Effective Tips for Selling Gold Jewelry
Purchasing jewelry is considered as a long term investment by most wealthy people. According to numerous case studies conducted by experts in the jewelry industry, gold jewelry is the most popular type of jewelry in the United States today. Wealthy people prefer owning gold jewelry mainly because the value of gold remains stable even during economic recessions. Owning gold jewelry is a reliable method of hedging your investments against deflation and inflation. It also diversifies your investment portfolio and is considered by some people as an untraceable asset. When you want to upgrade your gold jewelry collection, you can easily sell some of your pieces or even trade them. Here are a few things you need to know when selling gold jewelry.
Gold jewelry owners should first determine the karat of their gold jewelry before selling them. Even though gold is a valuable metal, it is normally very malleable when pure. Jewelry makers have to combine the pure gold with an alloy such as copper, nickel, or silver to make it more durable. The measure of the purity of specific gold jewelry pieces is known as karat. A gold jewelry’s karat affects the final resale value considering that higher karat pieces fetch higher prices. Determining the value of your jewerly’s karat weight prevents you from undervaluing it. For this, the services of a professional jeweler is required. The other thing you should do when selling your gold jewelry is to determine whether it is considered antique or vintage. Vintage gold jewelry has higher resale values compared to normal gold pieces. A trustworthy jeweler should help you determine the type and value of your gold jewelry which ultimately increases your odds of getting a fair deal.
When trying to sell gold jewelry, setting a practical asking price is recommended. The asking price you finally settle on should mainly be influenced by the market value of the specific gold jewelry instead of the retail value of the piece. Gold jewelry retains most of its value so you can expect to sell your piece for at least 70% of its original market value.
If you want to sell your gold jewelry collection quickly, consider selling to a gold and silver jewelry buyer. There are numerous companies that special in selling and buying gold jewelry with the capacity to purchase gold pieces in cash. The demand for such companies has been steadily rising for the last few years according to research conducted by professionals in the jewelry industry. Most of these companies take a few days at most to buy gold jewelry from individual owners and finalize the deal. In fact, if you ever have a financial emergency, selling some of your gold pieces to a gold buying company is recommended. A reliable gold buying company should be reputable and well-known in the jewelry industry. In addition, reliable gold buying companies need to have many years of experience purchasing and selling gold jewelry in the specific region. These companies also purchase other types of jewelry such as silver pieces and rubies.