A lot of people have jewellery lying around that they no longer wear because it is either old, dated or damaged. With the price of gold as high as it has been in the last year, it might be time for you to sell. You can get the cash you need to get through the month, pay a bill or buy something nice for yourself. Let’s look at the options that are available for you to get cash for gold:

Jewellery stores

You can take your gold to a jewellery if it still in good condition. A jeweller will be able to give you an evaluation on the jewellery taking into account other things like design and precious gems for you to try sell your item as a jewellery piece on a platform such as Ebay.

Gold dealers

You can find a professional gold dealer to sell your gold to. Gold dealers offer the highest cash for gold pay outs. They will take gold in any condition. So, if you have one of what used to be a pair of earrings, a necklace with a broken clasp or a gold ring that’s missing a stone they will still accept your gold and offer you the highest market rates for your gold.

Cash-for-gold kiosks

There has been a trend of little cash for gold kiosks springing up in malls all across the country. These promise a hassle free process. That promise of instant cash, especially when you need it might not work out for you. Kiosks are notorious for low-balling gold sellers. You can expect to get 39% of the value of the gold if you choose to sell your gold at a kiosk. It is recommended to avoid these kiosks and visit a professional gold dealer.

How do you know you are getting the best price for your gold?

When you have gold to sell, don’t take the first deal that you come across. You need to shop around, try the different options available to you before making a decision.

However, you need to know what your gold is actually worth in order to know if you are getting a fair price or not. You need to weigh the gold first. Check the market price of gold and work out the amount you can expect to get when you sell. You can expect to get anywhere from 40-90% of the value depending where to choose to sell. Which is why we recommend you sell to one of the cash for gold dealers in your local CBD.

Calculating what your gold is worth

The value of your gold jewellery depends on the quality of gold expressed as karats. A 9-carat gold has 37.5% gold. To get the price take the daily spot price, divide it by 100. Multiply that by 37.5 to get the price for a kilogram of 9 carat gold. Convert this to grams by deciding the answer by 1000. The more gold you have the more money you will make. The price should also reflect the quality of the gold. 18-carat gold and 22-carat gold contain 75 and 91.6 percent respectively so this means the higher the quality the more you should expect to sell your gold for.

Final thought:

Try different outlets. Take your quotes with you and use them to negotiate for a better price.  Don’t be afraid to haggle. There is a lot of competition and many gold buyers are willing to negotiate to get you to sell your gold to them.  Buyers can be pushy. Walk away if you feel you are being pressured to sell right there and then.

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