5 Mistakes You Should Avoid When Selling Your Gold For Cash

Business

Selling old and unwanted gold jewellery can be an easy way to raise cash, especially now that gold prices are at their highest. However, sellers end up getting ripped off or getting less than they should because they either misunderstand the deal or do not take the time out to find out what their gold might be worth. Impatient sellers end up selling gold items that are of a high value for less mainly because they don’t know any better. There are a lot of good Brisbane gold buyers, but buyers beware of unscrupulous operators who are out to make the most profit for their business at your expense!

Here are some mistakes that you should avoid making if you want to get a better deal on your gold.

#1. Selling Family Heirlooms

If you have old jewellery that has been passed down through different generations in your family you should take a deep pause before selling it off. The average gold-for-cash seller on the market sells mass-produced items that can be bought and sold anywhere, not precious artefacts that have been in families for generations. Family heirlooms are priceless and should not be treated any less. You might want to hold off on those and keep the legacy for other generations to come.

#2. Selling Gold Jewellery with Precious Stones

Most Brisbane gold buyers will make an offer on just the gold value and not the precious stones that have been set into it. This is because they are only interested in the melt value of your gold jewellery items. You may wish to consultant with a jeweller and pay to have them professionally remove the stones before selling to the gold buyers.

#3. Assuming that your purchase price will match the resale value

Gold is a good investment, but jewellery itself is more of a luxury decoration. When you buy a piece of jewellery you pay more for the design and all the work that goes into making that particular piece. A gold buyer is merely all about the metal itself, not how well designed and crafted your particular piece of jewellery is. Most people realise that after all the trouble they go to find the best gold buyer online they cannot hope to get anything nearly close to want they paid for their jewellery from a gold buyer. Just make sure that you are aware that it is about the gold, not the design of the gold piece.

#4. Not Shopping Around Enough

The market value of gold is an important consideration. The carats are important too, and will affect the price you get. A lot of gold sellers make the mistake of selling their gold jewellery to the first person who promises them cash on the spot. It is after all about getting the cash, but you need to make sure you get a fair price. Shop around to get a better sense of what your gold is worth. You won’t know if you are under-selling or overselling unless you know what you should be expecting.

#5. Pawning Your Gold

If you have gold with estimated to be worth a couple of hundred dollars, a pawn shop is not the best place to go for the best price. Pawnshops will give you a low offer and then turn around and make a hefty profit selling that same gold to an exclusive gold dealer. Skip the pawn shop and look for your own exclusive gold buyer. If however you have a beautifully designed piece and you know that its value is concentrated on elements beyond it just being gold, then a pawn shop that deals in jewellery might be a better option than the one that sells everything from TVs to second hand clothes. They would have a better appreciation of all that makes your gold jewellery special.

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