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FAQs about Selling Gold

by Staff Writer

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A pretty woman reading on her laptop about selling gold

Selling gold has become quite popular, and many gold buyers are constantly asking you to sell them all your unwanted gold jewelry. If you have some broken or unattractive gold jewelry, you may be able to sell it to gold buyers and make quite a bit of money. Selling gold may seem like a complicated task, but it can be quite simple when you know a bit about the process. Selling gold online may be the simplest option for your collection of unwanted gold jewelry. Allow us to help you with our common questions about selling gold and selling gold online.

Common Questions about Selling Gold:

  1. How can I be sure an item is made of gold?
    Items made of gold will feature a stamp indicating the purity of the gold used, measured in karat or fineness. Pure gold is marked as "24k" or "1000" for fineness, 75 percent gold as "18k" or "750," 58.3 percent gold as "14k" or "585," and 42 percent as "10k" or "416" fine. Occasionally, pieces will be made of 22-karat or 23-karat gold and marked as such. Gold-overlay items may also be recycled in some cases, and many of these items are also stamped. For example, a stamp of "GF 14k" identifies a product as 14-karat gold fill, and a stamp of "14k overlay" may be used to identify gold-plated items. The quality of the gold must be 10-karat or higher for an item to be labeled as gold overlay, gold fill or gold plate. Some vintage gold pieces or gold-plated pieces may not be stamped. If you are unsure if an item is made of gold, have it tested by a gemologist.

  2. I've heard that the cash amount offered for recycling jewelry can be less than the original price paid for the items. Why is that?
    A cash-for-gold program buys gold items as scrap gold; therefore, they offer the seller a cash sum based on the amount of gold in the submission, but not on an estimate of the price of the new item. Many features factor into the selling price of new jewelry, watches and other gold items, including the value of precious metals and gemstones in the piece, the method of creating the piece and manufacturing costs, even the prestige of the store offering it for sale. On the other hand, when the price of gold is high, the money you receive from selling gold chains, bracelets and other gold pieces may be substantially more than the price paid for them.

  3. What should I do before selling my gold?
    A few things can help you keep track of the gold pieces you are selling. First, take a picture of the gold pieces so you remember which pieces you are sending in to the gold buyer. You may also want to write a detailed description of each gold piece for your own records. If your gold jewelry has gemstones, have them removed by a jeweler before you sell it; gold buyers usually won't compensate you for anything other than the gold.

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