TODAY wondered what would happen if we asked someone to take gold jewelry of the same value — 21 grams of 14-karat gold — to a number of different buyers to find out what they would offer for it. Keep in mind that home scales measure ounces differently than a gold store will, and that some gold stores use pennyweights (1 dwt is equal to 1.56 g), rather than grams. If you have problems, file a complaint with the Better Business Bureau or your state attorney general. How to Make the Most Money Selling Your Gold, What You Should Do If the Gemstone in Your Ring Is Loose, 25% OFF on engagement rings and diamond jewelry, How to Choose a Gold Ring to Give as a Gift, What You Should Watch Out for When Buying Cheap Jewelry. We’ve all seen the ads running constantly on late-night TV that promise to turn your unloved gold jewelry into cash. Today, there are many stores and websites springing up that offer to buy unwanted gold rings. “Shop around and see how much the gold is worth — before you send it in,” she says. Spot Price Per Gram . It is at these economic crossroads that people often sell their little-used valuable jewelry to help pay the bills. “I came up with two necklaces, a pair of earrings and three gold charms.”, She mailed it in, hoping for at least $100. Some companies weigh pieces by the Troy ounce, while others use grams. When to sell your gold . However, local jewelry stores that may resell the ring exactly as-is may want to see that the piece is clean and in good condition. That’s a measly 8 percent of the gold’s real market value. Before you have a heart attack and call all Jewelers rip-offs, we should get into the reasons WHY.You need to understand what that so called Replacement Value is and what it’s good for…. Most buyers will offer varying prices depending on how much gold is in your ring. Since the gold market fluctuates every day, we based our analysis on the day that the offer was dated. In reality, she had no clue of the gold’s real value. Ways to sell your gold. If you’re selling to general gold buyers, this isn’t important as they will most likely melt the gold down anyway. $250. And 13 percent from brokengold.com, a company that claims to pay “top dollar” and “10 percent more than the competition.” (Brokengold.com declined our request for an interview. Cash-for-gold companies may remove stones from gold jewellery and discard them if you send off rings, earrings and necklaces set with precious gems - preventing you from cashing in on their value. Get Directions (Free Parking or Valet) Call:404-386-6009. — and they have to make a profit — so they buy below spot. Before making the final decision on which store to sell to, carry out a check on their business reputation. How to Remove Scratches from Gold Jewelry. The karat number refers to how much gold is in the piece – the lower the karat, the lower the gold content. “The gold that we lent you is worth about $450,” he says. It's beneficial for you to use this calculator because it will help you understand how much your gold is really worth before you try to sell it on the market so that you can get a fair price for your gold. Yes, not only can you sell your diamond, but you can sell your setting as well. Make sure it’s clean and in good condition. Georgian and Victorian rings, in particular, may be worth more when in original condition. Titanium vs. White Gold for Rings: Which Is a Better Choice? They'd only buy a "used diamond" if they're getting a great deal. Why Repairing Your Jewelry Can Make It More Likely to Break. Hi Ruth, Make sure your jewelry is as clean as you can get it then fire coat your jewelry with boric acid and then melt the area around the Diamonds with your torch. What Does a “925” Mark Mean When Stamped on Gold Jewelry? “So, I think we have to have extra protections.”. Advertisement. This gold calculator allows you to plug in the attributes of your gold and get an estimated price for it based on the daily price of gold. With a hidden camera, we shopped our gold around in person to several local buyers. Before you sell a gold item to be melted down for scrap, make sure it's not worth more in its present form. Selling an old gold ring or another piece of jewelry is a great way to make some extra cash quickly. Call Today: 404-386-6009. Consumer Reports’ Money Adviser weighs in with some tips and pointers to help you get the most for your gold. TODAY wondered what would happen if we took gold of the same weight and karat and mailed it in to a variety of companies. Potential sellers should also seek out an appraiser and try multiple buyers. If you don’t know any local jewelers, you should go to several in your area.”