Sell Gold Jewelry Cleveland
Sell Gold Jewelry For Cash And Profit: A Guide By Sell Gold Cleveland
Gold prices are no longer at an all-time high, however , the cost of living and unemployment continues to rise In the Greater Cleveland area. Consequently many people are choosing to sell gold jewelry in Cleveland in exchange for cash for gold.
Selling your jewelry for cash, or unwanted broken gold and other gold items such as gold coins for cash is like getting money out of nowhere.
However, if you have decided to sell your old or broken gold jewelry or coins there is some important preparatory information to be aware of, and steps to be taken to ensure against being defrauded.
Following our sell gold Cleveland guide below will ensure that you profit and get the best deal. Here are six helpful tips on how to sell your gold for cash in Cleveland. Some of the steps may appear self-evident, however by following this process one ensures success.
Preparing to sell gold Jewelry Cleveland
Gather together all unwanted gold items and sort them into baggies by category such as rings, earring, bracelets, or necklaces.
Determine for yourself which items are less than 10k gold (costume jewelry), gold buyers will be interested in items only between 10k-24k in purity, with most jewelry falling between 10-18k in composition. There is a simple test that can be done at home.
Step one: Purchase a small powerful magnet (commonly referred to as a jeweler’s magnet), then holding it closely to the jewelry pass it over all items. Separate into another marked bag any jewelry which is attracted to the magnet. The magnetic attraction indicates a higher level of alloy in the metal than is desirable, meaning the gold content is less than 10k.
Step two: All quality gold jewelry especially rings will have the karat value inscribed on the inside. If they are well time worn, however, it may be illegible.
Taking a magnifying glass look closely on the underside or your items for the karat inscriptions.
Step three: Resort all items with karat weight identified into similar groupings of karat weight. Congratulations, you are well on your way to sell jewelery for cash in Cleveland profitably! Further analysis of the gold composition can be done at a reputable jeweler by use of an alloy meter if there is any doubt.
Assess The Value What You Have
For many people, owning gold means owning jewelry. However, selling jewelry based only on the value of the gold it contains does not account for extrinsic factors of worth. When you sell jewelry based on just the current gold price, it won’t take into account the craftsmanship, beauty or sentimental value of your item. Are there other gems and precious metals it might contain? If so, When selling these pieces, try a jewelry shop that buys diamonds or other stones, or try selling them online at eBay or another site. Lastly, if it is an appraised stone with a known value definitely have it removed before you sell gold Cleveland , do not “give it away with your gold”, as you will not be compensated.
Determine The Daily Gold Value
Now go online into your browser and search “gold bullion value today” find a listing for Gold Bullion 1 oz. ( as of today’s writing the value was $1672.19/oz.) This will give you a very close approximation of the gross value of your gold.
Understand The Relationship of Karat weight to Gold Oz. weight.
Rounding off the gold oz. value to $1600.00 follow the example below.
As a rule, the weight and karat of the gold determines its value. Ten-karat gold means that it has 42% gold content and 58% other metals. Fourteen-karat gold is actually 58% pure gold and about 75% of the content of 18-karat jewelry is gold.
Therefore, a piece of 14-karat gold jewelry that weighed 31.1G (there are 31.1G/Troy ounce), would be worth $928, or 58% of $1,600 — the current bullion market value. From there, a seller could expect a legitimate offer of around 65%-75% of that price, or $603 to $696
So Current Bullion Value X 75% (fair retail value) using the above example: $928 x 0.65= $696.00
A partial ounce Ex.: 14-karat gold weighing 15.7 Grams would be calculated as follows:
Bullion Value= $1600.00/Oz., Karat weight=14k, Weight of your Gold=15.7Grams
(Price per Ounce) $1600×0.58 (14k Percentage of pure gold) =Current Bullion Value ($928.00)
Bullion Ounce Value/31.1 Grams=Bullion value per Gram or $1600 Oz./31.1 Grams= $51.4 per Gram of gold.
Weight of gold (15.7 Grams) X Bullion Value per Gram ($51.4.) equals Bullion value of your gold= $807.00
Lastly, multiply Bullion value of your gold x Retail Value percentage so: $807.00 x 0.75 = $605..25 which represents a very fair top end offer.
Practice this and be confident when you sell gold jewelry for cash Cleveland, Ohio
Know The Weight
. If you weigh your jewelry yourself, keep in mind that jewelers use a different measurement standard called a Troy ounce. A common U.S. scale will measure 28 grams per ounce, while gold is measured at 31.1 grams per Troy ounce. Additionally, some dealers will also use a system of weights called pennyweight to measure a Troy ounce. Have the jeweler convert the weight into US Grams for your easy calculation of the value being offered. Most importantly, when you sell gold jewelry Cleveland, make sure all karat items are weighed by their karat value separately, and not grouped together under the lowest karat weight.
Keep It Simple When You Seek Cash For Gold Cleveland
Determine which pieces are between 10-18k gold
Sort them into groups by karat
Have removed any valuable stones, or try to sell it intact on EBay or advertise on Backpage.com, Olinix.com or similar internet classified sites..
Find a jeweler who will weigh your gold and convert weight into US Grams for your easy conversion
Do a rough estimate of gold jewelry value- look for an offer between 65-75% of that value
Use a reputable established jeweler-Tip: Look for a Jeweler who designs their own jewelry in house, they will often pay in the upper range for broken gold.
Choose several and go online to the Better Business Bureau- select only those with an A+ rating. This rating reflects longevity in business, and lack of consumer complaints
Avoid: Mail order gold buyers, gold parties, and gold buyers in kiosks and malls
By following these preparatory steps before you sell jewelry in Cleveland you will have assured yourself of obtaining a fair and equitable deal when selling your old, broken, or unwanted gold jewelry.
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Sell Your Gold Jewelry For Cash And Profit: A Guide By Sell Gold Cleveland
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