Selling A Relative's Vintage Gold Jewelry? Here's How To Make A Nice Profit
Whether an aging relative wants you to sell their gold jewelry because they need the money or they have given you their collection as a gift, selling gold can seem deceptively simple. However, if you want to ensure that you get top prices for the pieces, you'll need to know the following things.
Find Out Each Piece's Value in the Market
It can be a mistake to just walk into a gold buyer's shop and ask what they think the pieces are worth. Before you speak to anyone who might buy your relative's jewelry, it is important to get some idea of what buyers might pay for each piece.
To do this, you first must determine what gold is selling for on the open market. Check with online sites to find out the spot price, or what one single gold ounce is selling for. Your pieces will likely be worth more than their weight in gold ounces, but the spot price will give you a baseline to be aware of.
Next, you should look at online auction sites to get an idea of what similar pieces have sold for. Be sure to look at completed listings to see what people actually paid for each piece.
Finally, you should consider having each piece professionally appraised. While buyers might not ultimately pay what a piece is appraised for, having an appraisal certificate from a reputable appraiser will make it harder for buyers to offer you bargain basement prices for good pieces.
Sell Individual Pieces
To save time, you may be tempted to sell your relative's gold jewelry as one big collection, assuming that a buyer will give you a great deal of money for such a large purchase. However, it is important to realize that you are likely to make a higher profit from the pieces if you sell each piece on its own. Some pieces may be more valuable than others and deserve a higher price, for instance. Some other pieces might be more attractive to the eye and can be sold to people who love a particular piece and want to wear it themselves. It may take longer to sell each piece by itself, but you'll likely end up with more money when all is said and done.
With the above information in mind, you'll be in a better position to command high prices for the pieces in your relative's jewelry collection. Visit a number of gold buyers in your area so you can be sure you get the best price for what you have. Start with a company like Rocky Mountain Gold & Silver Exchange.