. You should probably think about selling some of your gold when any of the following become true: When real interest rate become greater than 2%. YOU JUST HAVE TO MAKE SURE TO DECLINE THE PAYMENT WITHIN THE DESIGNATED TIME WINDOW. Our best offer was from sellyourgold.com — $393.36. if the client only wants to sell us the center diamond and keep the ring), I try to remove the diamond in front of the client, at the front desk of my store. Many consumers are angry, and the gripes have spiked.”, Alison Southwick of the Better Business Bureau: “In the past year, complaints to the Better Business Bureau about gold-buying companies have tripled.”, Related: The gold rush is on at a party near you, New York congressman Anthony Weiner is taking on the operators. Here’s a simple guide and some tips to help you navigate the muddy waters of selling gold jewelry: Related Artlcles. Did she get low-balled, or was it a fair price? And the offers are so appealing, promising lots of cash for your unwanted jewelry. However, once you remove the diamond from its original setting, your resale value will go down significantly. According to gem expert Donald A. Palmieri: “Most people do not know what their gold is worth.”. Palmieri lent us gold packages of the same value. Greg Iacurci @GregIacurci. A couple of weeks ago I wrote an article called 5 Facts To Consider Before Buying Or Selling gold.. On the 16 th of April I suggested that buying 10 th ounce gold … Selling your precious metals to a gold buyer is a great way to de-junk your space while putting a little bit of extra cash in your pocket. Most local jewelers or companies will negotiate — often more than once. Selling gold for scrap doesn't always make sense, and the only way to tell if it is a prudent decision is to figure out the market value of the crafted piece. Advertisement . He used a high-tech device to measure just over 21 grams of 14-karat gold. The results and the vast disparity are shocking. The prices? How much is a setting worth? What you should know when selling inherited jewelry and gold. We can help you sell your inherited jewelry. While many people are in fact pleased with the extra cash they get by selling gold, experts believe you should figure out the rough value before trying to sell. Our purchase prices are below. However, local jewelry stores that may resell the ring exactly as-is may want to see that the piece is clean and in good condition. The other, however, I knew very well. Plus, new options often have warranty protection, return window, and upgrade options. Wide price rangeTODAY tested 10 different companies. After mailing in our gold, we waited to see what offer came back. At our locations across Canada, we buy gold based on the live market gold prices and back it up with a 120% Best Price Guarantee. Depending on the buyer, you may also want to clean the jewelry before you sell it. Select several stores and ask for a quote to ensure that you choose the place with the best price. If you mail in gold and aren’t happy with the check, immediately request your gold be returned. Meanwhile, we got approximately 87 percent of value from goldpawnshop.com. Cash4Gold said it is a “great option” for consumers and will return items to unsatisfied customers.). Pawnbrokers will give you cash for your ring based on its value and should you want it back, you will have to pay back the original loan amount, plus interest charges but again, the offer probably won’t be as high as you’d like. First, there can be an emotional attachment based on the relationship of the person who bequeaths the jewelry. Before selling, the owner of an item needs to consider whether it is worth more as a coin, piece of jewelry, or as a lump of raw gold. You should also ask how the buyer is measuring your gold for sale. There are a few strategies that can help you get the best possible price for your gold ring. It was for $26 and change.”. (Text continues below ad.) What Is the Difference Between Certified and Non-Certified Diamond Rings? He is working on tough new legislation. Angry consumersReporter Janice Lieberman: “Are there places out here that are really taking advantage of the consumer?”, Donald A. Palmieri: “There’s no question. Bezel Setting: Is It a Good Choice for Your Jewelry? Keep your solder pick in hand to move the stones out of the molten gold. $38.25. Determining how much gold is worth . Gold Fellow vs Sell Diamonds: TopConsumerReviews.com reviews and ranks the best Places to Sell Diamonds available today. (More on it later.) Many sources, including the Kiplinger article mentioned above, suggest that you should aim to get 90 to 95% of the spot price when selling gold and silver bars or coins, and 70 to 80% of melt value for jewelry and other items. $310. As for Patricia Count, she knows the mistake she made and it’s one she won’t make again. 