If you lost a gold earring, or your gold bracelet broke, don't throw them away. Save all your broken gold jewelry and sell it to a company like Atlas Loan & Jewelry Co for cash. If you've never sold gold jewelry before, then you may be a little apprehensive about it. In order to squash your uneasy feelings and become confident when selling gold, follow these 4 tips:
1. Know What A Karat Is
It's very rare to find gold jewelry that's made of pure gold because gold is so soft. Instead, jewelry is made of a mixture of gold and other metal alloys. This not only makes the gold jewelry more affordable, but makes the metal stronger so your pieces will stand the test of time.
The amount of gold found in jewelry is measured in karats. One karat equals 1/24 of pure gold. In terms of jewelry, you'll commonly find 10k, 14k, 18k, and 24k items, because these are the most popular. The more gold used in making the jewelry, the higher the number of karats it is. Keep in mind that 24 karat gold is pure gold. If you have a gold ring stamped with a 14k mark, it means that the ring is made with 14 parts gold and 10 parts of other types of metal.
Every piece of gold jewelry sold in the United States must be stamped with an indication as to how much gold is in the item. It's important for you to understand karats because the higher the karat of an item you are selling, the more money you'll get for it.
2. Separate The Karats
Typically, people will save up broken gold jewelry until they have a small pile to sell all at once. You should separate all the items in your pile by karat. This will help you obtain the most money possible when selling your items, because each type of karat is sold at a different price. For example, 10k gold is not worth as much as 18k or 24k gold. If your gold buyer weighs all your gold items together, then you won't receive the correct payment.
3. Understand The Troy Ounce
Gold is measured in Troy ounces, which equals 31.1 grams. For comparison, scales in the United States measure 28 grams per ounce. Some buyers will use grams to measure a Troy ounce, while others use pennyweights. There are some buyers who will use grams. It is essential that you know and understand how your gold buyer is weighing your jewelry. Don't sell your gold to someone who weighs gold jewelry with pennyweights and then provides payment by the gram, or you won't receive the correct payment.
4. Document The Items
Lastly, don't sell any gold jewelry without first protecting yourself against fraud. The best way to do this is to take pictures of your gold pieces. Have the photographs developed, or print them out at home, and write a detailed description of each item on the back of the picture. If you have very expensive gold jewelry that you are considering selling for cash, then first have it professionally appraised. Keep the appraisal document in a safe place, away from the actual gold item.
Once you've learned the 4 tips listed here, you should have no trouble selling your old gold jewelry with confidence. If you have any questions, contact your local gold buyer. He or she would be happy to help you.