How to Sell Gold Jewelry

Co-authored by Kennon Young and Kira Jan

Last Updated: November 8, 2021 References Approved

How can you sell your gold jewelry without getting ripped off? The world of buying and selling gold can seem intimidating, but we’ll teach you how to sell your jewelry in a smart, savvy way. We’ll go over the pros and cons of selling to jewelry stores, pawnshops, professional gold buyers, and online services. Then, we’ll let you in on how much much money you can expect to get from selling your gold jewelry and how to get the highest possible price.

Method 1

Method 1 of 2:

Where to Sell Gold Jewelry for Cash

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Get an offer from a jeweler for a safe, convenient option. This is a quick way to make a deal in person and walk away with cash, but you may not get as much money from a jewelry store as you would if you chose to sell to a gold buyer.^{[1]
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Research source} They also don't have calibrated scales checked by the Weights and Measures Division, which means they might not calculate payment accurately. Lastly, a jeweler might try to convince and pressure you to purchase an item in their store, even if you’re only trying to sell your jewelry.
- To make sure they’re reputable, check out your local jeweler’s credentials online. See if they’re part of a trade group like the American Gem Society, Jewelers of America, the GIA, or the Jewelers Vigilance Committee.^{[2]
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- Then, look the business up with the Better Business Bureau (BBB) and check out online reviews.^{[3]
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- Shop around. Always get multiple quotes before selling your jewelry.^{[4]
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  Research source} Different stores may offer lower prices than others, depending on how much of a cut they take and whether they can recognize special pieces.
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Go to a pawnshop to get cash fast. The positive side of pawnshops is that you can walk out the door with cash in hand within 10 minutes.^{[5]
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Research source} The downside is that pawnshops rarely have the equipment to properly measure gold, and they won’t give you the best price. It’s best to avoid this option and shop around a little more, unless you’re pressed for time and need cash right away.^{[6]
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Sell to a gold buyer for the best price. Find a local gold buyer by checking online reviews and searching the business up in the BBB directory. Their scales are calibrated by the official Weights and Measures Division to ensure you have a fair and accurate reading. Buying gold is their only business, so unlike jewelry stores, they aren’t motivated to sell you another piece of jewelry. Gold buyers are typically licensed by the Department of Justice as well as with their local police departments to help recover any stolen gold they encounter.^{[7]
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- Avoid “hotel buyer” scams. These companies come in for 1 day only to try to buy gold as cheap as possible and take advantage of customers. Trust a company that at least has a presence in your local community with a good reputation.^{[8]
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Sell to a reputable gold-buying website for a fair, easy option. Online gold buyers will pay you in the form of a check or wire transfer. All you have to do is pack your jewelry with the insured shipping label they send and wait for your payment, CashforGoldUSA.com is considered one of the most reputable sites, and they’ll pay you within 24 hours of receiving the envelope. If you also have gold coins, you can visit GoldBroker.com or American Bullion.^{[9]
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- Find out how long you have to evaluate the offer, and see if the company allows you to return the money in exchange for your jewelry if you’re unhappy with the offer.
- Only mail your gold in an insured package with tracking.
- As with brick-and-mortar businesses, look up the gold-buying service in the BBB or through the Jewelers Vigilance Committee website.^{[10]
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Method 2

Method 2 of 2:

Getting the Best Price for Gold Jewelry

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Determine if your gold is worth more than just melt value. Most gold jewelry gets melted down when it’s sold, and you should expect to be paid about 70-80% of the melt value. That difference is due to the buyer’s cut of the profits and the cost of melting down the piece. But if your jewelry is a designer piece (like Cartier or Tiffany’s), or an antique piece, you should expect more than 80% of the melt value. If anyone offers you scrap gold prices for a designer piece, don’t accept the deal.^{[11]
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- A good point of reference a gold buyer uses is, "What will this cost me to remake this item brand new?" They won’t pay much over the melt price unless it's a very intricate piece.
- Designer pieces will be compared to other designer pieces that have sold on sites like eBay and Worthpoint. Remember when you look at the selling price that these sites take a cut between 10-15%.
- You don’t need to get an official appraisal from a jeweler. An appraisal is something you pay a jeweler for so you have paperwork to insure your items. Appraisals are often way above what you paid for your jewelry. If you want to know the true resale value of your gold jewelry, see what a buyer will actually offer.^{[12]
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  Cory Schifter
  Jeweler & Certified Jewelry Appraiser
  Expert Interview. 21 April 2020.}
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Sort your gold by purity. By organizing your gold before your visit, you’ll save yourself and the gold dealer time. Use a magnifier to check the little labels on the gold for "10k," 14k," and so on.^{[13]
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Research source} This number refers to the karat, which tells the percentage of the gold piece that is pure gold. The higher the number (up to 24k), the purer the gold. Separate the jewelry by karat, and then place the jewelry into separate bags or containers.^{[14]
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- Remove as many of your items in your collection that are imitation gold. The best way to start this process is with a strong magnet.
- Anything that sticks to the magnet is very, very likely not solid gold, and you shouldn’t include it when you bring your gold to a buyer.
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Measure the weight of your gold. It’s easiest to measure in grams, plus the price of gold is often listed as the price per gram. However, many gold buyers will use a special weight system called a pennyweight or a troy ounce. If they use a different measurement, just make sure you get paid by the right unit. For instance, if they measure by the pennyweight but pay you by the gram, you’re getting ripped off. Use these conversions below to double check that you and your buyer are weighing your gold the same:^{[15]
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- 1/20th of a troy ounce is 1 pennyweight.
- 1 ounce is 0.911 troy ounces.
- 1 troy ounce is 31.1035 grams.
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Calculate how much you’ll get when you sell your gold. To find the current gold price, visit https://www.kitco.com.^{[16]
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Expert Source