3. It's no surprise that selling your gold is very tempting. One I had never seen before: a thick gold band set with three round diamonds. Before completing the sale, get several quotes so you can compare them and secure the best deal. Antique Diamonds . “I can’t believe that I even did this, that I even fell for this scam — that’s what I considered it to be.”, What’s it worth?The saga began when Count saw an ad on TV and packed up the gold jewelry she never wore. Traditionally, at Arden Jewelers, if we were to take out a diamond before we buy it (e.g. “I got the check back in the mail. Even if you have a custom-made ring, your setting is only worth the scrap gold price. Count was frustrated and confused. $310. If you’re planning on selling to a local jeweler, take care in how you present the ring. So TODAY gave that a shot too. We repeatedly contacted the Montana-based company’s phone number listed on its website but only got the sound of a fax machine. To sell gold diamond rings to a pawnbroker is similar to selling a ring to a jewellery dealer but there is one difference. The ads are everywhere. In these tough financial times, the price of gold is hitting all-time highs. Related: Gold bugs fly high as value soars. No matter which option you choose, make sure you search online to ensure you are dealing with a legitimate business. Click here for our bullion sale rates. UPDATED DECEMBER 2020 If adding another piece of diamond jewelry to your collection isn't important, sell the piece of jewelry as a whole and consider buying something new. Depending on the buyer, you may also want to clean the jewelry before you sell it. The jeweler may want to resell the ring and won’t purchase one that doesn’t have resale potential. Lieberman asked him: “Do you believe that people are underpaid for what they have?”, “I think that too many of these operators function in this area that we just don’t have enough information to be smart consumers,” Weiner replied. Where to Sell Diamond Jewelry . You may also see infomercials or commercials that offer mail-in options. You will only be able to sell your setting for its scrap value. There is currently no diamond ETF or fund, but a good bet on diamonds is either through diamond miners or diamond retailers. That is, you will not get any price premium based on the value of the design, brand or age of the jewelry. Appraisal Prices. But how can you know if you’re getting a great deal or not? That’s about 90 percent of the value on the gold market. Selling Your Gold and Diamonds Separately If you decide to remove the diamonds in your jewelry from the gold and sell them separately, the price you will get for them will reflect their value as materials. What Are the Places Where You Can Sell Your Gold Jewelry. Likewise, high-fashion or branded jewellery may be worth more if … An Appraisal is just a piece of paper with a description of your Diamond Ring on it. Next, understanding the value of jewelry is challenging. Gold … Key Points. Before you allow the first gold buyers in Buckhead to pay you for your gold, though, there are a few things you should be aware of. With the cost of gold on the rise, many are choosing to sell their old rings, coins, and jewelry. Gold Guide: How to sell your unwanted jewelry. But is it really worth it? Selling Your Old Jewelry: How Much Money Can You Get? Buckhead - Main Location (Located in Essex Fine Jewelry) 3050 Peachtree Road NW, Suite 250 Atlanta, GA 30305. If you want to sell gold jewelry, try to sell it to a jewelry store rather than a gold buying company because they're less likely to rip you off. How much money would we receive in the initial offer? Inherited jewelry has some special issues. Here are a few useful tips to help you when selling a gold ring: According to Federal Trade Commission standards, all gold jewelry must be sold and labeled in karats. $300. Companies that buy your bullion or jewelry pay for advertising, overhead, melting jewelry, etc. Don’t choose a company that turns up reports of scams or Better Business Bureau complaints. If your diamond is in a filigree setting or other delicate vintage ring that is a significant part of the value of the piece, you should not remove the diamond because the setting is likely to be damaged. But now she's infuriated. The Dow is currently 23,433 so the ratio is now 13. So haggle until you get a price that you consider acceptable. Share the holiday spirit with these 13 gifts that give back. Liquidating family treasures can be a very emotional process. “I needed some extra cash,” Count says. You can also sell your old gold online or in a local jewelry store. Angie's List Guide to Jewelry. 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