In the fluctuating economy of today, we can see that gold is more accepted as an investment than stocks. The price of gold had gone up to 20 percent in this decade. If you are one among those thousands of Americans who would like to invest in gold and then follow the hottest trends on the block to sell it later by getting back a better value, this is the right time.
But, don’t be in a hurry to do it. It is essential to know when the good deals come on the hands of the consumer, and it also crucial to do proper homework before buying or selling their jewelry at the typical gold parties or selling it at the local stores. Better Business Bureau (BBB) of America advises the gold consumers that even though gold parties may be a comfortable way to cash gold, they may not always offer you the best deals.
Here are some tips for the sellers to keep in mind while cashing gold to get the best deals.
Understanding the gold scales
The actual weight of gold will determine the value of it, but various jewelers may use different measures as called a Troy ounce. As per the US standard scales, gold is measured 28 g per ounce when the gold is measured 31.1 g per a Troy ounce. Some of the dealers may also follow the unit of weight as pennyweight (dwt) to measure the Troy ounce, and some other may use grams as the measure. A pennyweight is about 1.555 grams. So, while selling, always be alert that the dealers don’t weigh your gold by pennyweight and they pay you based on grams, which is a sneaky trick used by fraud dealers to devalue gold and pay out less for it.
The purest form of gold is 24 karat, which is too soft and malleable and cannot be used to make any jewelry. So, gold is mixed with other metals to form alloys to form it to different products. This mixing is also required for bringing strength, color, and durability to gold. Federal Trade Commission (FTC) also specified that the jewelry items sold in the United States should be described regarding karat purity of the alloy.
One karat is 1/24 of the pure weight of gold. In this way, 14 karats may mean that the jewelry you buy consists of 14 parts of gold and rest ten parts as other metals. The item cannot be marked as gold jewelry if the karat rating is less than 10. So, it is essential for the consumers to know the karat value when we buy gold NY or selling it, to take an informed decision and get the best value for your jewelry. Next, we will discuss some quick smart tips to get the best value on selling gold.
- Value different karats separately
Don’t value your jewelry of various karats together when trying to buy or sell. Some dealers may try to weigh all jewelry together, which may be of different karats and then pay you the amount worth for the lowest karat ones. So, always separate your jewelry based on the karat specifications before going to a gold party and be vigilant while doing the evaluation.
- Know the actual rates
Gold price keeps on changing day by day. So, it is ideal to call up a local jeweler or make use of the reliable online resources to know the latest valuation of gold and market price for buying and selling. The dealer who is into this industry for long knows that people are looking for quick cash when they are coming for gold parties and try to take advantage of this haste to offer value lower than actual. So, you have to be well prepared after doing enough homework while attempting sales.
- Know the buyer
You can check at the jewelry stores online or offline and the gold buyer registry with BBB (online website of www.bbb.org.) You can also find business reviews at this website, which will tell you about the authenticity and reliability of the buyers and you can also check whether there are any complaints registered against them in the past.
- Know what you go to sell
Some of the items may be more worth when you are selling as they are like the vintage jewelry pieces of the handmade gold articles or so. Some medals or mementos made in gold also may value more than what they are regarding weight and purity. If you have a bracelet of the golden necklace which comes from a celebrity designer or well-known brand, then it may also be valued more some buyers beyond actual.
- Understand the fine prints
If you select a mail-away type service, then ensure that you go through all the policies, terms, and conditions carefully before taking a decision. On sending items through it, always get it insured. Also, check how long it will take for you to get it reimbursed and how long they will keep the gold before melting it. There may also be a lock-in period to turn down the offer, and it is essential to know this duration too. Always take some photos of the items before sending and ensure that you hold the originals as well as a backup photocopy of the relevant paperwork and filings related to it.
- Shop around to explore all options
Don’t be in haste of jump in without a second thought when you offer your gold for sales. Similar to buying, you can always shop around to find various bids and also to assess buyers to get hold of the best deal. To make sure that you get the best returns on your gold, always get it appraised by an expert before attempting selling. Buyers do appraise it, but even if it costs you a bit more upfront, it is always ideal for you to get it done by an unbiased appraiser on your own.
Considering all the above points, you also have to be realistic while attempting to sell gold. Gold parties may often be held by neighborhoods or friends, and these may be more about fun than the actual value. Taking all these factors, sellers at typical gold parties may tend to get about 70% to 80% of the actual value of their items.