The Complete Guide to Selling Jewelry for Cash in 5 Easy Steps

by | May 8, 2022 | sell old gold Jewelry

sell gold for cash online

With the rise in eCommerce technology, anyone can set up an online jewelry store to purchase precious material from an existing seller. However, you will be at risk of non-payment by selling to an unauthorized agency. It is thus always better to Sell old gold Jewelry physically when you do not find an authorized online purchaser.

Physical selling also means that you will get the money faster. You can thus meet the contingencies for which you have decided to sell the precious materials. Most of these purchasers test the jewelry gold content on the price and offer you a price based on their assessment.

Go through the following procedures while selling Jewelry for cash:

 Getting the best value for your gold

Customers like to search online before Selling old gold Jewelry. They get the current gold prices from the websites. However, in the next phase, they need to contact the institutional sellers who can inform them about the Spot Price.

Spot price includes the value of advertising, overhead, and melting of the jewelry costs. These people will buy gold below the spot prices as they need to make provision for the profit.

You should target to get 90 to 95 percent of the spot price when you are selling gold bars or coins. Usually, the buyers do not pay above 80 percent of the melt value for Jewelry and other items. It is up to you to snatch the best price from them.

 Finding the melt value for the sellable items

Gold buyers in India weigh gold in troy ounces. One troy ounce is equivalent to 31.1 grams. Buyers note the weight when you produce solid gold coins or bars.

Pure gold is too soft to be used in Jewelry. Ornaments do not contain more than 5% of pure gold. Therefore, the gold buyer will consider melt value before purchase.

The expert team in the Jewelry buying unit weighs the item and determines its karat mark. Karat is a unit to measure the finesse in gold. A 12-Karat gold band contains 50% of pure gold. 18-Karat white, yellow, or rose bands would comprise 75% pure gold.

These are the measures through which the buyer team helps the seller understand the weight and purity of gold content in the ornaments he or she has brought in to sell.

 Make sure your ornaments do not constitute any precious item

Your Jewelry may contain more precious items than the gold they have. Identify these items before putting the Jewelry before the gold buyer. You can appraise those from other sources and ask the jewelry purchaser if he is ready to purchase the precious items and at what price.

Complete your bargain before the dealer sends your items for melting.

 Compare prices from other vendors too

When you have decided to sell old gold Jewelry, you must get the best prices. One of the best methods is to take quotes from several purchasers and compare the prices they are offering.

Search for the institutional buyers in the city on the internet. Brief about the products you want to sell to each of them and ask them to send a quotation. Ask for an appointment with the top two or three among them. In the meeting, ask them the following questions:

  • By what time must I produce a decision?
  • How do you refund the ornaments If I change my mind?
  • What percentage of Melt Value do you pay?

 Consider the customer service foundation of the online buyers

An online buyer can quickly answer his customer’s queries with an established customer service foundation.

People wanting to sell old gold Jewelry may have queries relating to sizing, materials, and store policies. An upfront customer service process can help the shoppers make more informed decisions before committing to one sale. Informed choices will also allow these purchasers to protect their business margins through cost reduction. An informed decision will also help you get the appropriate worth of the sold products.