You’ve finally cleaned out your jewelry box, but before you sell, it pays to ask questions to find the right buyer for your unwanted gold.
Jewelry is a commodity, its value fluctuates often, and while you won’t see a return on the money you paid for the name brand or jeweler’s craft, you do get a return on the precious metals and diamonds; something you can’t do with old clothes or shoes.
When you’re armed with the right questions and choose an honest, fair buyer, you can find comfort in knowing that you’re getting the best value for your items.
Here are 6 questions you should ask your jewelry buyer before selling.
How long have you been buying gold?
When gold prices shot up, everyone wanted a piece of the pie. It isn’t uncommon to find hair salons, game stores and pop-up shops that advertise that they buy gold, silver and platinum jewelry.
In short, avoid these places. They’re in it to make quick cash and leave. Your buyer should be an established storefront with a clean, safe location and consistent ownership. The buyers should specialize and have extensive experience in purchasing precious metals—not cutting hair. Anything less and you’re at risk for losing money on your jewelry.
Do you have any customer testimonials?
A quick way to know if you’re choosing the right buyer is to let previous customers do the work for you.
When you find a buyer in your area, check to see if they have any testimonials, Google/Yelp Reviews or customer feedback so you know what other people have experienced with the business.
Customer service, good value and expertise in purchasing precious metals are three traits you should look for in the reviews.
How will you assay my jewelry?
Your buyer should give you time and attention when assaying your items. Each item should be tested based on type of metal and purity, weighed and evaluated. If a buyer looks at your items and spits out a price, then you’re probably not getting a good deal.
Buyers should also be willing to explain the process in detail to you and answer any questions you might have. Despite common belief, precious metal recycling isn’t a secret business; most of us love to share knowledge about our trade!
What is the value of my jewelry/coins based on?
Determining the value of gold, silver, platinum or diamond jewelry is a very straightforward process. It should be performed in front of you so you can see your items and understand what steps the buyer is taking.
A reputable buyer will assay your items on five things: type of metal, purity of the metal, the weight of the item, inclusion of any diamonds and gemstones and current market price (or spot price).
If a buyer cannot explain to you how he/she valued your items or insists on performing the assaying process out-of-sight, we suggest getting a second opinion before selling.
Is the value of my diamonds or gemstones included in the final price?
For diamonds, this answer should always be yes. Diamonds do add value to any item and should be included in your price.
Small diamonds, or anything under .20 carat, are called melee, and will not add significant value to your item as they’re mass produced and very common, but you should still be compensated for them.
Gemstones, on the other hand, are semi-precious and retain no resell value. Depending on the size of the gemstone, the buyer may have to deduct weight from the jewelry to determine the value of the precious metal.
Do I need to provide any information when selling my jewelry?
By law, a reputable buyer is required to take a photocopy of your identification, a signature stating that you’re the owner of your property and a thumbprint.
This information is kept confidential and helps to prevent theft. If a buyer doesn’t require you to provide this information, then they’re not a reputable business operating under precious metal laws.
These six questions will help you get started on finding a reputable gold, silver, platinum or diamond buyer in your area. Remember to check the spot price so you know when it’s the best time to sell!