If you have gold jewelry you no longer want or need, you may want to consider selling it for cash.
Ron Yates, owner of Yates & Co. Jewelers in Modesto, Calif., says that since opening his store in 1988, he has helped over 20,000 people sell their gold jewelry, diamonds, coins, collectibles, and high-end watches. We recently asked him to share some industry insights.
Finding a buyer
To start, you will need to find a reputable buyer. Yates says beware of businesses that don't have a long, established track record. "Gold-buying shops, like the 'Cash 4 Gold' places, tend to pop up and then leave after a short time," he says.
"Never sell to an out-of-town, traveling gold buyer. You know, like the ones that run full-page or even multipage ads in the local newspaper?" adds Yates. "They spend thousands of dollars on ads, rent hotel rooms, and buy at about half of what an established local buyer would pay - and are gone in a few days. They do not have your best interest at heart."
He is also leery of shipping jewelry off to internet-based buyers. "There are some good ones, of course, but there are also some scam operations," he says. "Plus, packages can get lost and stolen during transit."
Get multiple estimates
Yates suggests visiting three gold buyers to get a good idea of your jewelry's wholesale value. "Some buyers may want to resell the item intact, while others may want to remove any stones and melt down the gold," he says. "It makes a difference in the price."
One day, a gentleman brought a 14k white gold and diamond wristwatch, from the 1950s, to Yates' store. "He had already taken it to two places when we offered $375. He was delighted, as his other offers were between $200 and $250," recalls Yates. "Our offer would have been in that range as well, had we not wanted it as a piece to resell."
As with all financial transactions, don't rush into a decision, and be sure to resist any broker who exerts pressure. When in doubt, take someone you trust to the store with you.
The price of gold rises and falls, but with the current gold market being so lucrative, now might be the best time to turn your unwanted gold into cold hard cash.
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