Tips About Selling Gold

When the price of gold goes up, gold fever often ensues and people jump to sell their gold jewelry or coins. However they may not always be getting the best deal. The American Society of Appraisers offers advice to consumers who want to know how and when to sell their gold jewelry.

The first step is to look for an appraiser or dealer who advertises that they buy gold.
Then make sure they are licensed. States have licensing boards that regulate the industry.
Shop around. Go to a few places and let them assess your gold; then ask them how much they’ll pay per gram. Twenty-four karat gold is worth the most and the price goes down from there as the karats do.
Make sure that selling the gold by weight is the best option for the items you have. The safest bet is to sell gold jewelry that is broken or is an unmatched set. Then you can be sure that the pieces don’t have much value as jewelry. Be careful about selling antique pieces, pieces with gems embedded or pieces from a well-known designer. If you have a piece of Tiffany jewelry, for instance, it is probably worth more as is than it would be if it were melted down. Also, if you have pieces with gems or antique pieces and you are unsure of the value, it is best to go to an independent appraiser skilled in period jewelry and have them look it over first and advise you.
People who have gold coins should also be wary of selling them by the gram. They may be worth more when sold as is to a collector.
Beware of cold-call solicitations when you are considering selling your gold, and of mobile offices set up in temporary locations. Make sure you are dealing with a reputable outfit.

“It is easy to check the current retail value of gold at www.kitco.com,” said Martin Fuller, an Accredited Senior Appraiser and Master Gemologist AppraiserÒ based in McLean, Va. “But it is also important to know that no one will pay the current top dollar for gold, because that would leave no room for profitable resale,” Fuller added. “Expect to receive a percentage less than the current top price.”

Choose an accredited appraiser with professional credentials. If you are looking for a jewelry appraiser, choose an appraiser who is an accredited member of a nationally recognized appraisal organization, such as the American Society of Appraisers, as well as a Graduate Gemologist of the Gemological Institute of America (GIA) or the Gemmological Association of Great Britain (FGA). Ask about an appraiser’s credentials and make sure they are still active. The appraisal should be done for a set fee, not for a percentage of the value of the property—that’s unethical.

To learn more about caring for valuables or to find an appraiser near you, see our consumer pages (www.appraisers.org/consumer/).