Selling Your Old Gold and Silver Jewelry: Exploring Your Options

Posted on: 13 April 2015

Do you have some old gold or silver jewelry sitting around the house collecting dust? If so, this seemingly useless jewelry could be your ticket to getting the extra cash you need to pay an unexpected bill, take a vacation, or simply pad your savings account. This is because while this jewelry may not have significant value to you anymore, there are several venues in which this jewelry can still be quite valuable. Below you will learn more about a few of the venues that are available to help you turn this old gold and silver jewelry into cold hard cash.

Jewelers (Retailers)

Many jewelers not only offer their customers the opportunity to buy brand new pieces of jewelry, but they also offer them the opportunity to buy used jewelry as well. This is because not only is used jewelry often available at a fraction of the price, but by offering the opportunity to buy second-hand pieces, jewelers are able to offer a much wider selection to their customers.

As you may have suspected, jewelers often obtain their second-hand jewelry by purchasing these items directly from the public. In most cases, jewelers will be interested in both flawless and damaged jewelry since they have the skills necessary to repair these pieces before offering them for resale.

Jewelers will typically offer you only a portion of the fair market value when selling your old gold and silver jewelry. This allows the jeweler to still make a profit when reselling the items they have purchased from you.

Private Buyers

If you have a unique piece of jewelry to sell, seeking out a private buyer may be your best option. This is because private buyers will often be willing to pay a bit more for the piece than a jeweler would since they do not plan on reselling the piece for a profit.

While private buyers will often pay a bit more, they will also require the piece to be in near perfect condition. Furthermore, locating a private buyer who is willing to pay your selling price can take some time. Consequently, this is not the right option for individuals who need cash in a hurry.

Precious Metal Buyers

Your final option will be to sell your jewelry to a precious metal buyer. Unlike jewelers and private buyers who purchase these items for their value as a unique piece of jewelry, precious metal buyers purchase these items for the value of their raw materials. Consequently, these buyers do not care what condition the jewelry is in or whether or not it has significant resale value on the private market. Instead, these buyers simply care about how much metal is contained in each piece of jewelry. As a result, precious metal buyers will typically make an offer based on the weight of your old jewelry rather than the quality of each piece.

While selling your gold and silver jewelry based on weight may yield a lower purchase price, this option will often provide you with the fastest turnaround times. This option will also allow you to successfully sell severely damaged or tarnished items that other gold and silver buyers may not be interested in.