Gold Buying/Selling
You’ve all seen the commercials about selling old jewelry for cash. I think this is a great idea. It’s a way to actually get something for the jewelry that you don’t wear anyways and it recycles gold which helps prevent new mining of resources that there already is plenty of on the surface.
There are a few things you should know before you sell your jewelry.
1. Your oldest jewelry is going to “make” you the most money. If you bought something last year, you are going to lose money buy selling it for scrap. The only reason this whole idea works is that gold used to be something crazy like $300 per ounce. So even if you bought something at full retail price with all the mark-ups and labor costs included, it is now worth more than that because the gold is worth 4 times what it was worth then.
2. Shop around! I haven’t done the research myself, but I’ve heard that the companies that advertise on TV pay the lowest amount of money. Try local jewelers or even gold buying parties–they tend to pay out a little more. Keep in mind that this is a money making endeavor for anyone who is buying gold. You aren’t going to get the full $1,200 per ounce or whatever the gold market is at for the day, but you could get probably up to 50 cents on the dollar (which means that you would get $600 per ounce.) I’ve heard of people paying as low as 25 cents on the dollar be sure you find the person paying the most; and don’t feel bad because they are still going to make money.
3. Keep your stones! Unless you really hate jewelry and will never buy anything ever again, please keep your stones before selling the gold that was holding them. Most gold buying operations will give you nothing for colored stones (unless you have a really amazing sapphire or something) and very, very, very little for diamonds. Keep your old stones and have something made later with them; don’t just give them up so someone else can make money off them!
4. Don’t expect to get TONS of cash. How much money you make is going to depend on the weight and purity of the gold you have. Selling one pair of 10k gold earrings isn’t going to yield a lot of cash. Don’t get your hopes up that you are going to get a check for thousands of dollars unless you have A LOT of jewelry to sell.
5. When selling gold for cash, make sure you are going through someone reputable (especially if you have to mail your stuff to them.) I haven’t heard of any scams, but that doesn’t mean that they aren’t out there.
6. Last but not least, please don’t just turn around and put the money you get back into jewelry that you are going to lose interest in again. I know I make money from people buying jewelry, but I still would rather see someone buy pieces that only have real meaning rather than buying often.
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