Tips to sell gold at the best price

In the previous article, we’ve pointed out how to buy gold at the best price, let’s focus on the selling side for this article.

Gold prices have consistently been on the upswing, which means people can sell it at the best prices. However, not many have sufficient knowledge about the gold they own. If you want to sell your gold, you must know how much it weighs, its price when it was bought, and its carat or purity.

gold jewelery and dollar notes

A few tips below can help you get the best prices for selling your gold:

  • If the piece you are selling has gemstones in it, ensure that you are compensated rightly for them. Large gems like the ones found in engagement rings and other statement pieces must be valued separately from the gold, not along with it.
  • Before you approach a buyer, gauge the current market price of gold. Although chances are that you won’t get the prevailing market price for the gold you want to sell, you will be able to decide whether it’s a good time to sell or not judging by the market trends and buying and selling patterns.
  • Get an appraisal for your jewelry before you think of selling it. Many jewelry pieces, especially antique ones, are worth more than their ‘meltdown value’ if they are collectible items or part of elaborate sets.
  • Set realistic expectations. Many people have the mistaken assumption that selling off their gold will make them rich instantly. A majority of scrap dealers only offer value that is equal to the percentage of gold in jewelry, and pure, solid gold is less common than most think it to be. The lower the carats in a gold item, the lower its value. For instance, a 14 carat anklet may have less than 60% gold, the rest of which consists of base metals.
  • If you want to sell your gold at the best price, conduct a test to determine how pure the gold you own is. For this, you will need to lightly scratch the surface of the jewelry piece and see if there is any other metal underneath.
  • Last but not least, explore your options. Do some comparison shopping to get an idea of the different rates being offered. As a tip, retailers and dealers in kiosks may not offer full value for your gold since they have to incur the costs for gold refining, rent, and staff salaries.

Special tip

It is recommended that you carry your personal ID while selling your gold. This is because certified buyers are required by law to ask for a government-issued ID proof. If a buyer does not ask for an ID, don’t sell your gold to him/her.