How To Sell Gold Jewelry And Earn More Money? [2024 Guide]
When I was a child, adults used to tell me that buying gold might improve their lives. This comment is still valid years later. Let’s learn how to sell gold jewelry and earn money.
Gold is the most popular asset to invest in, other than real estate and oneself, according to most people. Most people have considered gold to be among the most valuable possessions since the beginning of time.
For this reason, the majority of people purchase gold jewelry and store it inside safes. Furthermore, you can quickly discover how to sell gold jewelry for cash if you need money in a hurry.
However, do you know how to sell gold jewelry? There are many ways of selling it. Therefore, you can either opt for online gold buyers or visit your local bullion pawn shop or gold jeweler. Moreover, since they’ll have different rates to offer you (irrespective of the current market value of an ounce of gold), you must do careful research before deciding where and whom to sell your gold.
Before you start looking for places where you can sell jewelry, bullion, and all of your precious metals, you will want to determine the value of your gold to the best of your ability.
Therefore, here are some tips you can use to estimate the value of your gold and what you need to know when you start getting offers from bullion dealers.
How To Sell Gold Jewelry At The Best Prices In 2024?
While there are several ways to learn how to sell gold jewelry online, you must follow a specific process, step-by-step. Therefore, follow these steps to learn how to sell gold jewelry online in 2024:
#1 Start with Measuring the Weight and Purity of Your Gold
It all starts with how much of the precious metal you actually have. There are two factors that go into this:
- How much your gold jewelry weigh
- How pure your gold jewelry are
Therefore, if you have a scale, weigh each piece of gold jewelry in grams or ounces. However, if you don’t have a scale, don’t worry. Bullion dealers will weigh it for you when you take it in.
The next factor is purity. This is usually displayed on the piece with a hallmark. Jewellery typically isn’t as pure, because gold requires the addition of other metals for strength and durability. Bullion, like coins and bars, is usually around 99.9% or higher, with some notable exceptions like American Gold Eagle coins.
When you take your gold in to be evaluated by a bullion dealer, make sure they evaluate different pieces separately, taking into account the precious metals content of each piece.
#2 Look Up the Current Market Prices for Gold
Next, look up the market or spot price of gold. This is the trade price determined by market transactions, the same way stock prices are determined.
Recently, gold reached its highest-ever price, hitting $2,431 per ounce on April 12, 2024. These prices change constantly, but they’re a good benchmark and will influence the prices that dealers will offer.
#3 Protect your Gold
One of the most valuable possessions you can have is gold. Consequently, before learning how to sell gold jewelry, you must take the required precautions to secure your gold, just like you would with your life, business, cars, property, and other assets.
As of May 2024, the price per troy ounce of gold in the United States is at an all-time high of $2,024.60. But in 2024, the insurance you may obtain for your priceless gold decorations and jewelry would be far less than this sum.
The USA’s Insurance Information Institute has traditionally established a $2,000 maximum that can be insured for each piece of gold jewelry.
Moreover, experts recommend you store your gold jewelry in Gold Safe Storages. However, remember that you cannot insure any gold jewelry you store in such gold storage. This mandate has been set by the Federal Deposit Insurance Corporation (FDIC).
Furthermore, you can store gold in Secure Safe storage. However, only the biggest banks in America provide such storage services for a cost. Therefore, if you can afford it, store your gold jewelry in safes and lockers of banks like JPMorgan Chase, Brink, and HSBC.
#3 Get Your Gold Evaluated by a Bullion Dealer
Finally, it’s time to start taking your gold to bullion dealers. They will typically weigh the pieces you’re bringing in and confirm their purity with an XRF machine, which allows them to analyze the metal content of a piece without damaging it.
When you begin receiving offers from bullion dealers, there are some considerations to make. First off, the spot costs you have already researched serve as a guideline, not an estimate of what to expect.
Although they must take other expenses like their own overhead into consideration, reputable bullion dealers will base their prices on the spot price.
Obtaining multiple quotations and selecting the most favorable one is a wise move. Getting an estimate of the potential value of your gold before you do this can allow you to secure the best deal.
#4 Sell your Gold to the Highest Bidder!
After you exhaust all your options regarding how to sell gold jewelry, it’s time for you to sell them! However, you must remember that you will never be able to get the same amount respective to the current market price of gold. Therefore, you will always get a price lower than the current market price of gold.
In 2024, we recommend you sell your gold in three main places:
I. Online Gold Buyers
Learning how to sell gold jewelry online is easy as long as you know where you are selling it. We recommend doing so since you typically get a better price online since they keep lower margins as they don’t operate brick-and-mortar stores.
Therefore, here’s a list of the best online gold dealers in the USA:
- BGASC – Best for selling gold coins
- Money Metals – Best exchange rates in the USA
- SD Bullion – Best options for smaller, low-price amounts
- Golden Eagle Coins – The most reputed online gold dealer in the USA
- APMEX (American Precious Metals Exchange) – Best gold dealer overall in the USA
II. Bullion Pawn Shops
If you don’t want to learn how to sell gold jewelry online, then you can sell it at any bullion pawn shop near you. However, doing so has certain benefits and drawbacks:
| Benefits | Drawbacks |
|---|---|
| You get your money instantlyThere’s no need to ship your gold | You get paid lessThe staff might be incompetent |
III. Local Jewelers
Yiur final option to learn how to sell gold jewelry lies in your local jewelry stores. These stores act just like bullion gold shops. Therefore,e it has some benefits and drawbacks:
| Benefits | Drawbacks |
|---|---|
| You get your money instantlyThere’s no need to ship your gold | You get paid lessNot all jewelry shops are willing to buy gold jewelry |
Conclusion
We hope that you learnt the correct ways to learn how to sell gold jewelry in 2024. You can sell them online or offline to bullion pawn shops and local jewelers. However, we recommend you always do your research to get the best prices possible for your gold!
Thanks for reading this post! If you have any questions, please comment below!
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Ankita Tripathy
Ankita Tripathy loves to write about food and the Hallyu Wave in particular. During her free time, she enjoys looking at the sky or reading books while sipping a cup of hot coffee. Her favourite niches are food, music, lifestyle, travel, and Korean Pop music and drama.
