Do you have old jewellery you no longer wear? Maybe you have gold jewellery that brings back memories you would rather not relieve like the wedding ring your ex-husband gave you years ago? You might be divorced and want no reminder of that other person who made your life miserable. Then instead of throwing the jewellery away put it to better use by selling it and get money cash for it. But how much can you get for it and where should you sell it.
Where To Sell Your Old or unwanted Jewellery?
The most obvious place to sell gold jewellery for cash is to a jeweller. However, not all jewellers buy old jewellery, especially if there is nothing that stands out about a particular piece. Your old gold jewellery will not sell for the same amount it was bought for.
There are jewellers who buy second-hand gold jewellery. Why? Because it is gold and gold is always valuable. However, the condition the jewellery is in will determine how much you can sell the gold jewellery for.
You can also sell gold jewellery to a cash-for-gold buyer or to a pawnbroker. With these two options, you are unlikely to get a lot of money. Cash-for-gold buyers will not pay you for the stone or appreciate the special aesthetics of the jewellery, they are just interested in the metal and nothing else. Pawnbrokers are different. If the jewellery is still in good condition and is a hot item in terms of being popular, they may offer you a decent price. However, you will find that these three options will give you varying prices.
What is a realistic price to expect?
When you sell gold jewellery, you can expect a little over 20% of the actual retail value of the gold. You should not expect anything less and nothing remotely close to 50 or 30%. The amount of cash you can get depends on the purity, weight, and condition of the jewellery but more importantly, it depends on your negotiations skills.
Why can’t you get more for your jewellery?
The first and obvious reason is that you are selling second-hand gold jewellery. It has been worn and it might even show some signs of being worn out. The store that buys the jewellery from you will have to sell your second-hand jewellery at discounted prices so customers can buy it back.
Stores that buy gold jewellery mean to resell it to refineries and will offer scrap value. Some jewellers might take out the stones and reset them on new pieces. The point is: whoever is in the business of buying gold jewellery is also looking to make a profit and they can make this if they buy low and sell high. That’s just how businesses work.
Are there other alternatives?
You don’t necessarily have to sell gold jewellery for cash. Some businesses like jewellers and pawnshops might give you an option to swap your pieces for something they have in store. If you aren’t ready to part with the jewellery, pawnshops will offer you a loan against the jewellery which you can pay off and get your jewellery pieces back.
So, the bottom line is that your old, unused and unwanted gold jewellery can turn out to be the most useful thing to have when you find yourself in need of cash urgently.