What You Should Know About Gold Buyers

The amount of money you'll receive for your gold jewelry depends on the karat weight of the jewelry, and the total weight. If you have two gold necklaces, one18 karat gold and one14 karat gold, and they weigh exactly the same, you'll get more for the 18 karat one than for the 14 karat one. Dishonest gold buyers have been known to weigh jewelry of different karats together, yet pay the amount the lowest karat pieces would fetch.

The Daily Price of Gold Isn't What You'll Get

It's a good idea to follow the daily trading price of gold online so you can get an idea of whether prices for gold are trending up or down. Gold buyers are in business to make a profit, so you will only get a certain percentage of whatever gold is trading for, depending on the karat weight and total weight of your gold jewelry.

The Reputation of Your Buyer is Very Important

High gold prices have resulted in many gold buying businesses popping up, practically overnight. While not all of these businesses are dishonest, you can feel more confident that you are getting a fair deal for your gold jewelry if you work with a buyer who has been in business for a long time.

You Probably Won't Get Money for Gemstones

Most gold buyers won't buy gemstones at all, with the possible exception of diamonds that are at least one-quarter carat in size. Some buyers will remove gemstones and give them back to you, but others will not. If you have any sentimental attachment to your gemstones or may want them put into jewelry later, have them removed before selling your gold jewelry.

Selling Gold Can Be a Good Way to Make Money

If you check out the reputation of a gold buyer before working with them, and if you determine beforehand what karat your gold is, you'll have a better chance of getting a fair price for your gold. With online gold buyers, only work with those who insist on insured shipping, and who ship your jewelry back to you in an insured parcel if you reject their offer.