Gold prices are enjoying a hefty surge, reaching a seven-week high and raising the possibility it could top $1,750 an ounce, according to various reports.
There's no better time to sift through your old gold necklaces, earrings, bracelets and heirlooms to see if you have spare jewellery you'd like to sell for spare cash.
Thing is, you might need some help in figuring out what to sell, how to do it and where you can go to get the best deals.
That's where we can come in with this blog post: Welcome to your one-stop spot for everything you need to know about selling your gold jewellery.
First, if you haven't yet, read our post on how to find collectibles and rare finds around your home. You might be looking in the obvious areas for jewellery to sell, but our tips reveal some parts of your home you might miss.
Next, you might be considering polishing your jewellery to make that gold sparkle. But be cautious about such a move: scrubbing or polishing your items too hard could dislodge a stone or scratch their surfaces. If your collectible isn't dirty, we recommend not polishing it all. But if you're erring on the side of cleanliness, dish detergent and warm water along with a soft-bristle toothbrush are all you need.
Also, understand the math behind gold jewellery. Gold alloys used for crafting jewellery contain set percentages of fine gold. Nine-carat gold contains 37.5% fine gold, 14 carat 58.5%, 18 carat 75%, 22 carat 91.6%. We rarely see 24 carat (e.g. pure gold) in common jewellery.
It's important to manage your expectations. Realize that it is very rare to sell a secondhand piece of jewellery for anything close to its purchasing price.
It's tempting to consider opting for online companies to sell your jewellery. After all, you can do everything from your smartphone or laptop these days! But you should be extra cautious with online transactions and selling your gold. Online-only companies don't offer the same legitimacy of a real bricks-and-mortar business. Plus, if you choose to sell to a business outside your country, you may incur costs related to customs clearance and currency exchange.
Lastly, and most importantly, you want to approach gold and jewellery specialists to evaluate your haul.
As this post sums up succinctly:
The appraisal is a perfect time to ask questions about selling your piece in different markets and under certain circumstances. A good appraiser knows current market trends and can give you an idea of what kind of cash you’ll really get out of your items, so ask as many questions as you can.
You might even want to ensure whomever you consult offers a gemologist on site (which we do here at Muzeum). The more expertise surrounding your in-person experience, the better!
If you live in Ontario, you can get your gold jewellery evaluated by Muzeum's experts and gemologists. Our Great Canadian Roadshow returns June 15 to 17 at our flagship store in Yorkville, at 14 Prince Arthur Blvd, 11am to 7pm. Our specialists will be on site to meet with you, check out your jewellery and answer any questions you may have. If you want more information about what we do, contact us here.