How to sell gold jewelry and realize the highest prices!
In the last blog I explained how gold is measured in terms of weight and purity. I showed a chart that broke down karat designations by fineness and showed you what a positive and negative wet chemical test looks like. So let me explain how to go about selling your scrap gold jewelry so that you realize the most amount of money for what you have.
Don’t sell yourself short, don’t take shortcuts, follow the instructions below and I promise if you have over one troy ounce of scrap gold two things will happen. You will know how much money you saved and you will know how much the total value of your holdings was before you sold them. Now that might not sound like a big deal but you’ll never have to look back at the transaction and wonder “what was that really worth?”. You tell me, how much is your peace of mind worth? Let me show you what I’m talking about real quick. Assuming you’ve separated the items, here is what your list should look like:
You have 465 grams of scrap gold.
110 grams of 10kt
256 grams of 14kt
34 grams of 16kt
You need to know that before you sell. You need to have an accurate count of your gold before you start shopping around.
What a group of scrap looks like before you’ve started the process:
Follow these simple steps to maximize the value of your jewelry:
1) Try your best to organize the items you have by karat, use a magnifying glass to look for karat (purity) marks and separate by 10kt, 14kt, 18kt etc..
2) Dental is almost always 16kt or .666 fine, let the person that your selling to know that you are aware of this if you have dental. If you don’t, your .666 (16kt) fine gold could be purchased as .417 (10kt) and that adds up quick.
3) Use a gram scale to determine how much weight you have. Weigh each group so that you know exactly how many grams of each you have. For example 12 grams of 10kt, 10 grams of 14kt, 16 grams of 18kt and so on.
4) Before you sell your items as “scrap”, take them to someone that deals in estate jewelry. Don’t trust your own opinion about what you’re looking at, you could make a costly mistake. I frequently pay high premiums for items that I can resell. And trust me on this one; The “Gold Shop Guy” Does Not Know The Difference Between Art Nouveau or Art Deco and a Sponge Cake! He might tell you he knows the difference but why would he? What is he doing buying scrap gold in a “pop up” shop if he has expertise in rare objects? It doesn’t make sense does it? So do your homework or he’ll be selling me your rarest objects after you’ve sold them to him!
Here the good estate jewelry is separated from the scrap gold jewelry.
5) After you’ve had your objects looked at by an Estate Jewelry expert and you have separated your scrap from the more valuable items, it’s time to get on the telephone. Get the phone numbers of three local shops, do your best to lean towards long established shops or shops that are operated by experienced individuals. Tell each shop owner that you call that you are shopping around. Here is an example of what I would say:
“Hi, my name is _______ and I have some scrap gold jewelry that I’m interested in selling. I’m calling several shops around town today and it is my intention to sell to the highest offer. Would you please tell me what you are paying per gram for the following?” At this point, read from your list of grams and karat purity.
6) If you’ve followed step 4 as described, then all you should be dealing with at this point is scrap jewelry. If and only if you follow step four, then consider removing the colored stones, pearls and excess dental material from your gold scrap lot. In short, if the guy in “The Gold Shop” estimates the weight of your non-gold material, he’s going to err in his favor, not yours. So, provided you have followed step four, consider using a hammer and a pair of pliers to create a group of “clean” scrap. If you do this step yourself, you’ll win a little more. Just promise me you don’t dismantle anything until you’ve followed step 4 ok?
Well that should do it! You should be pretty well prepared to realize the most amount of money for your scrap gold and scrap gold jewelry. If you have any questions about this or any other aspect of selling gold jewelry in Los Angeles or the surrounding areas, just call or email me. My name is Bryan Abbott and I can be reached at firstname.lastname@example.org or 310-391-9400 and I’m happy to take the time to explain anything that wasn’t clear. We are buyers of estate jewelry and scrap gold and we are conveniently located in Santa Monica near Culver City and the Santa Monica Airport. Browse through our website and learn a little more about us when you have time!
Thanks for stopping by!
We specialize in Antiques, Rare Coins and Estate Jewelry and a broad range of collectibles. We are located in Santa Monica California. We are nearby Culver City, Malibu, Brentwood, Westwood, West Hollywood, Beverly Hills and Los Angeles. We service the entire west coast with appraisals and buying services pertaining to every field we deal in. If you are interested in buying or selling Antiques, Rare Coins, Estate Jewelry or any Collectibles, we ask that you visit the “what we buy” section of our website. Then click on the category that pertains to your items and you’ll learn a bit about our interest or expertise in that particular field.
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