3 Things to Know About Selling to Jewelry Stores
If you’ve decided to sell your gold and jewelry to a gold buyer like Cash4Gold, here are some things you should expect. What to Know When Selling Scrap Gold is an article that touched on the subject, so this article will go into more detail on retail jewelry stores buying your gold.
You have the right to get the maximum amount of money when you sell your gold and jewelry. For some people, Cash4Gold is the best option because they buy jewelry and gold of any type. Broken necklaces, single earrings, dental gold, and the list goes on and on.
What if you have a piece of jewelry that you think is worth more than just the metal that makes it up? You use our scrap gold calculator and think you can get more money from a jewelry store for selling your jewelry.
But before you do, here’s what you need to know so you don’t get surprised!
You Can’t Trust Engraving
Skilled jewelers and special equipment can tell exactly what kind of metal makes up a piece of jewelry. Unfortunately what you think you have may not be what you have.
The engraving on jewelry denotes its karat, or gold purity level. Most countries have no laws requiring that engraving be accurate, and many do not require a 3rd party to verify jewelry’s gold content. It’s possible some jewelry is incorrectly stamped to misrepresent the quality for the seller to earn more money.
Scrap Gold Prices Do Not Reflect Retail Value
It’s easy to assume that when you sell to a gold buyer like Cash4Gold, you will get retail value for your jewelry and gold. Gold buyers only buy the intrinsic value of the metal that makes up the jewelry, not it’s quality or appeal.
Jewelry stores work on incredibly high margins, and can make up prices by 3-20x their actual worth. Even gold and jewelry bought on sale will still be far higher than the value of the metal. The situation is similar to buying a brand new car. As soon as you take it out of the store, the price of the car drops dramatically.
Jewelers Use Appraising as a Marketing Tool
If you take your gold and jewelry to a jeweler for appraisal, there is a good chance that the appraised value is for trade-in only. This means that they will not actually give you cash for it. They expect you to buy another item that is already marked up 3-20 times its actual value.
Posted in Sell Gold Online