7 Essential Tips for Selling Gold

Do you have gold in a forgotten jewelry box that is really just taking up space?

You’ve probably seen the offers to buy gold from various dealers and gold shops and maybe even thought about selling your gold to make some quick cash.

Do you wonder what the best tips for selling gold are?

To get the most for your gold, there are a few things you should know before you decide to accept or steer clear from an offer.

Don’t Miss These 7 Powerful Tips for Selling Gold

Don’t Miss These 7 Powerful Tips for Selling Gold

1. Be Aware of Causes of Gold Price Fluctuations

Supply and demand influence the price of gold. High demand and lower quantities mean a higher return for the seller. Remember, there is only so much gold in the world, so as time marches on, gold production levels will continue to decline. Market conditions can also influence gold prices.

As an example, during the recession in 2011, gold prices went all the way up to $1,917.90 and set a record high. At that time, it was a seller’s market for gold. Also related to gold price fluctuation, currency depreciation can cause the price of gold to soar. As the value of the U.S .dollar drops, the price of gold rises, which is beneficial to investors and not quite so great for sellers. An investor or a buyer will know that they can offer less and get more for their money.

2. Take the Time to Shop Around for Quotes

To understand what you can expect to receive for your gold, check to see what the LBMA has to say about the value of gold. The London Bullion Market Association, or LBMA, sets the gold standard for the gold market. Prices are set twice per day.

The IBA (ICE Benchmark Institution), a third-party committee, created the process to set the gold benchmark and works with the LBMA to distribute the price of gold in real time to investors around the world. To know the value of your gold, you will want to check on global pricing before setting out to sell your wares.

Once you have the information, shop around to different buyers to see who will give you a fair offer for what you are selling. It’s also a good idea to research the reputation of your potential buyer on places like Yelp or the Better Business Bureau to avoid possible scams or other negative experiences.

3. Know What You Have to Sell

Another one of the best tips for selling gold is to know what you have so you’d be able to determine a fair offer from the individual or business trying to buy it from you.

You can try a strong magnet on your gold pieces. If it is magnetic, your gold is either imitation gold or is gold of lower quality. Gold jewelry is made in 10k, 14k, 18k, and 24k gold, among other grades of purity. A higher number means purer gold, and lower numbers indicate a higher content of additional metals like copper, zinc, or nickel. Keep in mind that you will only ever be paid for the parts that are pure gold.

You may also want to consider getting an appraisal for antiques or heirloom pieces because they may be worth more at appraisal value compared to weighted value. At the same time, understand that sentimental value does not increase the actual value, so it is best to have a professional recommend selling by weight or by appraisal.

Know What You Have to Sell

4. Know What Counts in Karat Weight

Investors will know the differences in troy ounces, grams, and how karats relate to both. It would be a good idea to educate yourself on these conversion rates, too. A troy ounce is equal to 31.1 grams in weight.
We already know that different karat ratings stamped on gold indicate different levels of purity, but how does that translate into karats and grams? 24k is considered pure gold, so a single karat is equal to 1/24 part of a piece of gold. 18k is 18/24 parts gold, 12k is 12/24 parts gold, etc.

When a dealer or buyer gives you an offer, they weigh the piece to find its total weight. At that point, you multiply the weight in grams by the purity. As an example, 12k is 50% gold, so you would multiply a piece that weighs 8 grams by 50% which would give you 4 grams of pure gold. To convert the grams to troy ounces, you take the pure grams and divide that number by 31.1 to get the troy ounce equivalent. In other words, those 4 grams of pure gold divided by 31.1 will equal 0.13 troy ounces of gold.

5. Separate and Organize Gold

Once you ascertain the different purities stamped on your gold, you will want to separate it by karat. Doing so is especially useful in calculating grams of pure gold as well as troy ounces. Also, separate out anything with gemstones as this will influence the total weight and cause a different type of calculation depending on the type and size of the gem. Don’t forget to pull out any pieces that are also stamped with a GP or GF as gold-plated and gold-filled jewelry is not worth much from an investor’s perspective.

