It is a very common practice to sell gold jewelry when there is an urgent need for cash. However, you must be sure and safe of the legality aspect when you monetize your gold jewelry. In most of the cases, it seems that the money received by trading gold is much less than what you expect. Moreover, if you do not find a reliable source to sell your gold there is the high chance to being cheated or be deprived. There are a few important things that you should look after while selling gold to prevent compunction. You must follow a few simple yet effective guidelines.
Collect An Invoice
It goes without saying that you must only visit a reliable store to sell your gold jewelry and do proper research about the store before you step in.
- Any legal jeweler will always inquire for an invoice when you trade for gold jewelry.
- The best way is to visit the same shop from where you bought the gold.
The primary reason for this is that everything is mentioned in the invoice and if there is any discrepancy or difference regarding the pureness of the gold, the retailer will not have much to say.
Know The Worth
Before you step into the store to sell your gold jewelry, make sure that you know the current value of gold on that day.
- Prices of gold fluctuate every day and therefore you must have a proper knowledge about the value of gold that you want to sell off.
- The best method is to visit different shops and ask for the quotations.
Though there is no specific formula to know the price when you sell gold NYC but you can still make a better comparison when you have multiple quotes by weighing the slight differences in the quotes acquired and go for the buyer that offered the highest price.
Check For Purity
The purity level is the most important factor of gold on which the price of it depends. Therefore, before you sell your gold it is important that you check the purity of it which is determined on karat meter. The karat system is designed on a 24-point scale that tells the ration of gold with other metals present in the piece you are carrying. Deciding the final price of your gold jewelry is also a very important factor. The actual price of the gold is decoded after melting your item, removing the scum and collecting the pure gold.
The Final Price
A nominal charge for this process of melting and collecting the pure gold is usually deducted from the final price paid. Apart from that when you want to sell off your gold jewelry you will also lose the entire labor charge that you paid while purchasing the item. The tax paid during that and now will also be considered. After all these deductions you will see that the selling price of the item will be as less by six to seven percent of your purchase price.