How to Get the Most Out of Selling Gold Jewelry

Credit: jannoon028 via Freepik

Extra income is always welcome when you’re a mom on a budget. But when that income comes from selling belongings you’re no longer interested in, it’s a one-time bonus. It’s up to you to make sure that you not only get the best possible price on it but that you also use the funds in a way that will benefit you in the long run.

Let’s take a look at one of the most lucrative old belongings you probably own: gold jewelry. Whether you received it as a gift, an heirloom, or you bought it for yourself, it’s a possession with great resale value, and it’s not the kind of thing you should be hawking at a yard sale. Think twice before you take it to the pawnshop – you’re likely to earn more if you do your research and take your time.

Step 1: Know What You Have

First,  you plan to sell. Do you know how much it weighs? What about the purity? In jewelry, purity is measured in karats. Although 24-karat is the purest gold, that’s usually only found in coins and bars, as 24-karat gold is too soft and easily damaged to be worn.

If it’s broken or not something that can be resold as a wearable piece of jewelry, it’s considered scrap and will likely be melted down and recycled. However, the right designer brand and style of jewelry could have a decent resale value above and beyond the melt-value. While online research can help give you an idea of whether or not to expect good news, an evaluation by a gold dealer is your best bet.

Step 2: Get the Best Price

The next step to selling gold jewelry is deciding where to sell it. There are a few rules to live by before you cash in:

  • Take your time. You can usually sell gold for cash quickly, but it isn’t always in your best interest to accept the first offer.
  • Find a gold buyer who makes their prices public. If you know the going rates by gram or ounce according to purity before you walk in, it’s a sign that they’re transparent about their business.
  • Have your gold evaluated by the dealer. Reputable gold dealers should offer free fair market evaluations. This will confirm the weight, purity, and value of each separate piece.

Step 3: The 2 Best Ways to Spend It

You’ve received the best price you could find, and now you have a bit of extra cash. If you’re working on a budget, now is a great time to put that money to work for you.

One of the best things you can do with an influx of cash is pay off debt. When you carry a balance on your credit cards, you’re paying interest every month for purchases you’ve already made. It makes everything in your life more expensive.

What if you don’t have credit card debt? Then you’re in a great place, but you can still get more out of the newfound cash by investing it, either in your retirement or an education fund for the kids. Putting the money in bonds is a safe way to make sure that the cash grows.

Gold jewelry that you don’t wear anymore can still be very useful. Make the most of it by selling for a good price and putting the proceeds to good use.

Credit: jannoon028 via Freepik

Extra income is always welcome when you’re a mom on a budget. But when that income comes from selling belongings you’re no longer interested in, it’s a one-time bonus. It’s up to you to make sure that you not only get the best possible price on it but that you also use the funds in a way that will benefit you in the long run.

Let’s take a look at one of the most lucrative old belongings you probably own: gold jewelry. Whether you received it as a gift, an heirloom, or you bought it for yourself, it’s a possession with great resale value, and it’s not the kind of thing you should be hawking at a yard sale. Think twice before you take it to the pawnshop – you’re likely to earn more if you do your research and take your time.

Step 1: Know What You Have

First,  you plan to sell. Do you know how much it weighs? What about the purity? In jewelry, purity is measured in karats. Although 24-karat is the purest gold, that’s usually only found in coins and bars, as 24-karat gold is too soft and easily damaged to be worn.

If it’s broken or not something that can be resold as a wearable piece of jewelry, it’s considered scrap and will likely be melted down and recycled. However, the right designer brand and style of jewelry could have a decent resale value above and beyond the melt-value. While online research can help give you an idea of whether or not to expect good news, an evaluation by a gold dealer is your best bet.

Step 2: Get the Best Price

The next step to selling gold jewelry is deciding where to sell it. There are a few rules to live by before you cash in:

  • Take your time. You can usually sell gold for cash quickly, but it isn’t always in your best interest to accept the first offer.
  • Find a gold buyer who makes their prices public. If you know the going rates by gram or ounce according to purity before you walk in, it’s a sign that they’re transparent about their business.
  • Have your gold evaluated by the dealer. Reputable gold dealers should offer free fair market evaluations. This will confirm the weight, purity, and value of each separate piece.

Step 3: The 2 Best Ways to Spend It

You’ve received the best price you could find, and now you have a bit of extra cash. If you’re working on a budget, now is a great time to put that money to work for you.

One of the best things you can do with an influx of cash is pay off debt. When you carry a balance on your credit cards, you’re paying interest every month for purchases you’ve already made. It makes everything in your life more expensive.

What if you don’t have credit card debt? Then you’re in a great place, but you can still get more out of the newfound cash by investing it, either in your retirement or an education fund for the kids. Putting the money in bonds is a safe way to make sure that the cash grows.

Gold jewelry that you don’t wear anymore can still be very useful. Make the most of it by selling for a good price and putting the proceeds to good use.