Organizing your items beforehand is another one of the most important tips for selling gold because you will be able to ensure better prices for yourself and avoid manipulative tactics that pawnshops or dealers sometimes employ.

6. Impulse Equals Less Cash in Your Pocket

Once you choose to seek out a gold dealer or buyer, do so after being educated and informed on what to expect. Don’t sell your gold just because you want to put some extra cash in your pocket. If you do sell on impulse, you will likely end up with a lesser deal than you would have had if you had done your research to get the best deal available. Your chosen dealer should be able to tell you what your gold offer is per ounce or per gram so you can compare with the industry price. If the answer they give you is fuzzy or vague, steer clear of that buyer and take your gold elsewhere.

7. Document Everything and Read Buyer Policies

When researching to see where you will get the best offer for your gold, you will come across a variety of companies both locally and online.

To cover yourself and your gold, be sure to document everything once your choice has been made. Take pictures of the gold if you have to ship it or if you have to leave it overnight somewhere. If you ship your gold, be sure you send it with a return receipt and a tracking number. Check policies for lost pieces in the unfortunate event that you find your package has been lost in the mail or lost at a shop. Will they cover the cost? Do they offer insurance? Finding the answers to these questions will help you make your decision in addition to avoiding any undue stress during the process.

Above All, Do Your Research

The bottom line is that you need to do your research and go in with current information about price, weight, and purity. Study the gold fluctuations, get multiple quotes, and make an informed decision once you have all the information you require.

Being aware of the industry standards will clear the way for your expectations to be realistic as well as making sure you recognize an unfair offer versus a fair offer. When you’re ready, you can go forth and sell your gold with confidence, knowing that you are well-informed and can otherwise spot someone trying to take advantage of you.

How Much is My Diamond Worth?

How Much is My Diamond Worth?

Have some diamond jewelry or some loose diamonds laying around? If so, you’re probably wondering “how much is my diamond worth?”

Selling diamonds and old jewelry is a fast and easy way to make a few extra bucks — especially if the jewelry doesn’t hold any particular sentimental value.

Unlike gold jewelry, a diamond’s value is calculated by many more factors than simply weight alone. Sure, many factors determine the cost of gold, but when you sell your gold jewelry, most locations calculate the value based on nothing more than weight.

Unfortunately, it is nearly impossible to calculate the worth of a diamond on your own. Diamonds and jewelry must be appraised by qualified professionals.

But that doesn’t mean you can’t get somewhat of an answer to the question “how much is my diamond worth” on your own.

Wondering “How Much is My Diamond Worth?” Here’s What Appraisers Consider…

How Much is My Diamond Worth?

It isn’t easy to determine exactly how much your diamond is worth. Appraisers take many factors into consideration. Color, clarity, cut and carat — otherwise known as the four Cs.

Next, the appraiser must consider the band and setting. Is it in good shape? What is the material?

Finally, other external factors contribute to the cost of diamonds such as market value. In other words, your diamond is worth exactly what other people are willing to pay for it. Still, this doesn’t mean you’ll get exactly what it’s worth (but we’ll get to that later).

The Geological Institute of America (GIA) has an official grading system for calculating the worth of diamonds and diamond rings Here’s what appraisers typically consider when you bring in either a loose diamond or diamond jewelry.

1. Color

Although chocolate or pink diamonds are all the rage right now, that doesn’t necessarily mean they’re worth more money.

If you have a white diamond, appraisers look to see how “white” it is. Any yellowish or brownish tints can significantly degrade the stone’s value.

When it comes to colored diamonds, the prices fluctuate even more.

How Much is My Diamond Worth?

Naturally occurring colored diamonds may be worth way more than white diamonds due to their rarity. The Hope Diamond, for example, is dark blue and worth nearly $250 million dollars.

Fun fact: many people possessing (or attempting to steal) the Hope Diamond throughout history have met untimely fates.

Other rare colors include yellow, pink, and red — the rarest of all.

How Much is My Diamond Worth?

