Have you ever sold an unwanted piece of gold jewelry to a jeweler or one of those “We Buy Gold” stores?
It’s a straightforward process. You walk in, the person behind the counter checks your item with a gold testing kit, and makes you a cash offer that you can either accept or reject on the spot. But in reality, the person on the other side of the counter is making a lot of calculations that he or she is almost certainly not sharing with you . . .
How pure is the gold in the item you want to sell? As you know, pure gold is 24K gold, and it is obviously worth more than gold that has a lower karat rating. The higher the purity, the more your gold item will be worth. And the salesperson you are talking with will be thinking about that.
If your item is only gold plated, how much gold does it probably contain? This is very difficult for the buyer to estimate; the gold content depends on the thickness of the gold plating, which cannot be determined by simply looking. In many cases, the buyer will offer an extremely low price on plated items, just to see if you will “bite” and walk away with a few dollars in your pocket. Or he or she will say that they don’t want to buy your item at all.
How much does the item weigh? This is the other number that the buyer considers. For obvious reasons, the most valuable gold items are those that have the highest karat rating and weigh the most.
What is the least amount of money you will take for the item? After making the above calculations, the buyer determines a rough value for what your piece of jewelry is worth. Then he or she will look you over and offer you about half of what its gold is worth at current trading prices – sometimes a little more, sometimes a little less. Here is where you can start haggling about the price, if you want to. If a ring contains $100 worth of gold and the buyer has offered you $40, for example, you might be able to argue the price up to $50. But chances are pretty good that you will do no better than that.
Is Recycling Your Gold a Better Idea?
Even though we are in the business of refining and recycling gold jewelry and gold scrap, we would like to honestly report that in nearly all cases, we are able to offer you a better financial offer than you will find at a “We Buy Gold” company, for a few very simple reasons.
The first is that we will test your items and issue you a report about what they contain and what they are worth before you give us the green light to refine the gold that they contain. Unlike most of those roadside sellers, we want you to know just what you have, so you can make a more educated decision.
The second is that we will not haggle on prices. We tell you what you have and we tell you how much money you will get if you have us refine it, period. In other words, we tell you what it is worth (not what we will pay you for it), and that makes a big difference. We have earned a reputation for integrity by providing as much information as we can; we do not withhold anything so we can earn higher profits.
So, What Is Your Best Decision?
Again, that depends on your situation and your goals. If you want to get money fast and are willing to be paid less than what your items are worth, that is your decision. But if you want to be an informed seller, get more money for your gold scrap, and are not in a rush to get paid on the spot, why not call Specialty Metals Smelters and Refiners at 800-426-2344. Our precious metal consultants are here to explain your best options and offer expert advice.
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Is It Gold? Yes! Is It Valuable? Hard to Tell!