Be a smart shopper. Find answers to commonly asked questions about selling your gold. We’ve compiled a list of frequently asked questions and answers. The more you know, the smarter you’ll be when selling your gold.
Q: What gold items can I sell?
A: Anything gold, in 10k, 14k, 18k. Buyers will also purchase gold in greater or lesser purities. Gold jewelry, even if it is broken, bent or missing pieces. Gold earrings, necklaces and bracelets. Class and cluster rings. Dental gold. Gold pendants, drops, pins, brooches and charms. Gold Coins. Gold Watches, even in non-working condition. Old scrap gold. Most buyers will also be interested in your silver and platinum items.
Q: How do I know that I am getting a fair price from the buyer?
A: That’s the beauty of ShopMyGold.com. By reviewing the buying prices from various dealers, you will know what is a fair price. Compare prices.
Q: What is a gram? What is a pennyweight or dwt?
A: Both a gram and dwt are common measurements of weight which buyers use in determining the actual weight of your gold. The gold prices you hear about in the news are based on a troy ounce. Each buyer (listing) indicates the price they pay for both gram and dwt.
Q: How is the price of my gold determined?
A: The two main factors that buyers use to determine the price they pay for gold are the purity (10k, 14k, 18k, etc.) of gold and its weight. Weight, in most cases, is measured in grams or dwt.
Q: What if I’m not sure if my gold item is 10k, 14k or 18k?
A: In most cases, your gold items will be stamped with the designated gold purity (10k, 14k, 18k, etc.). If this designation does not appear, or is worn away, the buyer has the tools and knowledge to test your gold for its purity.
Q: I paid over a thousand dollars for my ring when I bought it! Why is my gold buyer only offering me half of that?
A: Your ring is probably beautiful and a work of art but unfortunately in today’s economy, jewelry isn’t selling like it used to. Most gold jewelry sold to jewelers, pawnbrokers and gold buyers today is melted and recycled for it’s gold value which does not include the time, labor and artistry that was originally included in the price you bought it for.
Q: What about the diamonds and stones in my jewelry? Are they worth anything?
A: Your local gold buyer can tell you. Larger stones may be worth removing but most likely the smaller gems are not worth the time to remove them. In either case, if you remove the stones, it will not affect your gold price.
Q: What if the gold buyer I visit doesn’t offer me the same buying price they have listed on shopmygold.com?
A: The gold buyer you visit should be within a dollar per dwt or gram of the price they have listed on the day you visit the store to sell your jewelry. If they are not, ask them for a written offer for your gold and write a “Store Review” of your experience.
Q: How long does it take for a buyer to decide what my gold is worth?
A: The process does not take very long. First, the buyer must indicate the purity of the gold, then weigh it, then present you with a price for buying your gold.
Q: Is it okay to shop around?
A: Before there was ShopMyGold.com, you would have to travel from store to store. Then you might have to negotiate the price. Now, all the information you need is at your fingertips. Just add your zip code into the search section of the home page, and we do the shopping for you.
Q: Can I bring my silver too?
A: Yes. Though we do not publish selling prices for silver (at this time), the buyers listed also purchase other precious metals.
Q: Can you sell old gold watches?
A: Many older and luxury brand watches may be worth more than the content of their gold. Always get an evaluation first.