March 15, 2010

How to Sell Your Gold Jewelry

I"ve written here about buying gold, heck - recently, I wrote about a site that is selling SEEDS for barter - but this morning, I realized that I hadn't thought about the flipside: selling your old gold jewelry. 

There are those TV ads, where you send your old gold off in an envelope, and voila! a check comes back to you in return mail.  Is this the best way to exchange one asset for another?  Maybe. Maybe not.  There's lots on the web about selling gold jewelry - here's some of the best stuff that I found out there:

  1. Karen Datko at MSN Money warns that you're better off selling your old gold jewelry as JEWELRY, not as scrap metal, and explains why.
  2. Susan Carpenter at the LA Times advises you on getting your stuff appraised -- and discusses the option of leaving your jewelry for sale with a consignment shop.  Did you know that there are things you can buy on the web to value the quality of your gold by yourself, at home?
  3. E-How has a video that discusses how to sell used gold jewelry, and gives you the scoop on cleaning your jewelry as your first step.  (There are also other videos that demonstrate ways to clean jewelry, I suppose there are various methods.)
  4. Consumer Reports has some advice for you, too.  From here, I learned that you need to ask a jeweler to weigh your gold jewelry in pennyweights or troy ounces.  Then, they've got an online calculator right there for you, to input your item's weight and get its value based on the price of gold that day.  Cool.
  5. EBay Jewelry Selling Guide is filled with all sorts of details.  Vintage jewelry?  Still in the box?  Little details that may make a difference in the sales price are collected here, along with lots of advice on setting a price and maximizing your sale. 
Image:  Gold and Platinum Rings, Wikimedia Commons - public domain
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