Selling Gold: What to Know Before You Sell

Selling Gold: What to Know Before You Sell from Empire Pawn of Nassau Inc

By: Empire Pawn of Nassau Inc  08/03/2015
Keywords: Gold Jewelry, Antique Jewelry, gold buyer

From Empire Pawn of Nassau, Inc. of East Meadow, NY If you need some extra cash and are considering selling some gold jewelry, here’s what to know and do before you sell. Beware of unlicensed buyers The first and most important thing to do is to make sure the buyer is legitimate — with the rise in gold prices, there has also been an increase in cash-for-gold scam artists. A Google search for “sell my gold,” or something similar, returns thousands of hits. Almost every jewelry store, pawn shop, and flea market in the country is now buying gold, not to mention online buyers, and many are unlicensed and uncertified. While many jewelry buyers are in fact legitimate, many more are not, especially if they only have an online presence. Types of scams One of the most common online scams is when companies ask sellers to mail their valuables to them. Once the valuables are out of the sellers’ hands, they have to wait patiently for an offer and hope it’s an honest one. What can sometimes happen is either the buyer claims they never received the piece, or, after making an offer, they never return the piece and claim it was lost in the mail. A second type of scam is when a buyer offers a price far below what the piece is actually worth. While this is an unfair business practice, it is really the fault of the seller if they agree to the offer. That is why it is so important to have an idea what your piece is worth new, as well as what it goes for in its existing condition. Gold buying parties Another gold buying scenario to be aware of is known as gold buying parties. These are gatherings or parties organized by a local sponsor. The sponsor invites their friends and family over to their house, where a “gold buyer” will appraise the guest’s pieces and offer appraisals and cash on the spot. These buyers often pay far under what the pieces are actually worth, which is how they make a profit. The sponsors also usually get a cut of the sales. Again, know what your pieces are worth and understand what the arrangement is between the sponsor and buyer. Advice for gold sellers Like any business, the reputation of pawn shops and jewelry stores differ from shop to shop. Some are more professional and offer better prices than others. Research multiple companies beforehand—ask plenty of questions and find out if they are a member of the National Pawnbrokers Association. Unless you know for certain that a company is legit, we recommend you do not mail your jewelry out of town or to an unknown source, as you may never see it again. Instead, take your pieces to two or three local buyers and get them appraised. In addition to making sure the shop is a member of the National Pawnbrokers Association, make sure its appraisers are certified and/or educated by the Gemological Institute of America (GIA). If you have multiple pieces, you may want to get individual offers on each piece as one buyer may be willing to pay more for some items than others. Make sure you agree to the appraisal estimate and the terms and conditions of the sale before agreeing.

Keywords: Antique Jewelry, gold buyer, Gold Jewelry, scrap jewelry, Vintage Jewelry

Contact Empire Pawn of Nassau Inc

Email

Print this page

Other news and updates from Empire Pawn of Nassau Inc

12/01/2016

What to Know About Pawn Loans with Mitch Kushner of Empire Jewelers

What to Know About Pawn Loans with Mitch Kushner of Empire Jewelers


Signed Jewelry: How to Tell Real vs. Replica from Empire Pawn of Nassau Inc thumbnail
11/01/2016

Signed Jewelry: How to Tell Real vs. Replica

Signed Jewelry: How to Tell Real vs. Replica


Buying a Luxury Watch for the Holidays from Empire Pawn of Nassau Inc thumbnail
11/01/2016

Buying a Luxury Watch for the Holidays

Buying a Luxury Watch for the Holidays


10/03/2016

Expert Tips on Buying Gems

Expert Tips on Buying Gems


Opal Birthstone: True or False Quiz from Empire Pawn of Nassau Inc thumbnail
10/03/2016

Opal Birthstone: True or False Quiz

Opal Birthstone: True or False Quiz


How to Select a Sapphire Engagement Ring from Empire Pawn of Nassau Inc thumbnail
09/06/2016

How to Select a Sapphire Engagement Ring

How to Select a Sapphire Engagement Ring


Gold Prices Soaring — Time to Sell? from Empire Pawn of Nassau Inc thumbnail
08/01/2016

Gold Prices Soaring — Time to Sell?

Gold Prices Soaring — Time to Sell?


How Your Jewelry is a Reflection of Your Personality from Empire Pawn of Nassau Inc thumbnail
08/01/2016

How Your Jewelry is a Reflection of Your Personality

How Your Jewelry is a Reflection of Your Personality


All About Rubies Quiz from Empire Pawn of Nassau Inc thumbnail
07/05/2016

All About Rubies Quiz

All About Rubies Quiz


06/01/2016

Father’s Day Jewelry Gift Ideas

Father’s Day Jewelry Gift Ideas


Pearls of the Rich and Famous from Empire Pawn of Nassau Inc thumbnail
06/01/2016

Pearls of the Rich and Famous

Pearls of the Rich and Famous


Getting to Know Ametrine from Empire Pawn of Nassau Inc thumbnail
05/02/2016

Getting to Know Ametrine

Getting to Know Ametrine


The Latest on Engagement Rings from Empire Pawn of Nassau Inc thumbnail
05/02/2016

The Latest on Engagement Rings

The Latest on Engagement Rings


This Spring, Make Money with Your Unwanted Jewelry from Empire Pawn of Nassau Inc thumbnail
05/02/2016

This Spring, Make Money with Your Unwanted Jewelry

This Spring, Make Money with Your Unwanted Jewelry


Diamond Facts from Empire Pawn of Nassau Inc thumbnail
04/01/2016

Diamond Facts

Diamond Facts