Times are tough and they don’t seem to be getting any easier. With the tight squeeze on most household budgets, families desperate to make ends meet are selling their jewellery in an attempt to get a little extra cash. However, though they may know that selling gold for cash will cover their food budgets for a month of two, most don’t know the real value of the gold they have, and thus, may be getting only a fraction of what their items are worth.
So how is the value of gold determined? Surely companies such as Liquid Fin, that buy your gold and jewels don’t just resell it. What kind of profit could they possibly make on that? In fact, most companies buy gold jewellery to use as scrap gold or to repurpose it. They determine the value of a piece on jewellery based on three main factors, that is, its purity, its weight and the price of gold that day, on the market. When selling gold jewellery then, you may notice that the dealer weighs it, checks it karat value and even compares it to other items they have in stock.
With these properties in mind, you may want to consider selling your most highly valued pieces first, especially if you are in a fix and need money quickly. The most valuable pieces in karat value are 24K, usually typified by the bright yellow colour of the metal and its ‘softness’. Many items of jewellery are not 24 karat, but tend to be a mix of this pure form of gold with other metals, lowering their karat value and their price. The karat value of many pieces has been stamped into them with a specific number that indicates this value. When you are selling gold jewellery however, most buyers will submit your pieces to an acid test or x-ray it under a special fluorescent light to determine the value .
When it comes to the weight, the value of selling jewellery and gold is simple to work out based on the cost per gram on the given day or hour. While most buyers will give you a fair 50% of the item’s value as payment, and some even more, there are dealers of ill repute that will try to squeeze you to increase their margins and decrease yours.
If you don’t value your gold very highly, consider selling jewels, selling loose diamonds or even selling antique jewellery boxes to a reputable seller. You may be surprised to learn exactly what kinds of items a dealer will take, and the price they will give you for each item. Speak to a dealer such as Liquid Fin and get the information you need to get the best deal.