Gold has always been considered to be a great form of investment, and it comes in handy when you are in financial distress. With gold prices continually rising, encashing your old gold jewelry or even gold bullions is a great way to earn some quick money.
Sometimes you notice that your old, unused jewels are just collecting dust, and there is a way to turn them into cash. You may have your next vacation at an exotic place, that kitchen remodels you wanted, or anything else that may be more valuable for you. So, if you are wondering where to sell gold for the highest price in Singapore, keep on reading. Selling used jewelry is always a balance of what you might gain from selling and how much you value your time. You also need to know your jewelry’s worth and how and where to sell it.
Once you’ve made your decision about selling your gold jewelry, we recommend Sellyourjewelry for a safe and seamless experience. Sellyourjewelry aims at offering you the best price for your gold jewelry, with professional evaluation and expert guidance. The entire process is designed to suit your needs and to make your selling experience hassle-free.
How Gold Prices Work
A variety of factors determines the price of gold. The most important of these is the type of gold itself. The term “Karat” signifies the purity or fineness of gold. One karat is the 1/24th part of pure gold in terms of weight. Thus, 24 karat gold is the purest form of gold – consisting of 99.99% pure gold.
This form of gold is extremely malleable and soft due to which it is not used in making jewelry.
The more commonly used gold is the 22k or 18k gold. These usually contain an alloy of silver, copper or other such metals mixed with gold to harden the gold. As a result, it can be used to make gold jewelry which is durable and can withstand daily wear and tear.
24k gold is the most expensive and primarily functions as a means of investment. Most gold bullions (gold bars) and gold coins are of 24k gold.
On the other hand, gold jewelry is valued at a lower rate in the market due to its alloyed nature. All gold jewelry, be it necklaces, earrings, watches, bracelets or anything else, are usually either 18k or 22k.
While selling your gold jewelry you must keep in that you will receive money in exchange of the pure gold content that can be extracted from the jewelry. The segregation of the impurities and alloys is done through melting and refining the gold jewelry.
Appraising Your Gold Jewelry
Three credible institutions will appraise your jewelry, Telling you it’s exact worth:
The American Society of Appraisers, the International Society of Appraisers, and the National Association of Jewelry Appraisers. All these institutes ensure a strict code of conduct, ethics and rules. They would charge anywhere between $150 to $350 an hour (while some charge by the item).
Keep in mind that a simple ring with a single diamond may take an hour or less to appraise, but a complex piece with multiple diamonds and metals might take north of three hours, but under no circumstances should you agree to pay a percentage of the item’s value.
You can sometimes find fine jewelry in someone’s old pile of cheap, used jewelry.
There was someone who brought a used sapphire with an outdated appraisal of $18,000. After in-depth testing under the microscope, it turned out to be an untreated Kashmir sapphire worth nearly half a million dollars! Keep that in mind, before thinking your old jewelry is just junk and try to wholesale the pile and be done with it.
Some well-known designer jewelry is worth more intact than simple generic jewelry that is best sold as scrap. A good appraiser can advise you on the matter.
Now, you have to be realistic and realise that the appraisal quote is probably too high for most-used jewelry sales. Most appraisals will consider the replacement value of your jewelry for insurance purposes and give you the retail price rather than the used resale value. So you’ll need to ask your appraiser for a real market estimate of your jewelry in addition, as most of their work goes toward evaluating assets for insurance companies.
You can also ask the “melt” price of your jewelry which is the cost of the metal it’s made of – either gold, silver, platinum or any other alloy. If you get 70 to 80 percent of the melt value of your gold, it is considered a fair deal by most experts.
Selling Gold Jewelry Online
Many complaints are coming to the Better Business Bureau, about online buyers giving you very low offers, failing to return jewelry when you reject their offer or even don’t send payment for your jewelry and give various excuses.
Some companies like Where2SellGold.com – would send a pre-appraised sample of gold by a master gemologist, worth $350 to various online gold buyers and receive a variety of offers. In one of these tests, they received one offer of $206, another $90 and a third a mere $60. When they declined the initial offer, some of them gave a better one.
The Better Business Bureau has a rating list of most gold buyers, where you can see their reputation and some reviews. Make sure to read the fine print in the website to understand all their rules and regulations, so you know what kind of deal you walk into. Try to notice their response time to an offer before it’s considered a done deal, and how long until the payment is sent.
Make sure to take a picture of your jewelry before shipping it and send it only with an insured delivery method that will prove that the buyer received it and when. Some online consignment shops will sell the gold jewelry for you, as most private individuals will usually pay more than professionals for your jewelry.
Just make sure you’ll get a fair commission, that will not eat away all your profit. IDoNowIDont.com is a specialised website that stands out; it deals with diamond rings from broken engagements. What’s unique about this site is that they will send the jewelry to a company for safekeeping after the jewelry is apprised.
The money will be held in escrow, and once the site has verified that everything is good, the deal will go through. The site only charges 15 percent commission. Other sites like TheRealReal or SnobSwap guarantee authenticity.
Out of all the options above selling to a local store is the best option (by far), Some people may sell their jewelry to many places, from coin shops to pawnshops and a variety of consignment shops and private jewelers. The American Gem Society (AGS) can provide a local jewelers list with pristine reputations, who buy jewelry.
For instance, we have a local offline store in Singapore, and we give the highest payouts for jewelry along with a 100% free consultation. You should always get multiple written offers. Get at least three estimations for items, even more, if it’s a valuable item.
Multiple offers are the only way you can get a real sense of what the market is willing to pay. You’ll need to inform the buyers that you’re required by the seller to get at least three offers, so they will have to put their best offer forward on the written quote. Your appraiser may be connected to a broker or might be a broker. Ask them if they are willing to act on your behalf. Make sure the broker is very experienced and that they have a vast network of connections. Some brokers take a flat one-time fee, Others may charge between 10 to 60 percent for sale, but it depends on how much work will be involved in the selling process.
Advantages of selling gold to a local jewelry store include:
The biggest advantage of selling your gold jewelry to any local jewelry store is that you receive instant payment. The jewelers in these stores will evaluate your gold jewelry and place their offer after examining the gold jewelry. If you choose to accept the offer, you will most likely receive instant payment in exchange for your gold jewelry. The in-person nature of the transaction ensures credibility and safety.
There is no hassle of shipping your gold jewelry to an online buyer and the risks associated with such online transactions.
Why You Won’t Get Exactly the Spot Price When You Sell Gold
An important thing to keep in mind while selling your gold jewelry is that you will not receive the “spot price” of gold or the “live gold price”. This is the current price of gold at any given moment.
When a buyer purchases your gold jewelry, they will pay you a sum that is less than this spot price. This is done to cover the expenses of the company or buyer who has to make a profit to stay in business. To reuse your gold jewelry, they will have to melt and refine it. Thus, while making an offer for your gold jewelry, they will keep in mind these expenses so that they can cover the costs of melting and refining your gold jewelry.
If you want to make the best deal and earn the highest possible price for your gold jewelry, we recommend Sellyourjewelry. They offer many advantages, the chief being that their fees are generally lower compared to other such platforms. As a result, you get to make the most out of the deal and earn a higher percentage of the spot price than you would elsewhere.
Sellyourjewelry has a wide network of certified jewelry buyers, thus ensuring that you do not leave disappointed. The experts will help you through the entire process, guiding and educating you with regards to your gold jewelry.