How to Sell Gold to a Local Jeweler: Everything You Need to Know

Gold prices are currently at their highest levels since 2013. If you have old gold jewelry or gold bullion, selling it can be a great way to get cash immediately while taking advantage of today’s high gold prices. There are plenty of different places to sell gold, not all of which are equally good. The easiest, fastest way is to sell your gold is through a local jeweler.

Why sell gold to a local jeweler?

Many people think that a local jeweler will be too focused on selling jewelry to want to buy their old gold, but they’d be mistaken. Many jewelers would be more than happy to look at your old jewelry and coins. It’s important to remember that most people prefer to hold onto gold jewelry or gold bullion to cash and coins for obvious reasons. Jewelers know this, so if a person has that gold necklace from Aunt Lucy that they’re never going to wear, exchange it for cash. A local jeweler will also be more likely to pay you more than a mass-market jewelry or gold bullion dealer.

How do I sell gold to a local jeweler?

Gold prices don’t always increase every day. Gold can fluctuate by thousands of dollars from day to day. Thus, it’s important to have a strategy when selling gold to a local jeweler. Here are some key steps you should take before you sell your jewelry or gold. First, have the coin or jewelry appraised. You can go into the jeweler or you can look up appraisers in your area. If you know the weight of your gold, you can look up the value of gold yourself by doing an online gold valuation tool or simply looking at old gold jewelry or bullion.

What should I look out for when selling gold to a local jeweler?

Before you sell your gold, you need to get your ear to the ground and see what people are really buying and selling. A local jeweler knows more about what they sell than anyone else, so if they say, “gold bar”, they probably know what they mean. Make sure you talk to a few different local jewelers so you can get the best price. Ask the questions you want to ask and listen to what the jeweler says. Do They Buy Gold Bars? If a local jeweler says that they buy gold bars, make sure you talk to several of them. Some buy gold coins and some buy jewelry. Your local jeweler can tell you exactly what they buy.

How do I prepare for a sale?

There are several different things you need to do to have a successful sale. Before you sell anything, there are several key steps you should take before deciding whether to sell gold to a local jeweler. Investigate the market for your jewelry Be wary of gold and jewelry in general. There are lots of people out there trying to scam people out of their gold and jewelry. Make sure you’re aware of the market and are in full control of your cash. Check to see if you need to trade in your jewelry to cover the cost of the gold. If you have gold coins or a watch that aren’t used, check to see if the jeweler will give them a new value. This could be worth it in the long run if they have a good reputation. Set your price.

What does the jeweler do with my gold?

There are several things that jewelers do with the gold that has be sold to them. First, they break up the jewelry, sorting into various piles of gems like emeralds and diamonds. Also, the gold is sorted into types, like 10K gold and 18K gold. The gold and other metals are sent to a refinery so it can be melted, purified, and turned back into another piece of jewelry.

Conclusion

These are trying times.  With the Covid pandemic, people are really struggling.  If you’re holding onto gold and need money, take it into a local jeweler to exchange it for the cash you need. Gold prices have moved dramatically higher in the past 12 months, and we’re getting awfully close to $2,300 for an ounce of gold. Bottom line is this: if you have gold and need cash, sell it.