Minerals in the soil contribute to a diamond’s color. Boron results in a blue diamond while graphite may produce a black or gray diamond.

However, manufacturers may also alter a diamond’s color. These artificially colored diamonds don’t carry the same value as their naturally occurring counterparts.

When appraisers look at a diamond’s color, they usually consider how appealing it is to the eye along with its rarity.

A grading scale ranging from D (colorless) to Z (light yellow) determines the stone’s color, grade, type, and potential value.

2. Clarity

As appraisers evaluate color, they also look at the stone’s clarity.

At this stage, appraisers look for any defects or abnormalities called “blemishes” and “inclusions.” Blemishes are located on the diamond’s surface while inclusions are within the stone.

Most of these defects are not visible to the naked eye so appraisers use binocular equipment at 10x magnification.

After identifying any inclusions or blemishes, appraisers rank the diamond on a scale from flawless (completely clear) to included (obvious flaws or cloudiness). In between these two rankings are varying degrees of clarity including internally flawless, very very slightly included, very slightly included, and slightly included.

This system is used by the GIA, but other organizations such as the American Gem Society and World Jewellery Confederation have their own ranking systems.

Diamond inclusion shaped like a unicorn.

Inclusions or internal characteristics may include:

  • Clouds
  • Feathers
  • Graining
  • Laser lines
  • Crystals
  • Cavities
  • Knots
  • Twinning wisps

Blemishes on the diamond’s surface could include:

  • Polish lines
  • Nicks
  • Scratches
  • Pits
  • Chips
  • Breaks
  • Dark spots or light spots

A completely clear or “flawless” diamond is most valuable due to its aesthetic appeal and market value.

3. Cut

Contrary to what the term implies, a diamond’s cut does not refer to its shape.

Instead, it describes the stone’s internal and external characteristics and crystal structure. Diamonds with a high-quality cut are more brilliant and luminous.

When appraisers evaluate the stone’s cut, they look at facets inside the diamond that contribute to three factors: symmetry, polish, and proportions.

These three factors go hand-in-hand. Diamonds with an exceptional polish are often more symmetrical and reflect light in a special way.

Diamond cutters take the cut into consideration when developing the shape and exterior cut of the diamond. In addition to considering the interior cut, appraisers also look at the exterior cut by evaluating at least three factors:

  • Table size: the largest central facet. A medium size is ideal.
  • Crown height and angle: angled portion on top of the diamond.
  • Pavilion depth and angle: angled portion on the bottom of the diamond.
  • Girdle thickness and diameter: the area between where the crown meets the pavilion

Each portion of the stone contains its own facets which appraisers will examine. When a diamond is perfectly symmetrical and exhibits crisp angles, this is referred to as the “heart and arrows phenomenon” due to the pattern’s resembling hearts and arrows.

How Much is My Diamond Worth?

Diamond cuts have changed drastically over the centuries. Table-cut stones or old single cuts were popular in the 15th century.

How Much is My Diamond Worth?

Now, several fancy cuts are available in addition to traditional brilliant rounds.

How Much is My Diamond Worth?

4. Weight

What might be the most significant factor contributing to a diamond’s overall value is its weight or carat. Carats are used for measuring the mass of not only diamonds but all gemstones and pearls.

One carat equals 0.2 grams and each carat correlates with a particular price. Diamonds that weigh more are usually — but not always — worth more than lighter diamonds.

However, size often plays a more important factor than weight. Large diamonds are almost always worth much more than their smaller counterparts. As a result, the price per carat increases as the diamond’s size increases.

This is because large diamonds are much rarer than small diamonds. And when it comes to gemstones, rarity and appearance reign supreme for determining the price.

Are the Stones Loose or Mounted?

Each situation has its ups and downs.

If your stone is mounted in a setting — like in earings or on a band — it can be significantly harder to appraise. For mounted diamonds, the appraiser will have to estimate the weight so it won’t be entirely accurate.

A setting can also hide certain flaws or give an inaccurate depiction of color and clarity. A diamond on a gold setting, for example, could make the stone appear yellowish which would decrease its value.

