Sell Gold Jewelry
It’s a good idea to sell your old, unwanted, broken jewelry, coins and watches to help you get through the recession but don’t expect to get full market value or what you paid for it at the jewelry store. You can expect to get a portion or percentage of the scrap value. Gold buyers melt the gold down so they will not pay for things like craftsmanship or labor that went into the design and make of your jewelry. Also, since the typical mark-up on retail jewelry is anywhere between 300 to 1000 percent don’t expect buyers to be able to make up for the profits the jewelry stores made on you when you bought those items. Most gold dealers must pay a gold smelter or refinery up to 30 percent of the value to refine the precious metals and on top of that there has to be a profit for the buyer.
So where is the best place to go to sell gold? You have several options available to you.
There are many online companies that offer free insured shipping where you can mail your gold, silver and platinum jewelry to them to evaluate and value. This method is least recommended since shipping anything of value through the mail to a someone you’ve never done business is inherently risky. Many offer free shipping with insurance but be sure to read the fine print regarding the insurance amount. In some cases it can be as little as $100 maximum insured value. Once the valuables are out of your hands you have little control of how to get it back if things go wrong or you don’t like their price. In some cases it has taken months to get items back.
The second method is selling gold to a local pawn shop, jewelry store or cash for gold store. This is a much safer option to mailing since your jewelry stays within your possession but be careful about which option to chose here. Pawn shops are usually in seedy areas and notorious for paying a low percentage for your gold jewelry. Jewelry stores are a bit better but keep in mind they typically have very high overhead due to pricey locations like in shopping malls and that being a gold buyer is not their main business. In recent years jewelry stores have begun to buy gold out of necessity because the economy is struggling and jewelry sales are way down. So be careful with jewelry stores too. The third option here are specific cash for gold stores. They have been popping out everywhere. Of the three options mentioned this is the better option. Cash for gold stores are still typically just a middleman. They still have to pay smelters or refineries up to 30% of the scrap value of the gold they buy to refine the items they bought.
Gold refineries typically can pay the highest percentage of the scrap value. By cutting out the middleman you can expect up to a 30% higher payout over the leading cash for gold stores. There are not that many local refineries but they can definitely be worth the drive if you can find one nearby. Come in and visit us at Cash for Gold West Covina or Cash for Gold Refinery Riverside and see the refinery difference today!