Is Selling Your Unwanted Gold Jewelry Really Worth It?

It's hard to watch TV these days without being bombarded by offers to buy your old gold jewelry that you don't wear anymore

. The reason for this, of course, is because the price of gold is at record highs due to the sour economy and dropping global value of the American dollar. If you've been hesitating to sell your unwanted gold because you're not sure if it's the right thing to do, here are a few tips to help you make up your mind and know where to go.

Should I Sell?

Great items to sell to a gold buyer are broken pieces that you know you'll never want to wear again and single earrings whose mates have disappeared long ago. Unless you really need the money, you may want to hang onto any heirloom jewelry that has been passed down to you because it has sentimental value along with monetary value.

Heirloom jewelry that you consider unwearable as it is now can easily be transformed into something modern by a skilled jeweler. The rule is: now is a good time to sell because the price of gold is extremely high, but don't sell anything you will regret later when times are better. Heirlooms are simply irreplaceable, so give them a lot of thought and take your time deciding.

How Much Will I Get For My Gold?

How much you will get for your unwanted jewelry depends on two main factors: the quality of the piece and who you sell it to. Of course, the higher the karat content of the gold, the more you will receive for it. The karat weight number represents the percentage of gold contained in the metal that makes up the jewelry with 30 being the highest possible number. You will therefore get more for 24 karat gold than you would for 16 karat gold.

Beware who you sell your jewelry to: it will make a difference in the price. You want to be leery of those who say that if you just send them your jewelry in a pre-paid envelope, they will pay you for it in return. First of all, you have no guarantee that you will ever see any money! Secondly, such outfits generally pay pennies on the dollar. You are better off sticking with a local outfit: a jeweler or coin dealer will be best. The less middlemen, the better price you will get: a reputable coin dealer will often be able to offer you 80 to 90 percent of the market value of your piece!

Now is a good time to sell that unwanted gold jewelry: just be careful about choosing the pieces you want to sell and who you sell it to.

by: Art Gib

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