At the same time, you could receive more money if you sell the diamond along with a gold setting.

Setting and Band

Just like the diamonds, many factors determine the price of your setting or ring band.

The first thing appraisers consider is the type of metal. Is it silver, gold, platinum, or something else? If the diamond is attached to the setting, they’ll need to estimate the weight. Keep in mind that metals have different grades. Gold, for example, uses the karat system. (Not to be confused with carats for diamonds.)

They also take condition into consideration. Obviously, scratched bands and worn out prongs will significantly reduce the piece’s value.
The appraiser may also look at the setting’s design. Intricate patterns and shapes are more difficult to create and much more labor intensive so this increases the setting’s value.

Determining the Value of a Diamond Ring

How Much is My Diamond Worth?

Now you need to determine the value of the loose diamond or piece of jewelry to answer your question “how much is my diamond worth.”

Since the value of diamonds is based on much more than just weight alone, it’s hard to determine exactly what yours is worth.

Plus, the market value significantly impacts the price of your diamond. If people collectively and suddenly stopped considering diamonds to be valuable, their price would plummet.

Diamonds are only worth what people are willing to pay for them.

The rarer the diamond, the more people are willing to pay.

Once you’ve figured out how much your diamond is worth, you’ll need to find someone willing to pay close to the value. Easier said than done.

Deciding where to take your diamond after you’ve determined its value makes all the difference. Pawn shops typically sell their gemstones and gold to third parties like jewelry makers. Unless you sell the diamond or jewelry yourself, you’re probably not going to get what it’s really worth. Remember: all businesses need to make a profit off the transaction.

Even if you sell it yourself, you still probably won’t get exactly what you paid for it. Anything pre-owned usually sells for less than the same item new.

As you can see, that’s why it’s important to understand the real value of your diamond — so you can get as close to that value as possible when you decide it’s time to sell it.
Focus keyword: how much is my diamond worth?

How Much is My Ring Worth?

Selling your jewelry is always a great way to make some quick cash.

Even if you aren’t thinking of selling your ring, it’s still important to have an answer to the question “how much is my ring worth” for insurance purposes or even simple interest.
Either way, if you want to figure out the value of your ring, you’ll need to think like an appraiser.

How Much is My Ring Worth?

How Much is My Ring Worth?

Many factors determine the cost of your ring. If you want a solid answer to the question “how much is my ring worth,” your best option is to get it appraised.
A qualified professional has the proper skills and education to evaluate the jewelry. This way, you’ll know exactly what you should be asking for it should you want to sell it.
An appraiser will take many factors into consideration such as the center stone, diamond certificates, where you bought it, how much you paid for it, and how old it is.
Still, this doesn’t mean you can’t do a general evaluation on your own. Even if you don’t want to sell the jewelry, it’s still nice to know exactly how much your ring is worth — even if only for bragging purposes.

The Center Stone

It’s common for rings to have one large stone in the center. If yours does, what type of gemstone is it? Different gemstones are worth different amounts of money per carat.

Many people think diamonds are some of the most valuable gems. They’re certainly up there at $2,000 to $15,000 per carat, but white diamonds rank well below a handful of other gemstones.

How Much is My Ring Worth?A gemstone’s value mainly depends upon its rarity. Red diamonds are some of the most valuable gemstones in the world at about $1,000,000 per carat. Other pricey stones include fire opal, benitoite, and red beryl.

Rubies can range in price from $100 to nearly $15,000 per carat. Sapphires prices also vary drastically between $20 to several thousand per carat.

Gemstone Quality Factors

The value of diamonds and other precious stones depends upon four factors: carat (weight), color, cut, and clarity otherwise known as the four Cs.

Some gemstones, like opals, have additional quality factors due to their unique mineral deposits.

1. Color: Each gemstone variety has its own ideal color.

When it comes to diamonds, white is best and any yellow or brown tints can reduce the stone’s value. Unless, of course, the diamond is of a naturally occurring blue or red variety.
Artificially colored diamonds don’t hold the same value. As a general rule: the rarer and more aesthetically appealing, the higher the price.

