Who Buys Old Gold Jewelry
Mike Fried has written hundreds of articles and helped answer more than 30,000 emails from our readers. This has given him a unique perspective on what information truly helps our readers in their quest for finding the perfect diamond engagement ring or piece of jewelry.
who buys old gold jewelry
This email will go to our contact at Abe Mor who has helped thousands of our readers sell their gold and diamond jewelry. They consistently offer the highest prices for our readers' jewelry. Please include the weights and details of the jewelry. Images are helpful as well.
This is the current wholesale price of gold. When selling gold you receive a percentage of the price. We recommend asking Abe Mor for a quote as they have consistently offered the highest percentage to our readers.
This is simply a reality of business. All businesses have expenses, and the companies buying gold need to be able to make a profit in order to stay in business. They also need to cover the costs associated with melting and refining your gold jewelry so that it can be reused.
Some gold selling websites provide calculators that allow you to quickly and easily work out the pure gold content of a gold ring or other jewelry, then calculate an approximate price for the gold used to make the item.
Because of these lower operating costs, online gold buyers can afford to take a lower margin on the products they purchase and then sell. This means that you, as the party selling gold, will get a better price than you usually will from a brick-and-mortar store.
If you contact Abe Mor directly, they are willing to give a better rate for larger purchases of gold like bullion or coins. These days, online gold bullion buyers will usually provide a quote based on the weight of gold that you want to sell, then provide an address for you to send the gold via an insured, track and trace delivery service. Some also work with local partners at which you can drop off the gold.
The reason for this is that pawn shops make the majority of their revenue by loaning money to their customers. In order to get a good return on investment by buying gold, the pawn shop will need to buy it for a low enough price to be able to sell it with a reasonable profit margin.
Most gold jewelry is sold based on its scrap gold value. After buying a gold engagement ring, a vendor will normally melt it down (or sell it onwards to a third party precious metals refinery) so that the gold can be reused for a new item.
Luxurious, brand name items are different. While a regular gold wedding band will sell based on its scrap gold value, an item like a gold wristwatch or a brand name gold bracelet from a popular fashion house usually has much more value in its finished form than it does as scrap gold.
Selling your gold online will usually get you the best price, especially compared to selling it to a local pawn shop or jewelry store. We recommend using the following tips to get the best deal on your gold jewelry, coins or other items:
We're sure you've seen the signs promising quick cash for gold. What about an online buyer? Maybe you got a mail solicitation. Authorities warn about ripoffs, and knowing how to get a fair price in a volatile market is a challenge. But if you have some gold jewelry or coins or other gold you would rather cash in, there are ways to sell it safely and for the best price.
Appraisers who belong to one of these organizations must abide by strict codes of conduct and ethics, Smith said. All three of these outfits maintain databases on their websites where you can find an appraiser near you. For a small fee -- perhaps as low as $20 -- one of these independent appraisers can give you a quick assessment of what you have and what it should fetch, along with whether a piece of jewelry has intrinsic value beyond the gold weight and if the gems are real.
Amanda Gizzi, spokesperson for jeweler trade organization Jewelers of America (opens in new tab), says that getting more than one offer and selling to a reputable purchaser are important steps to selling gold and jewelry safely for a fair price.
Smith, the past international president of the American Society of Appraisers said some places that post signs offering to buy gold pay just 40 to 45% of the value. Pawn shops may pay just 20%. So what's a fair value? Consumers should sell to someone who will pay 65 to 88% of the value of an item, according to Smith.
The karat measurement tells you how much pure gold is in the piece. The proportions of pure gold and other metals will add up to 24. So, if your jewelry is 18K, or 18 karats, that means it has 18 parts of gold plus six parts of other kinds of metal. A 10K piece of gold is 10 parts gold with 14 parts of other metals.
Like with almost every other business transaction, the internet is an option for selling your gold. Ebay, for example, has a marketplace where sellers can send a photograph of their item and receive a quote (opens in new tab) -- without sending in their item. Notably, their buyback partner, APMEX, only accepts bars, coins and rounds.
While the overall outlook is good, analysts have been wrong in the past. For example, in 2022, we were expecting to see gold prices go up much more dramatically, but they petered out after March 2022.
