You have some gold you want to sell. Maybe some jewelry from your late aunt. Or your grandpa's coin collection. Some old earrings without a partner. Or a very ugly bracelet you have never worn. You can use more cash than the knotted old chain in the jewelry box. But selling gold can be daunting.

We believe that you have seen signs that you are expected to cash in gold quickly. What about online buyers? Maybe you received an email request. The authorities warn of fraud, knowing how to get a fair price in a turbulent market is a challenge. However, if you have some gold jewelry or coins or other gold that you are more willing to cash in, then there are some ways to safely sell them at the best price.

The key to this transaction is your comfort and trust in the reputation of the person you are selling. Therefore, one of the first rules is to conduct research and shop around.

According to Gary Smith, the former international chairman of the American Association of Appraisers (ASA), more and more consumers want to sell gold items, even if the current price of gold is not particularly high. What is part of the reason for the increase in sales interest? It's a bit dark: Smith said that the large number of deaths caused by COVID-19 has forced survivors to sell property owned by their deceased relatives.

In addition, people facing financial difficulties due to the pandemic are seeking to sell gold and other items. "In fact, people come to our factory with very low-value jewelry," said Smith, who owns the PA Gem Lab in Montousville, Pennsylvania. "They need money, and they are willing to sell Grandpa's class ring. This is a sad state, and people are being hurt."

According to Smith, due to all these needs, scams abound. Therefore, it is wise to exercise caution when selling gold and jewelry. As with most things, knowledge is the key to your success.

Smith said that the first step is to talk to the assessor. Smith pointed out that ASA and the National Association of Jewelry Appraisers and the American Appraisers Association are the main organizations in this field. In addition, he said there is a retail organization called the American Gem Association. 

Smith said that appraisers belonging to one of these organizations must abide by strict codes of conduct and ethics. All three institutions maintain databases on their websites, where you can find appraisers near you. For a small fee (maybe as low as $20), one of the independent appraisers can quickly assess what you have and what should be sold, and whether a piece of jewelry has an intrinsic value that exceeds the weight of gold, and whether the gemstone is real.

Smith said this should be enough to let consumers know that they need to know to sell their items at a fair price. Sellers should not require expensive written assessments, such as those that may be required for insurance.

"Most appraisers are very forgiving," Smith said. "We are here to help. From the ASA point of view, we are here to educate the public." He said that the appraiser "wants people to get value for money."

Amanda Gizzi, a spokesperson for Jewelers of America, a US jewelers trade organization, said that obtaining multiple offers and selling them to reputable buyers is an important step in selling gold and jewelry safely and at reasonable prices.

"Shop around is a great way to understand the average price you can expect," Giz said. "If you can find a jeweler you like to buy jewelry from, you may find that if you use the money to buy another piece of jewelry, you will get a higher amount." Kate, who lives in Arlington, Virginia Kate Mars accepted the recommendation of someone she trusted, and she sold her jewelry and coin collection from the safe left by her father when she died.

Through an estate lawyer, she found a coin dealer near Frederick, Maryland. There, the dealer gave Mars a "sense of security" because he looked through her coin books and told her what was valuable .

Mars said that these jewels have been evaluated, but none of them are particularly valuable. She took it to a jewelry store recommended to her-this store has been in business for a long time. "People are nice," she said. "They checked everything...even if I could make a few dollars more (going elsewhere), I was very satisfied with the experience."

They also provided her with the documents needed as the executor of her father's estate and provided assistance. Note that for everyone selling gold or jewelry, getting a good receipt should be part of the process. It should include all the details of the transaction, including the buyer's name and address, the date of sale, and the weight, fineness, price and name of all the precious metals involved. 

Various online resources, such as kitco.com, will provide you with the spot price of gold. However, don't expect that old jewelry or coins will get so much money. On the one hand, these are wholesale values, you sell to an intermediary, and when he resells your property, he needs to make a profit. Smith, the former international chairman of the American Association of Appraisers, said that some places where slogans are posted pay only 40% to 45% of the value. The pawnshop may only pay 20%. So what is fair value? Smith believes that consumers should sell products to people who are willing to pay 65% ​​to 88% of the value of the goods.

Why can't you get more? There are several reasons. Smith said that, on the one hand, state law usually requires companies that buy gold to keep it for a certain number of days before selling it. Due to fluctuations in gold prices, this may be a gamble. Buyers of your gold may also sell to refiners or to refiners’ middlemen. Gold will go through two or three sets of hands and finally sell for value.

“Gold jewelry is not always heavy, so the price of buying something is different from the price you sell it back,” Gizzi said. "Remember that the retailer buying gold must process it, clean it, and usually melt it to make something else before it can be resold."

Another important variable that affects prices is the purity of gold, measured in carats. Pure gold—think gold bars—is 24 carats. But pure gold is soft, so it is usually mixed with other metals to make it harder and more durable, such as when used in jewelry. 

The carat measurement tells you how much pure gold is in this piece. The ratio of pure gold to other metals adds up to 24. So, if your jewelry is 18K or 18 carats, it means it has 18 parts of gold and 6 parts of other metals. A piece of 10K gold is 10 parts of gold and 14 parts of other metals.

Like almost all other commercial transactions, the Internet is an option for selling gold. For example, Ebay has a marketplace where sellers can send photos of products and receive quotations—without sending the products. It is worth noting that their repurchase partner APMEX only accepts gold bars, coins and rounds. Smith said that if you have coins or gold bars, selling these items on eBay is "better than a pawnshop." But compared to online sales, he prefers local face-to-face transactions. "Basically you know who you are dealing with," he explained. "I think I'm old school because I like face-to-face transactions. If I don't get the'warm and vague atmosphere of trust,' I will go elsewhere."

However, if you choose to mail items to potential buyers as part of an online sale, you need to be especially careful. Before sending it out, be sure to take photos of your items and make a list. In addition, you should insure the package before it is mailed.

As long as we are discussing preventive measures, and there may be a lot of money changing hands, you want to do at least as much due diligence as a car deal. In addition to professional associations and suggestions, you can also check with the Better Business Bureau to find out if there is a complaint against the company you are considering, and if so, how to resolve it.

It is wise to weigh the gold before handing it over to the buyer-a kitchen scale or postal scale should give you a reasonable idea of ​​the weight of the item. And to ensure that buyers pay attention to procedures when weighing gold.

Is now a good time to sell? Should you wait for the price to rise, or to face the risk of losing money while waiting for the price to fall?

Gizzi said: "For those who need cash or want to reinvest in gold to buy new jewelry, selling gold now is a good idea." "Broken outdated jewelry or single earrings are also good selling points."

Having said that, you may regret it. "Always remember that once this work disappears, it will be difficult for you to get it back," Giz explained. "Just because a piece of jewelry is out of date, doesn't mean it won't return." 

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