend to buy more pieces for this specific clientele and usually give you a better price.

-Gold parties: Ever been to a Tupperware party? Sure you have. This is a little different though. You take your jewelry to these parties, drink and eat the free refreshments, and get paid minimal for your pieces. These guys are basically the middlemen for gold melting operations.

-Cash for gold: Simple operation. They melt you gold and deduct melting and buyers fees from the value of gold that get from the melting process. Quick and easy, but not exactly the kind of payday you were hoping for.

Bottom line; know what you’re doing. Do your homework. Have your jewelry appraised. Know where you’re going and whom you’re dealing with. Ask around first and get feedback from other people who have done this. Whether you choose a cash for gold service, or go down to your local jeweler, be smart and choose wisely.


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