Turning Your Gold Into Cash: Choosing The Right Buyer For Your Old Gold Jewelry

While that old dusty gold jewelry that has been sitting in the back of your jewelry box forever may not hold a lot of value in your eyes, the truth is, this jewelry is actually quite valuable to many people. Consequently, there are several different venues that you can choose from when looking to turn some of that old gold into cold, hard cash. Below you will learn more about each of these venues so that you can choose the buyer that is right for your gold jewelry.

Option #1: Sell Your Jewelry To A Pawnshop Or Local Jeweler

Local pawnshops and jewelers are frequently looking to purchase used jewelry that they can resell in their store. Since the main goal of these buyers is to sell your items for a profit, they will often limit the items they are willing to buy to those that still have a reasonable fair market value. This means steering clear of outdated or extremely unique pieces that may only attract a very limited customer base.

Pawnshops and jewelers will also try to steer clear of any pieces that require serious work; however, they may be willing to purchase items that need minimal repairs before they can be resold. If you're looking for a pawn shop in your area, visit Maine Pawn Shop.

Option #2: Find A Private Buyer

If you have a very limited amount of jewelry to sell and you truly want to maximize your profits, you may wish to consider searching for a private buyer. This venue often offers the highest rate of return on your investment since you are in complete control of the selling price rather than simply receiving offers from commercial buyers.

Finding a private buyer, especially for a unique piece of jewelry, can take a considerable amount of time and effort. Consequently, this will not be the right option for individuals who are in need of quick cash.

Option #3: Sell To A Gold or Precious Metals Buyer

Gold or precious metal buyers routinely purchase old jewelry, not for the value of the jewelry itself, but rather for the value of the precious metals it contains. Since these buyers are interested in melting the jewelry down in order to sell the gold in bulk, they will typically offer a purchase price based on the weight of the items you have to sell. They will also be willing to accept jewelry that is badly damaged or tarnished since they have no intention of repairing the jewelry for resale.

Due to the rather lax requirements set forth buy gold buyers, the process of selling your entire collection of unwanted gold jewelry can typically be completed in a matter of minutes. This feature alone makes this particular option ideal for people who need cash now.