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Read this before selling your gold!

In this difficult economy, more and more people are selling their gold jewelry to cash. Have you seen the people standing out on the street corners, spin their "WE BUY YOUR GOLD" sign, wave you to their stores or booths?

There are a few things you need to know before you sell your broken and unwanted gold chains, earrings, bracelets, watches and rings. Below is the diagram showing how gold prices have increased in one year:

What is your gold worth today?

So how do you calculate the price per gram weight of gold? It's a bit complicated. When your gold is purchased, it is sent to a refinery. The refiner has many general costs, such as expensive equipment for environmental restrictions (alloys can contain very harmful substances), acids, labor, etc. plus there are also pollutants. Your 14K gold may not be exactly 14K gold. Without the word "14K P" on the sign of your jewelry, it is probably a little less than 14K. "P" means Plumb, or exactly 14K. The refinery usually takes a 12 to 15% fee to refine your gold or silver.

Here are comparisons that we use and will usually work as NET per gram price, after refund fees: 10K gold: spot price X0119 = price per gram 14K gold: spot price X.0168 = price per gram 18K gold: spot price X. 0220 = price per gram 22K gold: spot price X.02745 = price per gram

You can easily find the current price of gold (spot price) on the Internet. Today, gold is about $ 1,500 per ounce. That means that 14K will be worth: 1500 X.0168 = $ 25.20 per gram for the person who buys your gold. A good price for you to get today for 14K gold would be $ 17.00 per gram.

What you need to know:

1. If your jewelry has a gemstone (s) in it, chances are you will give it to the gold buyer. Almost all of these buyers are interested in one thing - the metal. Some of them have no idea of ​​colored gemstones. They usually know about diamonds, but very few know anything about colored gemstones. Some of these buyers pay you their gold per gramat for the gem, especially if it is small to medium. It's easier for them to just weigh whole jewelry and pay you - besides, they usually make a lot of money on the transaction and can afford to do so. However, it cannot be a good deal for you. For example ... let's say you have a 14K gold ring with a small blue gem in it. The gold buyer will weigh the ring and give you the price based on the ring's total grammage, including the gemstone. It may be good for you if the wind is quartz or topaz (cheaper gemstones), but what happens if it is Apatite, Zircon, Aquamarine, Spinel, Blue Diamond, Sapphire, Paraiba or Indicolite Tourmaline, etc? Some of these gemstones are very valuable, and it is probably a good idea to remove the gemstone and either restore it in a setting that you will wear or sell. When talking about gemstones, the weight is measured in Carats. The conversion from Carats to Grams (what your gold is measured in) is: 5 Carats = 1 Gram. So, let's say you have a 5 carat Paraiba Tourmaline and you choose to leave it in the setting. You get a price of $ 15 per gram, so this Paraiba is worth $ 15 (1 gram). A little control on the Internet will tell you that Paraiba can be worth up to $ 5,000 per carat, or $ 25,000. (This is an extreme example, because Paraiba Tourmaline is copper bearing and very rare, but it illustrates the point).

2. Say you want a gold purchase collection. All your friends come to the party with their gold jewelry that they no longer wear and want the extra money their jewelry can give. Have you made any price comparisons? There are many who put on these parties and make a fortune - on your jewelry. Do your homework! ASK IMPORTANT QUESTION - How much will they pay per gram for silver, 10K, 14K, 18K, 22K and PLATINUM jewelry. It is much better to use an established local resource for this party. Ask about security. How many people will be there from the buyer's business?

3. From this week the gold is quite high and the price for 14K is about $ 25 per gram. This means that an oldest gold buyer will buy your 14K gold jewelry for about $ 15 per gram. It's a good price. Some of the people who put on gold buying parties in your home or in their stores pay $ 9. Egypt $ 10 per gram - it's a ripoff! Just ask them how much they pay per gram, and comparison shopping. This can save you hundreds of dollars!

4. How about gold-filled, gold-plated and silver jewelry? It's also valuable ... the same applies - ask the gold buyer what to pay per gram and price shop - it's worth your time.

5. Never ever - I repeat - ever mail in your gold jewelry to someone for conversion to cash. They can rip you off in some different ways, that is, underestimate the grammage in their favor, etc. When they have your jewelry, it is not your control.

6. Be very careful with the new gold buying stores that pop up everywhere. You will go much better at an established store that has been there for many years. Whether it's a farmer's shop or a jewelry store, I'd give them your business. If their price per gram is less than their competition, I would allow them to match the price. These gold buying stores that appear are usually a big business satellite business far away, there for a short time and will seriously damage your long-term reliable local businesses.

7. Recently it was a gold purchase set up at a local Holiday Inn. They did a lot of advertising, and there were many who bought their unwanted gold and silver to sell. I was shaken at how people did not even realize that they were ripped and did not ask what they would have paid per gram. It turned out to be $ 5.00 / gram. One woman had 63 grams of 14K gold (most had more gold for sale). Because she didn't realize she was cut off, she was happy over $ 315.00 she was paid. She did not realize that a reasonable price for her broken and unwanted jewelry should have been $ 1,008.00.

8. The current trend is now Antique Jewelry. If you have really good jewelry, and you can't keep it, you get it from a reputable jeweler - but don't say you want to sell it (they can quote you a very low rating and try to buy it themselves). You may want to try eBay. You only get wholesale prices for jewelry, but it gets better than the scrap prices offered.

9. Remember - buying and selling jewelry can be much like the car dealership. They talk "deals" and some of them use the same sales tactics. If you want to buy some new jewelry, treat your unwanted jewelry as a used car deal. Get the assessment on jewelry first, including grammage, then negotiate the new purchase.

In summary:

• always ask what the buyer is willing to pay per gram, 10k, 14k, 18k, 22k, silver and platinum

• Shop and compare prices

• Never send your gold for money

• Try to do business with a local merchant (Pawnshop or Jewelry Store). If they offer less per gram, allow them to match the price from the pop-up gold buyer

• Use only a reputable LOCAL source if you are planning to have a gold buying party. were security conscious and shop for the best price per gram

• Decide what the gemstones are in unwanted jewelry before they are sold ... if they are worth anything, remove them