Buying and Selling Gold: What You Need to Know

1. Clean Your Gold

You want to make sure the quality of your gold shows so you can get the largest estimate for your piece. Cleaning it will show off the beautiful quality and all of its details, making it easier for the jewelry buyer or pawn broker to determine the price. Buildup can collect around hinges, joints, and latches, so make sure you clean it before bringing it to the gold buyer.

Making a quick solution of dishwashing liquid and warm water to clean your pieces is a simple hack if you don’t want to a professional. 

2. Credentials

Credentials make the whole process go smoothly. If you received paperwork when purchasing the gold jewelry you want to sell, bring it with you. Certifications or past appraisals ensure that you’ll receive a fair price. This is especially true for gold pieces that also contain diamonds and other precious stones.

Keep in mind, the Pawn Shop or gold buyer, if a reputable source, should be able to produce their own licensing by the state in which they reside to purchase gold. If you are selling gold, they will also ask you for documentation to prove who you are as well. Make sure to bring your driver’s license, passport, or some other for of government-issued I.D. All of these precautions are put in place to guarantee that legal procedures are being followed and to make certain that stolen property is not bought or sold.

3. Get a second opinion, or two, or three...

When selling your gold, you want the most competitive price. Shopping around guarantees you receive the best price for your pieces. The first place you can always go is a local pawn shop. Any gold buyer will always give you a quote on what they can give you free of charge. If and aren’t happy with the price you’ve been quoted, take your business elsewhere. Having your jewelry re-appraised can help you get a more accurate feeling of what it’s worth when selling it.

The same goes for buying a piece of gold for yourself, someone else, etc. You want to make sure you’re making the right decision and so shopping around will give you a variety of the gold jewelry out there. You don’t want to look back on an engagement or wedding ring and regret purchasing it.

4. Extra Considerations When Selling

If you’re trying to sell extra gold in a pinch, you may only think of gold as gold. Sometimes different pieces have a historical significance. This can be overlooked and may end up getting you even more for your piece or pieces. There are times when scrap gold isn’t just scrap old and it's a good thing to check your products details before you sell for this reason.

Checking in with a place like the Better Business Bureau is a great search tool to double check that the place your considering is also a trustworthy business.

The process will not always go perfectly, but with these in mind you’ll be getting the most out of your experience. Pawn shops like Pawn America can be a great resource to find jewelry that looks just as good as brand new, but with a significantly lower price tag. Stop in to Pawn America next time you’re considering buying or selling your gold.

This blog was written by our friends at Vivial for our Near Say page!