People sell their gold jewelry for different reasons. Whatever reason you have to part with your gold makes sense to try to get the best price when you sell it. However, if you aren’t a jeweler yourself, you might have problems finding the right buyer. Hopefully, the following tips will help you understand how to do your research and what to look for in a potential buyer to secure a good deal.
Don’t Rush To Sell Your Gold
Even if you need to sell your gold because you’re in dire need for cash, consider thinking about your decision. If you act on impulse, you’ll feel regrets by the time you’ll have your financial situation sorted. As some of these jewelry items may be heirlooms or may have special meaning to you, chances are you’ll feel sorry for selling them in a hurry.
On the contrary, you can safely sell items that don’t mean anything to you, earrings without pair, outdated jewelry you haven’t worn in decades, and broken items you have no interest in repairing.
Know What Your Gold Is Worth
To maximize the chances that you get a fair price, you should have your gold jewelry appraised before selling it. While it is true that gold sells by weight, exquisite pieces of jewelry may be worth a lot more than the equivalent of their weight. If you don’t know what kind of jewelry you have, you should seek expert advice to find out its real worth. Some finished pieces are worth more than the metal. Some potential buyers know that very well, but they might try to persuade you to sell them your hold by weight.
When you search for appraisers in New York City, make sure you pick a reputable one. Search the web for customer reviews and testimonials, read specialty magazines and blogs, and identify the best gold appraisers in your area. You can also try to ask at some pawn shops in your neighborhood whether they would take your gold and for what price. However, keep in mind that pawn shops need to make a profit, so they will probably offer you way too little for your jewelry.
Also, you need to keep in mind that you may not be able to find a buyer right away, particularly if you don’t undervalue your items. If you are in urgent need of money, you may want to consider setting your price slightly lower than the appraisal value. This should attract potential buyers, as they will see the opportunity to make a profit. In a life or death situation, you have to think clearly and make the most reasonable decisions, even if this means selling your gold at a lower price than its market value.
Otherwise, if your life doesn’t depend on this sale, you should stick to a price as close to the appraisal value as possible. The right buyer will show up at some point in time. Just be patient and don’t give in too soon.
Find Potential Buyers
The right buyer isn’t always the one that offers you the best price, but the one you can trust will pay you. If you go for a buyer you know nothing about, you risk getting scammed. If you intend to sell your gold to a business, check whether they have a license to buy gold jewelry. If you want to narrow down your options from the very beginning, check with the most prominent jewelry trade associations in your state if they can provide you with a list of member companies. You can rest assured those companies are as reputable as can be because these associations have stringent rules their members need to adhere to.
In terms of gold buyers in NYC, you have several options: private individuals, gold trading businesses, consignment shops, and pawn shops. Each of them comes with advantages and drawbacks. You need to weigh in all details before deciding which way to go to find your buyer.
Private individuals could be the right choice, provided that they pay you in cash. If this is the way you want to go, you’ll need to advertise your jewelry on Craigslist or other classifieds websites. The downside of this method is that your classifieds may attract scammers.
Consignment shops in NYC are also an excellent place to sell your jewelry. However, they will probably pay you only after they’ve sold your items. This means you may have to wait for a long while to see your cash. If you are in a hurry, this won’t be the best solution. On the other hand, pawn shops would pay you immediately. However, they will offer you much less than other buyers. It would help if you only used pawn shops to sell your valuable items only when you don’t have another way to get some quick cash.
Gold trading businesses are probably the best choice. If you pick a reputable company, you can sell your gold for a fair price without fear of any scams or illegal transactions to eliminate such risks and ensure that you do your research before reaching out to these companies to sell your gold.
Last but not least, before selling your jewelry items, get your jewelry cleaned by an expert. Sometimes, the looks can make a big difference, particularly when it comes to exquisite pieces of jewelry worth a small fortune.