While buyers looking for good deals on gold, it is important for the sellers to do their homework before they sell their jewelry at gold parties or at jewelry stores.
Though gold parties may be an easy and convenient way to cash out your gold, they may not offer you the best deal.
Here are some of the ways to get the highest cash for gold.
Know the scales
The weight of gold marks its value but jewelers use their own standard measurement known as Troy Ounce.
While the US scale measures 28gms per ounce, gold is measured 31.1gm per Troy Ounce.
Some jewelers use pennyweight while others use grams. A pennyweight is equal to 1.555 gms.
So, make sure you find out what measurements your dealer is using.
Know the karats
Pure gold is very soft to be used hence it is combined with other metals for better color and longer life. One karat equals 1/24 of pure gold.
If the jewelry is less than 10 karats, then it is not gold. The karat of the gold will help you in marking its right value.
Keep the karats separate
Do not allow your different karat jewelry to be weighed altogether. Sometimes a dealer would do that and pay you according to the lowest karat jewelry.
So, make sure you separate the different karat jewelry and then put it to sale.
Find out the value
You can either visit your local jewelry shop or get in touch with a reliable online store like scgoldbuyers.com.au to know the present value of your gold before you put it to sale.
Sometimes dealers know that you are just looking for cash for gold and they would offer you lower value for your gold than its actual value.
Know your buyers
Find out if the jewelry store is authentic or not and is registered. See its reviews and find out if there are any complaints registered against it.
Find out what its past clients have to say about it.
Make sure you know what you want to sell
Some gold items may fetch you a higher price when sold as they are, rather than melted.
If you have a necklace from a renowned designer, then it will have value beyond the gold.