Be Smart When You Sell Old Jewellery

If you have bits and pieces of jewellery lying about around the house and you have been thinking about selling them there are a few things that you should know before you set out to sell them.

In most situations, gold sellers such as yourself would go to a dealer ask him or her how much the gold is worth, haggle a little and walk away with whatever you get from them, thinking that it was just extra cash that you would not have had in the first place. Well, although this may be true, what about the fact that you could have had double the amount and since the gold was yours, the money or the value that it carried should also be yours!

The most important thing to know when you set out to sell gold is its value, and these days all you have to do is just find an internet site such as kitco and you would instantly have the latest updates on the value of precious metal to the second. Secondly, you could take the jewellery pieces to the local jewellers and get a rough estimate how much lower than the market price they are willing to offer. This would give you leverage or a bargaining chip when you meet the actual gold dealers who will be taking it off your hands. Just remember when you are bargaining, that there are other willing buyers and all you have to do is go to them instead. With this frame of mind, you would be able to push your luck as far as possible and use the intense competition that these businesses face as an ally towards you getting better deals.

The usual modus operandi of gold dealers is to buy gold at a 20% markdown from market prices in order for them o be able to make a good margin, but most would be willing to settle even at a 10 % markdown when the quantity is sufficient, however your target should be 15 %, meaning if the value of the gold in your possession is $ 100, try to get at around $ 85. Another option is to sell it online and you will be surprised that there might be individual or independent buyers out there who would even pay you up to 92 % of the market value if market conditions are right for them.

However, there is an element of risk when you do business online, based on the sheer number of rip-offs that prowl around on the net looking for victims who do not know any better. Using social media or commercial sites where buyers and sellers meet regularly could also work such as eBay.

It may be difficult at first as people who deal online are usually cautious, but with the right approach and the right credentials online platforms provide equally good opportunities for you to make the highest cash payments when you sell gold jewellery.