3 Things You Need To Know About Selling Gold Jewelry

Many people have old gold jewelry lying around that they don't wear. Perhaps it was an inheritance, or maybe it's simply gone out of style . Selling it to a professional gold buyer makes sense, but consumers should take care to ensure they are getting the best possible price for their items. Following are three things that you need to know about selling old gold jewelry.

Avoid Hotel Buyers

Otherwise known as rogue or popup buyers, hotel buyers generally move from city to city operating out of rented spaces such as hotel ballrooms. They promise high prices for gold coins and jewelry, but instead, they take advantage of consumers by undervaluing appraisals and paying less than what the items are worth. Even worse, they frequently skip town with the goods before getting around to paying anyone at all. It's best to go to jewelry buyers who have been doing business in your community for a period of time and who have developed a solid reputation.

Have the Piece Properly Appraised First

Legitimate gold buyers will pay an honest price for gold jewelry based on the gold content of the piece and how much it weighs. For instance, 22 karat gold is considered to be pure gold and is therefore worth more than 14 karat or 10 karat gold. Although most pieces will have a stamp in an unobtrusive location, such as the inside of a wedding band or the back of an earring, but older pieces may not be marked. Another reason to have a professional appraisal is that the piece may be worth more intact than if it were sold to be melted down for the gold content. This is likely to be the case with vintage pieces that still hold stylistic value as well as unusual gold coins that may have added worth to serious collectors far above the market value of the coin's gold content. 

Always Check Credentials

A reputable gold buyer will be licensed in the state where he or she does business, so don't be afraid to ask the owner of the shop for that information. Also, gold buyers are required by law in all 50 states to ask consumers for government-issued identification. Buyers who fail to ask for this information may be neglecting other ethical issues as well. Keep in in mind that if something doesn't feel right about a seller or a sale, you always have the option of looking for another buyer.