Cory Schifter
Jeweler & Certified Jewelry Appraiser
Expert Interview. 21 April 2020.} The price that a gold buyer will give you for your jewelry is based on the price of gold for that day. However, keep in mind that price is based on 24 karat gold, which is 100% pure. To find the price for your piece, multiply the price of gold for that day by the percentage of your gold’s purity (check out common percentages below). Then multiply that number by your gold’s weight in grams.
- 10 karat gold has 41.7% gold content, 14 karat has 58.5% gold content, 18 karat has 75% gold content, and 24 karat is pure gold.
- For example, if you have a 14k gold chain, "14k" means it’s 58.5% pure.
  - Calculate the price based on the purity: If the price per gram that day is $57.44 per gram, at most you would get 58.5% of $57.44 ($33.6 for each gram).
  - Factor in the weight: If your 14k gold chain weighs 6.8 grams, it would be worth at most $33.6 x 6.8 (which is $228.48 total).
  - Consider the melt value: You can expect a potential buyer to offer you between 50%-80% of the $228.48 due to their fees and the price of melting the gold down. That means you’d expect a price of $114.24-$182.8.
- If your jewelry has precious or semi-precious stones, the weight of those will be deducted and not paid in gold weight. As an example, if your ring weighs 3 grams with a large amethyst, they will pay you based on 2 grams of gold and factor 1 gram for the amethyst stone.
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Get at least 3 quotes from buyers on the phone. Tell buyers exactly how much weight you have of each karat of gold and ask for a total payout amount.^{[17]
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Research source} Be wary of companies that only quote a "price per gram" because they may only be referring to 24 karat gold.
- Always try to get a price by asking "What will the total payout be when I walk out the door?"
- If any place won't give you a phone quote with an adequate description of what you have, they’re probably hiding their prices because their payouts are terrible.
- Do your research before you go to the place that gave you the best phone quote. Check them out on Google, Facebook and Yelp.
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Let your chosen buyer evaluate the piece in person. A gold buyer with a business license must have a physical location, so don’t trust “mobile services” and “gold exchange parties.”^{[18]
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Research source} Wait for the buyer to make the first offer. If they ask, “How much do you want for this?” say something like, “I’d love to hear your opinion on what it’s worth, given its quality.”
- Don't let them take your gold to the "back" or out of sight. This shouldn't be necessary and should make you uncomfortable. Ask that your gold is tested in front of you, or find a different buyer.
- If you leave and their offer goes up by double or triple, DO NOT go back, that’s a classic rip-off strategy.
- Many places might need to take a sample of your gold before making a formal offer, but make sure they get your permission to take a file to your jewelry if you aren't sure about selling it. If they don’t get your permission before taking a sample of your gold, find a different buyer.
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Sell your items. Any legitimate gold buyer will require a signature, ID Card, and potentially a thumbprint.^{[19]
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Research source} These are required and anyone who doesn't do this could be operating illegally, and you should avoid those places. Most places will pay you by check, PayPal, Venmo, Zelle, Cash App, Apple Pay, wire transfer, or cash.
- Be sure they don’t measure by the pennyweight but pay you by the gram.^{[20]
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- Be careful walking out of gold stores carrying a lot of cash.

Expert Q&A
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Question

What does it mean if gold jewelry is stamped with GF?

Kennon Young
Master Gemologist Appraiser
Kennon Young is a Master Gemologist Appraiser and the Owner of Vermont Gemological Laboratory in Burlington, Vermont. With over 20 years of experience in the industry, Kennon and his team specialize in handmade engagement rings, wedding bands, and custom jewelry. He attended the Revere Academy of Jewelry Arts, the Gemological Institute of America, and the Rhode Island School of Design Extension. He is a Jewelers of America (JA) Certified Bench Jeweler Technician and received the highest credential in the jewelry appraisal industry, the ASA Master Gemologist Appraiser, in 2016.

Kennon Young

Master Gemologist Appraiser

Expert Answer

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If your piece is stamped with GF, which stands for "gold-filled," then the jewelry is just gold on the surface. Also, separate pieces stamped with R.G.F ("rolled gold filled"), H.G.E. ("Heavy Gold Electroplate"), 1/20th 12k (heavily plated with 12k gold), and E.P. "Electroplate." You can still sell those pieces, but you won't get as high of a price, so you should keep them separate from your purer gold.
Question

How do I get a ring appraised?

Cory Schifter
Jeweler & Certified Jewelry Appraiser
Cory Schifter is a Jeweler, Certified Jewelry Appraiser, and the Owner of Casale Jewelers in Dongan Hills, Staten Island, New York. Casale Jewelers is known for its selection of fine jewelry, designer brands, engagement rings, certified diamonds, custom-made jewelry, and watches. Cory has over 10 years in the jewelry industry and is a certified jewelry appraiser. Cory was featured on NY1 News “Got it Made in New York” for Casale Jewelers’ custom design business and Casale Jewelers was recognized by American Express and Facebook in 2012 as one of the top five small businesses in the nation.

Cory Schifter

Jeweler & Certified Jewelry Appraiser

Expert Answer

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Read reviews on sites like Google and Yelp to find a reputable jeweler in your area, and take the ring to them for appraisal. If the ring is a diamond ring, you can also have the diamond certified by an organization like the Gemological Institute of America, or GIA.