In times of crisis people turn to gold for stability, said gold buyer Tony Davis of Atlanta, and that in turn increases the value. The Russia-Ukraine war, global supply chain issues caused by the pandemic and inflation are all fueling the price spike. Additionally, the threat of a recession sends people to precious metals rather than the stock market.
Davis, who owns Atlanta Gold and Coin Buyers, said there are people on the sidelines waiting for gold to hit new heights before selling, and buyers who see gold as a good investment now against a possibly weakening economy.
A qualified jeweler or coin dealer who buys gold can help you figure out the weight and purity (as measured by karats) of the gold bracelet or that gold but gaudy brooch Grandma handed down. Then the cash-in price can be determined.
Look through your jewelry box and even other spots for tangled chains, which may be made of various grades of gold. They may have been hanging around for a while and never worn. Here are some of the things you might have at home that contain gold.
After a few days, they make an offer and you can either accept or decline. If you accept the offer, you get a check. If you decline it, the company will (or rather, should) return your jewelry or bullion, but the postage is usually on you this time.
Yes, it is worth it to sell gold jewelry if you have some that you want to part with. Or maybe you've picked some up for bargain prices at flea markets, garage sales or estate sales with an eye on cashing it in. Be aware that different grades of gold, determined by karat weight, will be valued differently. An 18K gold piece is about 75 percent pure gold and 10K gold is just more than 41%. So the higher the karat weight, the more money you will get.
The two primary ways to sell gold are through a local buyer (coin shop, precious metals buyer or jeweler) or online. The advantage to selling to a local buyer is that you will likely get your money at the same time you received the offer. There are many online gold buyers and make sure you research them through the Better Business Bureau to make sure they are reputable. It will take longer to get your money through online gold buyers.
To determine if the time is right to sell gold jewelry, keep an eye on the price of gold. In the early months of 2022, gold price per ounce was hitting near historic peaks, hovering around $2,000 an ounce. The price per ounce had dipped some by the summer, but experts still predict it will hit $2,500 by the end of 2022.
Many independent jewelers, especially those who do custom design, buy gold. They melt down your gold and use them for other designs. Find the names of local jewelers online and then check them out via the Better Business Bureau. You can also call ahead and find out their procedures for assessing gold. It's best to find someone that can do the assessment themselves rather than send it off. In that case, you might as well seek out an online gold buyer.
If you live in a large town or city, you may have a number of jewelers near you, online auctions, consignment or pawn shops you can ask about the value of your jewelry or watch, and go with the highest price.
Gold jewelry, unless it is a brand, is typically melted down for scrap, and sold at slightly above melt price for the price of gold that day. This post explains how to understand the value and price of your gold, as well as where to sell it for the highest price.
You can call ahead and make an appointment, or walk into a local jeweler to get an estimate or appraisal to understand the value of your jewelry, and ask them to make an offer. Get several offers before accepting the highest. You can also compare these offers against any offer or estimate you get from an online jewelry buyer.
Pawnbrokers are a decent option if you need quick cash for your gold, diamond or other jewelry or precious metals. Expect to get 30% of the retail value of your item, and make sure you do research on the current price of gold or silver, and get a couple estimates before you sell your jewelry at a pawnshop.
Some higher-end consignment shops sell fine jewelry, as well as some online consignment shops like 1stDibs.com. However, popular online clothes consignment stores Poshmark and Mercari do not deal in fine jewelry.
Chopard is a Swiss designer world-famous for their jewelry and watch designs. Among countless celebrities and business moguls, the brand even counts former Russian Tsar Nicholas II as a previous client. Some of the most expensive Chopard designs ever sold include a 201-carat watch which sold for $25 million. Depending on the piece, these watches can sell for anywhere from $5,000 to $50,000. Very few designs sell for under five grand.
Circa pays cash for jewelry, and accepts high-end branded jewelry, as well as diamonds of at least .4 carats, and engagement rings. They will also purchase historical or estate jewelry including pieces such as: Antique, Edwardian, Georgian, Art Nouveau, Belle Epoque, Art Deco, Retro and Modern. 041b061a72