Selling gold and diamonds have become a popular business in the last several years. When the markets collapsed in 2008, gold skyrocketed. This brought a lot of attention to the jewelry industry, resulting in companies buying jewelry from individuals, instead of strictly from wholesalers. It started out as gold, then moved to gold and silver, then to stones. Today there is an entire industry built around buying unwanted jewelry through gold and diamond buyers.
Why Sell Gold and Diamonds?
From a seller’s perspective there can be a number of reasons that will prompt someone to want to sell their gold and diamonds. First is that they no longer wear it. When a buyer gets a new favorite piece of jewelry, which they wear every day. Do this once a year for ten years and you can wind up with a jewelry box full of jewelry you no longer wear. Another reason is divorce. In a divorce, there is often jewelry that has very sentimental value that also has high financial value. The owner, however, no longer wants to be reminded of such a painful experience. Lastly, there are inheritance pieces that are not modern. The individual who inherits the piece may need the money, or they may not like the look, and this could prompt them to want to sell the jewelry.
Whatever the reason for an individual to look for a buyer, there are lots of options today that can enable the seller to gain financially by selling their gold and diamonds. The folks at www.BestReviewsHub.com has reviewed several of these options for consumers.
Gold and Diamond Selling Regulations
Regulation has not kept up with this industry, therefore there is a lot of variance in what dealers will offer to consumers. Every website declares that they pay the highest amount, yet every website cannot possibly pay the highest amount for gold and diamond jewelry. If you google sell diamonds or sell gold hundreds of websites will come up. How is a consumer to know, which one is best?
A few best practices include having your jewelry evaluated so you have an idea what the items are worth. Understand that the value you will be given will be the retail value. This is the value the consumer would expect to pay if you were buying it from a jeweler. This is not the value someone will pay you for the item.
Online Gold and Diamond Buyers
From there seek out online buyers that have certified gemologists who establish a value for the jewelry. This will provide the most accurate assessment of what your jewelry is worth to a dealer. Without a certified gemologist, a dealer may not give you credit for pieces that are genuine stones and they may not give you full credit for the gold weight at the proper carat value. There are tests that must be done on stones and gold to determine their value.
Dealers who cut corners in the valuation process will ultimately pay you less for your jewelry that they should. It is important to understand the dealer’s process in order to truly get the highest dollar value possible for your jewelry.
Once you have selected a dealer you trust, then it is time to send in your gold or diamonds to the dealer. This should be sent in an insured and certified package. The dealer will then make you an offer. If you accept the offer they will forward you a payment. If you reject the offer they will send your jewelry back to you. The prices fluctuate each day, so if the dealer price quotes vary, realize it could be the commodity market analysis that will be taken into account for the difference.