Getting the best price for gold jewelry
A reader e-mailed me a looooong time ago asking for recommendations for a place where she could sell her gold jewelry for a good price. I finally came across a good answer in the November issue of Shop Smart magazine.
First take the jewelry you are thinking of selling to a reputable appraiser. Get the karat of your pieces and ask for the weight in pennyweights or troy ounces.
Then use a calculator at the Dendritics Gemscales Museum to determine the value based on current gold prices. Prices fluctuate often so check them right before you go in to sell. Try to get 85 percent of that value when you go in to sell.
Expect to visit more than one jeweler to negotiate a good price. A good trick is to mention what one jeweler offered and ask another jeweler to beat that price.
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About The Bargain Hunter
Daily News staff writer Julia Scott loves to find bargains on everything from groceries to Gucci. Her tips will help keep your hard earned cash where it belongs - in your pocket.
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One thing you forget is that each lot of gold sent to refiners has a fee. Quoting from a refiners site:
"You have less than 12 troy ozs of pure gold in your refining lot. A $75 treatment charge and a minimum deduction of 0.25 tr. ozs of pure gold has been applied to your lot instead of our normal accountability and $50 treatment charge."
So what looks like allowing a jeweler a small percentage (which won't happen) they also have other fees that must be paid with each batch refined. Additionally, buyers by law MUST hold each buy lot for 30 days and send a buy report to the LAPD.
Expect closer to 50-65% for your gold. More if re-sellable, less if not.
Right now appears to be the perfect time to sell gold jewelry if you are fortunate enough to have some lying around. Gold prices are high and demand for extra cash is even higher. 1 month ago, i was looking to get some extra money and talked to some of my friends about where I should sell it. There was no way on earth I would ever be caught in a pawn shop. 2 of my closest friends used a site called http://www.GoldPawnShop.com so I decided to give a try. Even thought the price of gold was not the best when I sold, I still did very well considering I bought the gold in 2000 when gold prices were way down. Any ways, good luck.
Mimi