As per the US Business Bureau Compliance, there are certain guidelines to be followed. This is especially when you want to sell gold for cash.
Explore 3 exclusive tips on how to get the maximum money from your gold:
Learn How to Tabulate the Scales
The US Federal Commission determines the value of gold through ounces. As per these scales, one ounces approximately measures 28 grams of gold. While jewel stores rely on the price of gold via Troy Ounces. It is 31.1 grams of gold that makes one Troy ounce.
There is a third variety of mark-up on the gold value. The valuable metal is also measured in terms of its penny weight. A penny weight unit of gold measures 1.555 grams of gold.
At gold parties, buyers might offer to buy gold at its penny weight value rather than the gram weight. This way, you might end up selling a heavier priced jewelry at a far lesser price.
Understand Gold in Terms of their Karats
Gold is a very soft metal to mold into varied forms of jewelry. 1 Karat measures 1/24th value of gold. Say for instance, if the jewelry ad says that your necklace is made from an 18K gold, it means 18 parts of gold are mixed with 6 parts of another metal. 14K implies 14 parts of gold mixed with 10 parts of alloyed metals.
You cannot sell away the gold at a scrap value. So having, a thorough understanding of gold, in terms of its Karats, is a must.
Appraise the Value of Jewelry
At gold parties or exhibitions, the value of gold is appraised at a far lower value than its original value. As a seller, you cannot be taken away for a ride. Get a detailed appraiser report stating the value of jewelry in terms of its gold weight, stones used, aesthetic value of the set and so on. This way, you can claim a fair price for your gold jewelry.
These are the top most tips to sell gold for cash.
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