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How to Sell Your Old Gold JewelleryPosted on: 23rd June 2016 By Alisson
Nowadays, it seems like you can’t go anywhere without someone soliciting you for your old jewellery. Whether you are at a shopping complex, on the world wide web, opening the mail or reading the newspaper, advertisements for old jewellery are seemingly ubiquitous. If you take the initiative to perform an Internet search for “selling old jewellery” or “buying old jewellery”, it would generate pages upon pages of relevant results. Plenty of new buyers have entered the old jewellery market in an attempt to capitalize on the spike in demand for gold. Furthermore, the typical New Zealander is willing to explore every possible money-making opportunity due to the fact that the economy is still sputtering. As a result, it has become a bit of a challenge to pinpoint a trustworthy old jewellery buyer.
An Overcrowded Market to say the Least
There are few barriers to entry when it comes to gold buying. All one has to do is comply with the Ministry of Justice’s standards, apply for a Second Hand Dealer’s certificate, create a website and launch promotional efforts. The problem with this modern day gold rush is that the surplus of prospective buyers creates a risky environment. When you do business with an organization that has a presence on the world wide web rather than a traditional brick and mortar store, you really do not know who is truly behind the scenes. Nor do you know whether the price offered is fair. If a snag were to arise, you would likely struggle in an attempt to obtain a timely resolution.
How You Should go About Selling Your Old Jewellery: Know Your Gold’s Value
Obtaining top dollar for your old gold jewellery has become a bit of a challenge for the reasons outlined above. However, sellers do have some power. It is critically important to know the true value of your jewellery collection as well as the value of each individual piece. Every potential seller should remain abreast of the current value of gold. You can visit www.mygold.co.nz on the world wide web for real-time updates of the price of gold. Or, check in with an esteemed buyer for an accurate price. The bottom line is that those who fail to understand the actual value of their old jewellery will likely end up selling it for much less than it is actually worth.
Carats are of Critical Importance
The average person has no idea about carats or the fact that pure gold is much too soft to serve any practical use. This is precisely why it is combined with several different metals in an effort to boost its aesthetic as well as its colour. Everyone who is interested in selling old jewellery should know that carats represent gold purity. As an example, 18 carats is twice the gold content/gram for gram value as 9 carats. Those interested in your old jewellery will only be willing to shell out money for the items’ gold component. The other metals have little-to-no value. Furthermore, you should not let jewellery that has different carat values be weighed at the same time. Separate each item so that they can be weighed in an individual manner. Beware of the fact that certain buyers will offer the lowest carat value out of your old jewellery collection, in the hope that you will not raise objections.
Understand What You Are Attempting to Sell
As a gold seller, you are paid for the value of your items’ gold. This is referred to as the jewellery’s “melted down value”. There are certain items that might hold more worth when sold in their current state. This is particularly true of some types of designer jewellery.
Consider the Buyer’s Merit
As noted above, the gold jewellery market has been somewhat flooded by buyers. Do your research on each prospective buyer before you make a deal? Consider their history, customer reviews and the number of years in business.
Don’t Set Your Hopes too High
The amount of money you are paid for your old jewellery is partially determined by the individual buyer’s overhead costs. Those who do not sell directly to a refiner should understand that they might not receive as much money as originally anticipated. Do not lose sight of the fact that you will be paying for the convenience of the transaction in the form of a reduced sales price. Consider each of these factors before making the decision to sell to a particular gold jewellery buyer.
Don’t Forget Your ID
Every gold buyer is legally required to view a seller’s identification. This identification must be verified before a sale can be completed. Furthermore, a copy of the seller’s identification must be made in case the old jewellery has some sort of previously unnoticed flaw or turns out to be a fake. Sellers are also required to sign sales documents, admitting that the possessions are genuinely their own as opposed to being stolen.
A Test Might Be Performed
Certain gold jewellery buyers will conduct an acid or scratch test of the jewellery before making an offer. This practice is commonplace. If you prefer that such a test not be conducted, shop around for a dealer who is willing to provide a quote without such a verification procedure.
Study the “Birdseed”
The “birdseed” is the sales agreement’s fine print. The devil really is in the details when it comes to selling your old jewellery. Take a close look at all of the terms and conditions, especially if you are using a mail away service. Always take digital photos of your old gold jewellery before sending it to the buyer. Be sure to keep all of the paperwork and make copies for posterity’s sake.