Smart way to sell your gold

When a local jewelry store to run, and the Hilton, New York Janet Fritz, bought a box of gold jewelry. She thought she sold some of her by “Primrose Garden” eBay online store, selling some of the “cash payment” Internet sites.

In order to find the most work sites and how to pay, Fritz We designed an experiment: she sent the same, simple gold band nine sites to see how they respond. The result is neither identical nor simple. A couple of sites offer good deals, but the rest left her depressed or impressed. One dealer said it has lost her ring, when required, some concessions will not be sent back to a “ridiculously low,” Fritz said.

She stressed EXPerience find a good deal of difficulty when you sell gold jewelry. With the price of gold rises, so does the number of complaints precious metals traders. Better Business Bureau reported 574 complaints of gold, silver and platinum dealers, in 2010, the figure “We could easily double this year,” BBB spokesman Kyle Owen said. Some complaints involve advertising exaggerated concessions. Other consumers say they mailed gold, but never received a check, they did not get their jewelry back.

Figure value

So, if you need cash, what is the best way to uninstall gold jewelry? Unless you know the buyer can absolutely trust – may be a local jewelry store – before trying to sell it, you must first figure out the value of gold is. THAT based on the weight and purity of the gold, it is not difficult to calculate.

Determine the weight, you can use a kitchen scale, ask the help of a jeweler, or with your local post office whether to do the job. Gold is measured in many ways. A generic American scale measures 28 grams per ounce, while jewelers use Troy ounces, each of which is composed of 31.1 grams. In addition, some dealers use dram (abbreviated dwt ), each of which corresponds to 1.56 grams.

Purity of the engraved sheet somewhere. It will not be 24-karat gold, which is gold tooSoft jewelry. But you will see these markers, such as 12K, which means that 50% of purity; 18K, which means that 75% purity, and so on. No tag carat gold coins, but a “scratch test” can reveal the purity. Buy test kits online for about $ 30 Amazon.com or eBay, or your jeweler metal.

You can do the math to figure out the value of gold in jewelry, also known as its “melt value.” But the best is to use an online calculator that will accept all the different types of weight and measures purity. While people in Dendritics.com will also find the latest price of gold – or you can enter your own price. The current price is at many sites, such as GoldPrice.org.

Fritz used to the 44,000 dwt 14K gold ring, and when her experiment in May, gold hovering around $ 1,500 an ounce. Due to the weight and price, for each melt ring worth about $ 192 (Fritz said that the retail price of each ring is $ 298, it gives you a simple gold project id tag EA.)

Fritz sent to the cash-for-gold ring nine garment certified mail. What is the general situation is that the dealer checked items and tell you that it is willing to pay the price. Then, you can choose to accept or reject the proposal. There are exceptions, however. Some garments simply direct send you a check. If you reject the offer or checks, gold dealers should be mailed back to you – at your expense

Other details of the transaction are very different. Some vendors offer their e-mail, and others sent by regular mail. In these dealers that time frame Fritz contact, she can accept or reject the offer range from less one day up to 15 days. If you accept the offer, some sites will pay CERTIFIED by check, and some will provide money directly in the bank account.

Always choose a provider that can make you at least a few days to respond. If you do not have time to react, some buyers think that you have accepted their offer, and will send you a check. If you do not like the amount you have to pay, they can ask the gold has been melted down, so you almost no recourse.

In the case of Fritz’s, it offered her the same ring are on the map. Values ​​were lower than the top 60% of the melt, and the lowest was 9%. After the host refused to offer low, Fritz reported that some vendors “were almost out of their way not to return my property up.” A send her a check, when she refused amount, and asked ringback, she was check the amount sent for higher (but still low-ball) is. Another dealer gave her a small amount of a check does not give her the option to accept or reject the offer.

The bottom line to Fritz experiment? Although she had a number of dealers from the stall, she found a couple feel comfortable doing business with her suppliers.

What is a fair price?

When you sell gold coins or bars, you should receive at least 90-95% of the current market value. But with gold jewelry, you might get a melt value of only 70-80%. The difference reflects the profits of dealers, plus the smelting and refining your gold, make it a new cost gold jewelry or bullion.

If you have some coins prestigious designers – think Tiffany or Cartier items – or as a family heirloom or antique value, you should not sell it scrapped. In this case, it’s worth more than the value of the melt Michael Gusky, Goldfellow.com owners, cash-for-gold traders said. (Gusky also has gold jewelery manufacturing business, he sold to Warren Buffett’s Berkshire Hathaway in 2007), but Gusky said that such high-value gold jewelry is “a very small market share . ”

If you decide to sell your gold through the mail, take these prudent steps:

Have established your gold above its melt value of no particular value, and character the value of the gold content. Veterinary money for gold complaints website by checking the Better Business Bureau. Also see the list of approved suppliers in jewelery alert Co. website mmittee, industry ethics group. These two groups can help you avoid bad companies, but also can help you find those that will provide a good price for your gold.

Find suppliers willing to pay as a percentage of the current gold price of gold. If it is less than 70%, the moving (with one exception, the following note). Some vendors will pay a higher percentage of the price, you send more gold. Gusky said his company could pay only 50% of the price of the melt “small broken pair of gold earrings,” but his company paid an average of 72%. Only gives you the option to accept or reject the offer, they send you a check point before processing.

Include an estimate of your value of your gold in the attached letter of, and requested by the VEN DOR contact if different estimates appear.

Do not use regular mail ship gold. use to track the delivery and acceptance of services. And make sure the package, especially if you send a large number.