Financial Advisory Blog

Cash for Jewelry: Selling Your Jewelry for The Best Price

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There are so many of those commercials around where you are encouraged to bring in your or unused jewelry and get paid cash for them. It’s all smiles, and you might get some good cash for jewelry in the process but could you be getting much more for the same? From engagement rings to silver necklaces and miscellaneous gold jewelry, you can turn your jewelry into cash. If you have any old gold, silver or diamond jewelry around that, you don’t mind parting with for some cash; this is the guide to help you get the best deal out of your sale.

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Selling gold and silver

You could send your gold and silver jewelry to one of those companies that advertise on television or simply visit a local seller. Selling to a local vendor is more advantageous for one strong reason, you can get your money soon sometimes you can even get instant cash for jewelry. Many of such places will test the authenticity of your jewelry on the spot and give you a buying price based on the amount. For national buyers, you are sent a mailing envelope when you indicate interest. After you send the jewelry, a buying price is communicated to you and paid if you accept. If you don’t, your jewelry is sent back to you. The problem with this method is that a lot of people complain of dealing with them. To avoid issues with these companies, you should ask these questions when dealing with them:

  • How will I get my jewelry back if I decline the order?
  • What percentage of the melt value will I be paid?
  • Within what time frame should I make a decision after an offer is made?

Find your jewelry’s melt value

A troy ounce, which equals 31.1grams, is used to measure gold jewelry. Pure gold is mixed with other metals to make jewelry because it is too soft but it has its purity or karat mark on it, or this can be measured. With the weight and purity, the melt or metal value of the jewelry can be determined.

Compare prices from different vendors

You can compare local vendors and online companies before deciding where to get cash for jewelry. Especially for local vendors, you can get a better spot value if what you have to sell is in demand at the moment.

Ensure it isn’t valuable jewelry

Make sure you get an exact value of your jewelry before sending it off for melting, so you don’t lose an antique or get less than the melt value. To do this, you can sell at a local shop, find comparisons or reviews of different places or calculate your jewelry’s worth.

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