Some tips for selling gold
BY NICOLE LIST
South Florida News Service
With the high price gold is fetching these days, thousands are selling their trinkets and treasures. Here are some points to consider before you sell:
BEFORE THE APPRAISAL
The price of gold changes daily. Check the price by going to www.kitco.com or other websites.
Plan to visit at least three places for appraisals. Ask others for recommendations to help ensure that you are dealing with a reputable company.
Because the price of gold fluctuates, make sure you get your appraisals done on the same day as you sell.
Count the number of your gold pieces before and immediately after an appraisal.
Remember, a jeweler might make you a better offer if you are selling a large quantity of gold as opposed to one or two pieces.
Put the gold in see-through bags such as plastic lunch bags. If you know the gold content, separate the gold items into different bags. Gold content levels are embossed on the jewelry. Generally, 24k is approximately 100 percent pure gold; 22k, about 92 percent; 18k, 75 percent; 14k, about 59 percent, and 10k, about 42 percent.
If you decide to send your jewelry through the mail for cash rebates, photograph your gold pieces before you mail them.
AT THE APPRAISAL
Remember sellers must be at least 18 years of age and have identification. Some places ask for fingerprints.
Make sure you have full ownership of the jewelry you are selling. Many vendors say they keep documentation to protect the customer, their gold and the vendors' reputation. Also, law enforcement may ask vendors for documentation to investigate any stolen-property claims.
Know the karat weight of your gold. Require vendors to show or prove to you the classification of each piece -- whether it's 10 karats or 24.
Do not let appraisers know if you are desperate to sell. That could lower their offer. Remember, you will not get the full worth of the gold. Vendors take into account the following factors when they quote you a price: their profit margin, gold prices on the day you are selling, the gold content (for example, 24k) and the quantity of gold. Gold is weighed in different measurements: pennyweight (dwt.) or gram weight.
When inquiring about a piece with stones, the vendor will give you a rough estimate. However, when selling that particular piece, make sure the stones are completely removed.
Consider that gold coins may get higher prices from a coin collector than from a jeweler. If gold pieces that are marred, dented or broken, this should not affect pricing because the gold will be melted at a refinery.
Keep track of the pieces you want to sell and watch the process carefully. Have the appraisal done in front of you. If the vendor wants to take your pieces to a another room, ask to be present. If that is not allowed, find another vendor. Before leaving the appraisal, make sure you have all the jewelry you brought in.























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