Author Topic: What's the best way to sell gold jewelry?  (Read 7409 times)

Offline ag2

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What's the best way to sell gold jewelry?
« on: January 12, 2011, 03:03:41 PM »
I don't want to mail it to rip-offs-R-us and take what they give.  My wife was given this bracelet from an old boyfriend a month or so before they broke up.  She wore it only a couple of times.
http://www.ross-simons.com/products/552185.html


Offline tamo42

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Re: What's the best way to sell gold jewelry?
« Reply #1 on: January 12, 2011, 05:33:44 PM »
Heh, mail it to me - for a single piece, I'll pay 70% of melt.  That's 2 to 5 times more than you'll get at your usual gold buyer.  You could get more at a local refinery (if there is one), but you'll need a trade account, business license, etc.

Offline TexDaddy

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Re: What's the best way to sell gold jewelry?
« Reply #2 on: January 12, 2011, 05:48:16 PM »
My local coin shop guy buys gold jewelry. He gives the best deal in town.

The problem is, you will not ever get anything near the retail price of the piece unless you can find an individual that want that bracelet.

Jewelry is marked up tremendously on the retail market. Any dealer prices jewelry at at least twice what he paid for it. What he paid for it is already way above the spot price of the componets of the piece.

Other than a private individual who wants that piece, whoever buys it can only get the melt value of the metal and a little for the stones. Who ever buys the stones will have to reset them and sell the new jewelry. Don't expect too much for the bracelet.

I hope you can find someone who just must have the bracelet.

Offline LvsChant

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Re: What's the best way to sell gold jewelry?
« Reply #3 on: January 12, 2011, 11:25:02 PM »
Maybe ebay?

Offline Komodo

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Re: What's the best way to sell gold jewelry?
« Reply #4 on: January 13, 2011, 04:40:24 PM »
I suggest ebay, too. Highlight the weight of the bracelet and I think you'll catch both jewelry buyers and gold buyers. 

Offline Nicodemus

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Re: What's the best way to sell gold jewelry?
« Reply #5 on: January 13, 2011, 06:52:59 PM »
My mother called one of those "Cash for Gold" joints because she has a couple of gold earrings of which one of the pair was missing and a few small solid gold pieces that she didn't wear anymore. The person she spoke with told her that a Troy Ounce wasn't nearly as much a a standard ounce. I asked her if she was confused and asked if the person had said that a Troy Pound wasn't near the weight of a standard pound. She said they didn't even talk about pounds.

Attempted Ripoff?

I wasn't on the phone, so I couldn't say what was said for sure, but I was so cheesed off at the thought of someone trying to rip off my mother that I devised grand schemes on way of getting these people shut down in some "To Catch a Predator" type sting. Then I came back down to Earth and told her not to sell to any of those places.

Sorry for the off topic post. The thought of these places scamming people makes me so mad that every time I hear about one or see a commercial I get all riled up again. :pissed:

Offline TexDaddy

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Re: What's the best way to sell gold jewelry?
« Reply #6 on: January 13, 2011, 07:06:05 PM »
...The person she spoke with told her that a Troy Ounce wasn't nearly as much a a standard ounce...
Sounds like a ripoff to me, since 1 oz. troy = 1.097143 oz. avdp. As you kind of indicated there are only 12 troy oz./1 lb. troy so it works out that 1 lb. troy = 0.8228571 lb. avdp. or 13.16571 oz. avdp.

So, a troy oz. is MORE than a avdp. oz., but a troy pound is less than a avdp. lb.

Now after that, which weighs more, a pound of feathers or a pound of gold?  :D

Offline tamo42

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Re: What's the best way to sell gold jewelry?
« Reply #7 on: January 13, 2011, 09:27:57 PM »
There's a long running scam out there that confuses diamondweights/pennyweights (dwt) for troy ounces.  Dwts are very small, as they are for measuring diamonds.

eBay is one option, but you aren't going to even get melt value.  The secondary jewelry market simply doesn't exist any more.  Stones like diamonds, sapphires, emeralds, etc are completely worthless unless they are huge.  And then there is the 9-12% of the sale you will pay to eBay/PayPal.

People are beginning to recognize that jewelry is a ripoff, and lots of jewelers are going out of business as a result.  It's very hard to justify 200% - 1000% markups for mass produced designs.  For a long time, nobody had any idea what the profit margins were, but with gold and silver in the news now, they do have at least a ballpark idea.

Offline Nicodemus

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Re: What's the best way to sell gold jewelry?
« Reply #8 on: January 13, 2011, 10:59:31 PM »
Now after that, which weighs more, a pound of feathers or a pound of gold?  :D

Which is the avoirdupois pound and which is the Troy pound?  :D

Offline WV_Hampshire

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Re: What's the best way to sell gold jewelry?
« Reply #9 on: January 14, 2011, 08:22:37 AM »
The other way to look at it is that it didn't cost you or the wife a penny since it was a gift, so anything you end up getting for it is pure profit.  Maybe see if a local shop is interested in trading it outright for some junk silver or something.

Offline arikinthecity

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Re: What's the best way to sell gold jewelry?
« Reply #10 on: January 18, 2011, 07:42:53 PM »
YOu need to know the  purity, like 24K or 22K etc, and the weight.   If you have coins it is easy cuz it's usually on the certificate.   THen go to http://dendritics.com/scales/metal-calc.asp    to calculate the value.

Add it up and you know how much it's worth.  You won't get that much but you can now go to stores and see what they provide.   I was lucky and found a buyer that went around to a jewelry mall where lots of dealers sell to the same guy every sunday.   So I met the guy and he offered me about $3100 for my gold.  I was hoping to get around $2800 and at most of those "we buy gold" stores they were offering me between $1500 - $1900 for the gold.   THere you see the difference.  Knowing the full value is the key to negotiating a good deal.  You have to give them some room to make money on the deal too.

My mom sent me a bunch of old jewlery a few months ago when gold was at $1250 so I drove to Manhattan and went to one of those gold dealers in the diamond district.   I was looking to sell for about $1500 and I know the gold was worth about $1700.   It was a mix of gold that was not high quaility and not all coins that I could add up easily. Frist place I went to offered $900.  I told him to fix his calculator and walked out. Second  place I went to offered me $1650 cash so I knew I had a good price. I sold it on the spot.   COuld I find someone offering more yes but that would take an hour or more. I was in a rush and I was happy. 

I hope this helps.