If you are in need of some extra cash, one way to get some emergency funds would be to consider selling your gold jewelry. But don't just head into any pawn shop and take the first offer they give you. If you want to maximize your profit selling gold jewelry, you'll need to do some research before you meet with any potential buyers. Here are three tips to help you get the most money possible for your gold jewelry.
1. Evaluate Gold and Gems Separately
It's not uncommon for some gold jewelry to also have gemstones embedded within it. If your jewelry fits this description, make sure you are getting a fair price for the gold and the gems. One way to do this would be to ask a gold buyer how much he would give you for just the gold and then find a gemstone buyer and see what you might get for just the gems. You can then decide if you want to break the gold and gems apart for two different sales or if it is worth it to sell as one piece to a gold buyer.
2. Check Your Karat Amount
Karats are a measurement of how pure the gold is. Gold with a higher karat rating will return more money than gold with a low rating. Most high-end gold pieces will have the karat amount stamped somewhere on the piece itself. It may be listed as karats, a specific percentage, or parts per thousand. Do your research and figure out exactly how much gold you actually have so that way you can better judge the offers you receive.
3. Get an Appraisal for Special Pieces
Many gold buyers choose to make offers based on the total weight of the gold piece, using the number of karats in the gold to help them set the price. But this might not be the best method for certain pieces. If you own gold that is especially rare, like an antique, it is likely worth it to get the piece officially appraised, as it is likely worth more money than what you would get from someone paying by weight alone. You can then take the appraisal to the gold buyer to try and get them to make a better offer or consider selling the unique piece on the open market.
If you want to maximize your profit from your gold jewelry, educate yourself on the number of karats your gold contains and don't forget you have the option to separate gems from your gold if it will make you more money. If you own antique or especially intricate jewelry, get an appraisal done before you attempt to sell.