Selling Your Old Gold: Three Options To Consider

Whether you need to downsize your jewelry collection or you want to sell some of your gold for quick cash, there are several options you can choose from to sell your items. If you've never sold gold jewelry before, here are some options to consider.

Pawn Shops

Pawn shops offer two different ways to get cash for your items. You can sell your gold jewelry directly, or you can take out a loan against the value of your items. Selling your jewelry may yield a higher offer from the pawn shop, as the store won't have to set aside space to hold your items until the terms of the loan are complete. However, if you only need money temporarily and want your jewelry back at some point, a loan may be the better option.

Online Gold Buyers

You can sell your gold for the actual gold content online through a number of buyers. This process typically works by sending you a prepaid envelope in the mail, which you then place your items in and mail back. Once the gold is inspected and weighed, you get an offer for the sale amount. You can choose to accept the offer or ask to have your jewelry returned. Be sure to ask if you have to pay for the return shipping. If you do, you'll end up with less money than when you started. Some gold buyers will offer free shipping returns on your unsold gold. You can also find brick-and-mortar gold buyer locations where you can take your items in to sell them for scrap.

Jewelry Stores

Some jewelry stores sell both new and used items, which means you may be able to sell your gold directly to the jeweler. The store may resell the items or use your gold in jewelry repairs. The amount you will get for your items depends on the reason the store is buying them. If you are selling high-value estate jewelry pieces, you'll get paid for the items based on their potential resell value. However, if the jeweler wants gold for scrap that can be used in repairs or crafting new pieces, you may be paid for just the gold content in your pieces.

It's important to know what you have before you sell it. If you have vintage or antique pieces, you may want to avoid selling them for scrap. The value of the pieces in their current form may exceed the value of the gold content. You can take your items to an appraiser before selling them if you think your gold pieces are worth a significant amount of money.