Monday, June 26, 2006

Sell Gold Jewellery

Sometimes the time comes to sell gold jewellery. Either through misfortune or just because one has lost interest in a piece.

This is where some people are in for a shock. Generally jewellery does not sell well second hand. One does not get the same value from diamonds or gems, for example, as one originally paid for them. Indeed, unless one has got a proper certificate of appraisal from an independent laboratory then one might even find the diamond one purchased is not up to scratch so to speak.

The gold in the gold jewellery may hold its price, especially as gold has risen so well of late. But unless it is 18 karat or more, there will be little gold in a ring or pendant to make it worth while selling.

Solid gold rings will fair well of course but you do need to know the karat quality of the ring. 14 karat is about 55 percent gold and the rest other metals added for hardness. Less than 14 karat will be much less than half gold content. A 22 or 24 karat gold ring will fair much better and you will likely get close to the current value of gold at the time you sell it.

Where to sell?

Firstly it is a good idea to get the piece properly valued. Find out exactly what it IS worth. Before you start looking around to sell it.

A jeweller will not give you the best price. After all he wants to sell it, not wear it! So he will want to make at least 30 percent if he sells it or trades it in to another jeweller.

A private sale would likely net you the best price, provided you know the value and what to ask.

An auction is also a good way to sell jewellery. You take a chance that the jewellery may not be popular and the bids may be low. If you think that may happen then you can set a reserve price to ensure you get what you believe you should get for it.

Of course if no one agrees with you then the reserve price may not be met and no sale occurs but you are still up for the cost of the auction.

All these factors need to be weighed in and considered. Even the thought, “Is it worth selling?”.

If you want to sell gold jewellery you will need to do some due diligence and consider the factors above and then you will have a good chance of getting the price you want.

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