Planning for Your Child’s Future

Have Gold To Sell? 3 Things You Need To Do

Gold holds its value over time, which is why if you need money and you have gold, selling it can be an excellent way to earn some cash quickly. When it comes to selling gold jewelry and other items, though, you want to be smart about how you approach the selling process.

1. Have Your Items Appraised

First, you are going to want to contact an appraiser and get the items appraised. You don't have to tell the appraiser that you are getting the items appraised because you are interested in selling them; you can just as easily tell them you want the items appraised because you want to get them covered with a special insurance policy. Getting your items appraiser by a professional who you are not trying to sell the items to will allow you to figure out the item's value. This will help you determine if it is just the gold that makes the item valuable or if the item holds value beyond that.

For example, an antique piece of jewelry made by a famous jewelry maker will be worth more than just the cost of the gold in the item. This will help you figure out the best selling approach.

An appraisal will also let you know what type of gold you have. Gold is usually either 10, 14, or 18 karats if the gold is used in jewelry. The karats let you know how much of the piece is pure gold and what portion is other metal alloys.

2. Document Your Jewelry

Before you show your jewelry to anyone else, you are going to want to document the jewelry. You will want to take detailed photographs of the item so that you can demonstrate that the piece belonged to you and the state it was in. If you leave your jewelry with a potential buyer for evaluation, you want to establish your ownership of the item and be aware of how they will compensate you if they lose the item before deciding to purchase it.

3. Find a Respected Buyer

You will not want to sell your gold to just anyone online who says that they will purchase your gold. You want to make sure you are working with a respected buyer. If the gold you are selling is part of a piece of jewelry, for example, you will want to work with a member of a jewelry trade association. Always check with the Better Business Bureau to ensure that the company doesn't have complaints lodged against it.

If you want to sell gold for money, you will want to get the items appraised, take pictures to document your ownership of the item, and find a trusted seller to work with.