Selling an old gold ring or another piece of jewelry is a great way to make some extra cash quickly. Today, there are many stores and websites springing up that offer to buy unwanted gold rings. But how can you know if you’re getting a great deal or not?
Here are a few useful tips to help you when selling a gold ring:
Consider the Karats
According to Federal Trade Commission standards, all gold jewelry must be sold and labeled in karats.
The karat number refers to how much gold is in the piece – the lower the karat, the lower the gold content.
A 10-karat ring, for example, has less gold than an 18-karat ring of exactly the same size.
Most buyers will offer varying prices depending on how much gold is in your ring.
Does Your Ring Look Good?
Depending on the buyer, you may also want to clean the jewelry before you sell it.
If you’re selling to general gold buyers, this isn’t important as they will most likely melt the gold down anyway.
However, local jewelry stores that may resell the ring exactly as-is may want to see that the piece is clean and in good condition.
What Are My Options for Selling a Gold Ring?
There are quite a few venues for selling old gold rings.
The easiest option is to seek out a store that advertises with “we buy gold” signs.
You can also sell your old gold online or in a local jewelry store.
You may also see infomercials or commercials that offer mail-in options.
No matter which option you choose, make sure you search online to ensure you are dealing with a legitimate business.
Don’t choose a company that turns up reports of scams or Better Business Bureau complaints.
How Can I Get the Best Price?
There are a few strategies that can help you get the best possible price for your gold ring.
First, make sure you check out multiple venues. Select several stores and ask for a quote to ensure that you choose the place with the best price.
You should also ask how the buyer is measuring your gold for sale. Some companies weigh pieces by the Troy ounce, while others use grams.
Keep in mind that home scales measure ounces differently than a gold store will, and that some gold stores use pennyweights (1 dwt is equal to 1.56 g), rather than grams.
If you’re planning on selling to a local jeweler, take care in how you present the ring. Make sure it’s clean and in good condition. The jeweler may want to resell the ring and won’t purchase one that doesn’t have resale potential.