How to Get Better Prices for Your Gold Items When Selling

27 February 2015
 Categories: , Blog

Share

If you have gold items that you no longer need, you can sell them to gold buyers and collect some cash in return. Some of the items you can sell include watches, necklaces, brooches and even coins and bullion bars.

You can sell your gold when you're in a financial crunch or when you just need to clear gold items that you don't need any more, such as a defunct wedding ring. You can also sell your gold ornaments if they are damaged or you've misplaced one earring and so forth. Read on to learn some useful tips on how you can get the most cash for your gold items when selling.

Get your gold items polished first

Not everyone has shinny gold items stacked away unused. If whatever gold piece you want to sell has been lying somewhere collecting dust, it's most likely not in its best condition. This can affect the value of your gold items during appraisal. Even if yours is just a bracelet or ring that you have been wearing often, chances are that your gold jewelry is not in its prime shape.

You can change this by taking your gold items for a quick polishing first at a jewelry shop. This will clean the gold item and get it in a better condition. During appraisal, this can show the gold buyer that your items are well taken care of and therefore of good value.

Sell in high market areas

Another thing to note is that you will not get the same price for your gold in every shop you go. The market price of any item is controlled by demand, supply, class and other market factors. To get the best prices possible, go to up market areas. If you can, take your gold to gold buyers or a jewelry shop. Your precious gold items will also be seen to hold more credibility in such areas than at a local storefront in a neighborhood. Higher demand for gold will also see you fetch better price margins in up market areas.

Check the spot price before selling

Lastly, check the prevailing price of gold before you sell it. Gold is traded in international commodity and stock markets worldwide. This means the prices shift daily depending on various social, political and economic factors. By checking the price first, you get to know how much your gold item is worth when selling. However, remember gold is sold per ounce of pure gold and your jewelry may not be 100% pure, very few are.

If you don't get a good quote for your gold, you can always try several other stores and compare prices. Areas with multiple gold shops like PMT Pty Ltd, especially, are bound to offer better prices due to high competition.