Although the U.S. dollar is no longer backed by gold, the precious metal still has monetary value. In fact, of all precious metals today, gold is by far the most popular choice for investors. One of the most common uses of gold is in jewelry, and recycling used gold jewelry is a lucrative business. That’s why it’s easy to find pawn shops and other businesses that advertise “Cash For Gold.” The following are a few tips for selling gold jewelry to Gold Dealers in Chicago.
Be Prepared
Before trying to sell a piece of gold jewelry, the owner should try to find out how much gold it contains and what kind of price it is likely to earn. It’s important to understand that not all gold is pure gold. Only 24-karat gold is worth the full current price per ounce. 18-karat gold is worth about 75% of the full price, and 14-karat even less. Gold-plated jewelry may not be worth much at all. One way to find out the quality of a piece of jewelry is to have it professionally appraised. Sellers should be aware that the value of a piece of jewelery may lie in other aspects, like its design or gemstones, rather than its gold content.
Shop Around
Most people can find multiple gold buyers in their city or town. Jewelry stores, pawn shops, and gold-buying companies will all be happy to look at a seller’s goods and make an offer, but that offer may differ widely from one buyer to another. Some stores may take a higher cut of the profits than others, while some businesses may not recognize the value of a piece of jewelry apart from its gold content. Experts recommend getting at least three quotes before making a sale.
Be Realistic
Selling jewelry to Gold Dealers in Chicago can be a great way to get a little extra cash, but it’s not likely to generate a lot of wealth. People who have jewelry they personally value should think twice before selling it for a cheap price. It may become more valuable later on as an antique or as a treasured family heirloom passed on to future generations. To learn more tips for selling gold jewelry, Contact Clark Pawners and Jewelers.
