Guidelines For Selling Gold And Silver Jewelry For The Most Cash

One easy way to raise some quick cash is to sell some of your unwanted silver and gold jewelry. If you have never liquidated any jewelry or precious metals before, then there are some important guidelines that you should follow to ensure that you get the best deal possible, such as:

Consider the Sentiment of Jewelry Pieces

Before you choose your jewelry pieces to sell, you should take some time to consider the sentimentality of each piece. While you may need to raise some quick cash, you will not ever be able to get your jewelry back. If the jewelry pieces have more sentimental value than their gold value, then you need to really think long and hard before selling them for scrap. Otherwise, you may later regret your sale.

Understand the Metal vs. Designer Price

All items that are made of metals have an intrinsic market value to be melted as scrap. Jewelry items also have a designer value that is based upon their style and how they look. If you have unwanted jewelry that:

  • contains stones
  • is very unique
  • is vintage in age

then you should have it appraised for its designer jewelry value before selling it for the scrap gold or silver value. You may find that the piece is worth more if sold as jewelry.

Know the Market's Gold Spot Price

Each day, the price of gold is determined by global demand and the metal market. When you are selling any precious metal, you should know the spot price that day for that specific metal. For example, if silver is selling for $50 per ounce, then you know approximately what the value is of your 2-ounce bracelet made of silver - $100. By knowing that day's spot price for the metal, you can determine how much profit the buyer is getting from the metal when they turn around and sell it to be melted and sold.

Shop Around for the Highest Price

Finally, you can take your unwanted gold and silver jewelry items to any local pawn shop, gold and silver buyer, or jewelry store to ask if they wish to purchase it. By shopping around for the highest price, you can get the best price for your items. While you may assume all buyers pay the market price, this is not the case. You may find wide variations in the offers from one type of gold and silver buyer to another.