Let’s face it…these is a TON of misleading information out there with respect to advice on buying and selling gold jewelry for the most money. Everyone and their brother has an opinion… The reason I am writing this article is in hopes that it will improve your chances of receiving top dollar for your old unwanted gold jewelry and silver jewelry. Look, we all need extra money now days. The economy has NEVER been more screwed up The MORE informed you are before you try to sell your gold and silver, the MORE you’ll get for it. Knowledge is king! I will tell you right up front; NEVER take your gold and silver to a pawn Shop. The practical advice discussed below will illustrate various options when looking for the preferred locations to sell your silver and gold.
NEVER take your undesirable gold or silver to the local Pawn Shop.
Why you ask? because a Pawn Shop is simply an intermediary generating profit from your unwanted gold jewelry. In other words, they need to make a profit selling it, so you will not get the maximum offer from them. The pawn shop often will make an offer of pennies on the dollar so they can make a HUGE profit when they turn around and resell it to a local scrap gold shop or the refiner they use.
Pawn shops have their purpose. I actually love them! In fact I am addicted to the TV show “Pawn Stars”. Pawn shops serve a purpose and there are many good deals to be found. If you are looking for a stereo, motor cycle or something relative to your passion/hobby, a pawn shop is a good place to look! On the other hand, to get the MOST money for your gold and silver jewelry, you have better options than going to the local pawn shop.
If you own a higher end piece of estate jewelry that cost you a lot of money or you feel it has significant value, then look on the internet for a local estate jeweler who specializes and pays a premium for older more substantial pieces. More times than not, a Pawn shop or local Jeweler will only factor in the gold weight of an item and NOT quality, age etc. Find an estate jeweler that pays a premium (they are out there), and you’ll make a lot more money. You see, a jeweler has NO interest in re-selling retail, the items you bring in. Since they are only the middleman to the refinery or local buy shop, they simply do not offer as much money in most cases.
Find a local estate jeweler who buys scrap gold and silver Since an Estate Jewelry shop might not be familiar, let’s talk about how they operate. They, in most cases, do not have inventory that they sell or have to hold. What does that mean to you? it means they do not have the inventory holding costs that a retail jeweler has or the high cost sales people on staff. With respect to the local buy shop, when they say “we buy gold and silver”; that’s what they do and they do it BETTER than Pawn Shops and Retail Jewelry Stores. Lower overheads and a lower cost of doing business means they can offer more for the items you bring in! While there may be refineries out there whom you can mail your scrap gold and silver to, many times turnaround time for processing is slow which means for a period of time, sometimes a long time, they have your jewelry AND your money! When selling gold jewelry to a local Estate Jeweler, you get paid on the spot. No mailing, no waiting, no back and forth. Time IS Money!
Here is a little ‘insiders” secret that many buyers would want you to know. many buyers will claim to be “the refinery” when in fact they are not; they are simply an intermediary to the refinery. You are told this so you are under the impression you are not dealing with any middlemen. It’s misleading and wrong! There ARE local estate jewelry shops out there that pay as much if not more than the refineries; you simply have to ask!
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