With gold prices at record highs, selling your gold can be a great way to make some extra money or use those proceeds to upgrade to jewelry that is more your style. Here are a few things you need to keep in mind when selling your gold:
Remember, you don’t have to jump at the first offer for your gold. Shop around for a few different bids. Your jewelry may be worth more than its weight when you include workmanship, artistic value, and embedded gems for the piece as a whole.
Know Your Buyer
Check out jewelry stores and gold buyers to find a reputable buyer who can accurately appraise your gold. Find out how long the buyer has been in business. Ben David’s has been buying and selling gold jewelry for over 50 years. Make sure you can trust your buyer in paying the most for what you really have.
Gold buyers are required by law to ask sellers for government-issued identification. This requirement is designed to protect consumers by helping police investigate the sale of stolen property and prevent money laundering. All reputable gold buyers comply with these rules, so if you don’t get asked to show your I.D., take your gold elsewhere.
So How Do You Cash In?
If you’re like thousands of Americans, you go to a gold party, the hottest trend on the block, where you can have your jewelry appraised and get paid cash on the spot.
But not so fast.
With every good deal comes a case of buyer’s and, in this case, seller’s beware, a reminder that consumers should do their homework before selling their jewelry at gold parties or in a local jewelry store.
The Better Business Bureau (BBB) advises consumers that while gold parties may be a fun and convenient way to make some cash, they may not provide you the best deal.
Follow these tips from BBB to make sure you’re getting the best value for your gold.
1: Understand the Scales
The weight of gold helps determine its value, but keep in mind that jewelers use a different measurement standard called a Troy ounce. U.S. scales will measure 28 grams per ounce, while gold is measured at 31.1 grams per Troy ounce. Some dealers may also use a system of weights called pennyweight (dwt) to measure a Troy ounce, while others will use grams. A pennyweight is the equivalent of 1.555 grams. Be alert that a dealer does not weigh your gold by pennyweight but pay you by the gram, a sneaky way for the dealer to pay you less for more weight of gold.
2: Know Your Karats
Pure gold is too soft to be practically used so it is combined with other metals to create durability and color. The Federal Trade Commission (FTC) requires that all jewelry sold in the U.S. describe a karat fineness of the alloy. One karat equals 1/24 of pure gold by weight. So 14 karats would mean the jewelry was 14 parts gold and 10 parts other metals. It is illegal for jewelry to be labeled “gold jewelry” if it is less than 10 karats. It is important to know the karats of your gold to make an informed decision on the scrap value of your jewelry.
3: Keep Your Karats Separate
Don’t let jewelry of different karat value be weighed together. Some dealers will weigh all jewelry together and pay you for the lowest karat value. Separate your jewelry by karat value before attending a gold party.
Gold Buying for Charity
A new twist on the gold buying party allows non-profit organizations and charities to receive proceeds from gold buying events. Partner with us to host a gold buying event where your attendees will bring their old or unwanted gold, platinum, and diamonds to sell to us for cash. Your organization will receive a portion of the profits. Contact us for more information – (434) 792-6561.
What About Other Jewelry?
Ben David’s also purchases single diamonds of 1/2 carat or greater, platinum jewelry, and also antique or estate jewelry. Not sure you want to sell your older jewelry due to sentimental value, even if it’s not your preferred style? Allow our custom design department to work with you on ways to reinvent sentimental items.
Why Ben David Jewelers for Your Gold Buying?
In addition to meeting the gold buying standards mentioned above, Ben David’s offers a special incentive when you choose us to buy your gold: Accept a Ben David Gift Card rather than cash when selling your gold and we’ll increase the sales price by 50% of what the typical cash value would be. Don’t miss the opportunity to sell your old jewelry and find something new.
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