Five Things To Do Before Selling Your Scrap Gold


Don't let old gold jewelry sit around and collect dust. Instead, sell it for what it's worth and put a few extra bucks in your pocket. The following can help you successfully sell your scrap gold.

1. Organize Your Pieces

Take some time to sort and organize your pieces before approaching a gold buyer. Divide your scrap gold by karat, which should be clearly marked somewhere on the piece. Each karat of gold needs to be weighed separately when the price is being determined, so by separating it yourself, you can be assured that it is done correctly. It's also a good idea to separate out pieces that may have individual value due to the designer or included gemstones so that they can be assessed on their own.

2. Verify the Measurements

Next, make sure you know how to properly measure gold. Your scale will measure weight as 28 grams per ounce, but jewelry is measured at 31.1 grams per Troy ounce. A jeweler or gold dealer will either use the gram to Troy ounce measurement, or they will use another measurement called a DWT — which equals 1.555 grams. Make sure you check whether the jeweler is measuring in gram or DWT and that they are issuing the payout amount under the same weight that they are measuring in.

3. Determine the Basic Value

Check the basic value before you begin calling up gold buyers. You can find gold values online or by calling around to several dealers to see what they are currently paying for gold. Once you have an average value, you can weigh your gold before you go in to sell it so you can get a value estimate. Keep in mind that 1 karat of gold only equals 1/24 of pure gold, so adjust your weight measurements accordingly.

4. Protect Your Assets

Photograph every item you are planning to sell before you take it to a gold buyer. This is especially important if you plan to use a mail-in service to sell your gold since you want to make sure what the service receives is what you sent. It's also a good idea to have photographs on hand if you use a local dealer that has you drop off the gold for valuation.

5. Contact a Few Buyers

Don't simply go with the first gold buyer you find. Always reach out to several buyers to verify their credentials as well as their current buying price. You can have the gold assessed by multiple buyers before making your decision on where to sell as well. This way, you ensure that you receive the best price.

You can find dealers interested in buying scrap gold by contacting local jewelry stores or pawn shops.


13 November 2020

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