2. Clarity: With many gemstones — and especially diamonds — the clearer the better. If the stone is cloudy that can decrease its value.

Appraisers also look for discrepancies both inside and outside the gemstone. Blemishes appear on the stone’s exterior while inclusions are inside the stone’s structure. The Gemological Institute of America (GMI) has a special chart for grading a diamond’s clarity.

In other gemstones, like opals, experts usually revere opaqueness instead of clarity.

3. Cut: A stone’s cut doesn’t necessarily refer to its shape but rather the structure and inferior facets. In a transparent stone like a diamond, the appraiser will look at the stone’s symmetry and brilliance.

The cut also refers to the stone’s polishing and exterior structural points such as the table, crown, girdle, and pavilion.

4. Carat: Carats refer to the stone’s weight. One carat weighs 0.2 grams.

It’s important to keep in mind that larger stones are significantly more valuable than smaller stones. So the price per carat amount increases as the size of the stone increases.

Larger stones are much rarer than smaller ones so this is taken into consideration when determining their price per carat.

5. Additional factors: In some stones, experts look for color patterns, textures, and other factors relative to the specific variety.

How Much is My Ring Worth?

Diamond or Gemstone Certificate

When you bought your ring, you may have received a certificate of authenticity for the diamond or gemstone.

A handful of organizations evaluate and certify gemstones. The most reputable organizations include the Gemological Institute of America (GIA), HRD Antwerp, the International Gemological Institute (IGI), and Gemological Science International (GSI).

Each organization differs in its evaluation techniques and many have their own scales for measuring clarity, cut, and color.

If you don’t have a certificate, you can send your stone to an organization’s lab for testing and evaluation. This might be worth considering if you’re wondering “how much is my ring worth” and you think it may hold significant value.

The Type of Metal

The value of your ring’s metal varies even more than that of the gemstone’s. This is because metals like gold are traded on the open market and their value fluctuates — sometimes drastically — every day.

Most rings are made with either gold, silver, or platinum. Each metal has its own criteria for measuring purity.

Gold, for example, uses the karat system. The higher the karat, the purer the gold. Although 24 karat is the stereotypical ideal, this level of gold is uncommon and somewhat undesirable due to its softness.

Most silver jewelry has the purity percentage stamped into the piece.

People tend to think that platinum is more valuable than gold, but this is not always the case. Platinum is actually much more abundant than gold but it is more expensive to produce. As a result, sometimes gold is worth more than platinum and sometimes it’s not.

Experts will also take the ring’s design into consideration. Jewelry with labor-intensive intricate patterns is usually worth more money than a simple band.

How Much Did You Pay for It and Where Did You Buy It?

When you visit an appraiser and ask “how much is my ring worth,” they’ll probably ask where you bought it and how much you paid.

Unfortunately, you’ll likely only receive between 20% and 45% of what you originally paid. This is because all buyers need to turn a profit from the transaction and preowned jewelry doesn’t sell as well as new jewelry.

There is, however, an exception to this: brand recognition.

Brand names matter when it comes to jewelry. If you have a piece from Cartier or Tiffany & Co., for example, you may receive closer to 50% of your original price provided you have the original packaging and paperwork.

How Old Is It?

If you have a vintage or antique ring, you can throw many other factors on this list out the window.

Vintage jewelry includes anything between 20 and 100 years old. Antiques are anything older than 100.

If you think you have a valuable vintage or antique piece, you should seek out an expert appraiser to help you understand the ring’s origin and price.

A skilled appraiser should also understand the changing trends and history relative to vintage jewelry.

How to Get the Best Price

How Much is My Ring Worth?

If you want to get the best price for your ring, where you go matters.

Seek out second opinions from appraisers to make sure they don’t miss anything. After you get a good idea as to what the ring’s worth, you need to find someone to buy it.

You’ll get the most amount of money if you seek out a buyer on your own. Unfortunately, this method also requires a lot of legwork. You could try Craigslist and eBay, but many buyers on these platforms may not understand the significance of your ring’s value so you still may not get exactly what you are looking for.

