When the economy is down, more customers would like to sell their jewelry and get cash. Certain establishments offer to buy your gold or jewelry in Salt Lake City and other places. You can also see people at street corners holding signs that they buy old and used gold jewelry.
Still, there are a couple of things to know before you sell your old gold earrings, bracelets, chains, watches, rings, and bangles.
The worth of your gold today
Gold prices have increased over time in a big way. But you should know how to calculate the price of your gold. The shops that buy gold will first send it to the refiners, who come with a lot of overhead expenses. The refinery will charge around 10 to 12% as their fees, which needs to be subtracted from the current cost of gold today.
Factors you need to know
If your jewelry is made only of gold, then the price calculation is fairly straightforward. But if there are gemstones or diamonds in it, then you need to know certain things. The gold buyers are only interested in the metal – gold. They have no clue what the gemstones are worth, no matter how precious they are. They might know about diamonds, but that is about it. If it is a small stone, the jeweler might just weigh the whole piece and just pay you the corresponding gold rate. But if the stone is bigger or very valuable, such as in a diamond ring, then you will be giving it away for a very low price, AAA Jewelers advise.
Remove the valuable stones
If your jewelry contains zircon, blue diamond, sapphire or Paraiba, then they are very expensive. So it is a good idea to remove the gems before you sell your jewelry. You can either sell these gemstones to a collector or have them set in a new piece of jewelry.
Be wary of all the sundry gold-buying outlets that keep cropping up. It is advisable to go to an established jewelry when it comes to dealing with gold jewelry and precious stones.