Pawn shops usually don’t pay very high either because they often sell gemstones and metals to jewelers or smelters to melt down.

Consignment centers and pawn shops can help you sell the jewelry, but they usually take a cut.

Your best bet is to try a variety of options. Contact jewelers and other third-party sellers to see who can give you the best offer.

So, How Much is My Ring Worth?

The price of your ring depends on many factors including gemstones, type of metal, age, and original price.

Your ring’s gemstones and metal should be evaluated individually for a variety of factors. The value of metals depends upon their purity. Gemstones, on the other hand, have many quality factors including clarity, cut, and color.

Antique pieces are significantly more valuable than modern rings. Brand name also matters quite a bit.

If your ring includes rare or large gemstones and is particularly stunning, it could probably fetch you a pretty penny.

At the end of the day, jewelry is all about rarity and beauty.

Best Things to Sell for Quick Money Right Now

20 Best Things to Sell for Quick Money Right Now

Sometimes, you need money and you need it now.

If you’re looking for extra cash, paid online surveys and other side hustles are excellent alternatives to taking on another job.

Unfortunately, these options don’t pay off immediately.

Whether you’re in-between jobs, struggling to come up with a deposit, or looking for holiday money, the problem is the same: you can’t pull money out of thin air.

Or can you?

Take a look around. Is there anything you’re willing to part with? Chances are, someone out there is willing to buy all that stuff you never use.

These 20 best things to sell for quick money can help produce extra cash in an emergency, but they aren’t sustainable solutions. Use these tips and tricks to help get you through the most difficult times, and try to find a side hustle to fill gaps in the future.
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The Top 12 Ways to Tell a Fake Rolex from a Real One

The Top 12 Ways to Tell a Fake Rolex from a Real One

Rolexes, like any other luxury item, are a hot commodity. That means lots of scammers and thieves are going to be very interested in creating and/or selling fake ones at the price of a genuine article.

Scams of this type are very common, especially through the Internet, where sales can be made without ever seeing the face of or knowing the real name of the seller. What was once only seen in vans and street stalls in New York City has now become a worldwide phenomenon.

Whether you want to buy a Rolex for yourself or a loved one, how can you tell you’re getting the real thing and not a well-made fake? Here are the top 12 ways you can spot a real from a fake.
Continue reading The Top 12 Ways to Tell a Fake Rolex from a Real One

Things To Know Before Getting a Jewelry Appraisal

5 Things To Know Before Getting a Jewelry Appraisal

There are many reasons why you might need a jewelry appraisal. It may be that you need an appraisal for insurance purposes. Or, you may be liquidating some of your assets. Maybe you have gotten a divorce and need to know the value of your wedding band or engagement ring.

Whatever your reason, it is a good idea to start the process of jewelry appraisal with your eyes wide open and your head full of knowledge about the ins and outs of getting a jewelry appraisal, as well the different types of appraisals available.

Here are 6 things to know before getting a jewelry appraisal.
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What To Do With Your Engagement Ring After Divorce

What To Do With Your Engagement Ring After Divorce

If you’ve gone through a divorce, you know there are many things you’ve had to reset in your life. You have rearranged your living situation, property, possibly custody of children, and finances. It’s an emotional life upheaval that brings many challenges to overcome.

After the dust settles you may feel like something else should be rearranged: your jewelry box. As you open it, there may be pieces of jewelry that catch your eye and spark good memories, or good memories that have since been stained.

Maybe you’ve already removed some of these things because you know you won’t be wearing them. It might be time to say goodbye to some of these things from your past, as you embrace a fresh start.

Usually when you are ready to let go of things, you might box them up and donate them to a local thrift store or charity. Clothes, shoes, and old lamp, or books. But what about valuable jewelry such as your engagement ring? That’s not something you can drop off at Goodwill.

When it comes to your engagement ring, what should you do with it? Keep it? Sell it? Save it for one of your children?
Continue reading What To Do With Your Engagement Ring After Divorce