Did you ever sell old gold jewelry?

kookycats · Sep 13, 2011

We never checked on selling old jewelry, but we sure had a surprise today.

I took an old gold charm bracelet that belonged to my late mother, and a gold wedding band my late father-in-law had (but never married the lady), and were we shocked when they offered us $600. I also had a gold charm bracelet (without charms) that I had bought years ago when we lived in NY. It's a beautiful bracelet, but I hardly ever wore it, and it's really out of style now. Anyway, that was worth $700. We hesitated and didn't sell it, but now that I think about it I think we'll go back tomorrow. Also dug up a few other gold pieces that we never use and will get an estimate. I'ts like "found money" and for items that we never use.

luvmyparker · Sep 13, 2011

I have some old gold jewelry...Now I am curious. I might check out what some of it's worth. If I am never going to wear them and they don't have much sentimental value, there is no point in me keeping them. Besides, who doesn't like a few extra $$?

-_aj_- · Sep 13, 2011

Yeah I sold all my old scrap gold and unhalmarked stuff a couple of thin gold chains a bent out of shape ring got about Â£80 and came just in time for christmas

kookycats · Sep 13, 2011

The price is gold is really high now so it's a good time to sell. And as far as replacing jewelry, I have some really nice costume jewelry pieces that look so real you can't tell the difference. I just put on a bracelet I bought on a cruise years ago where they sell that gold plated jewelry at so much per inch --- it still looks beautiful, just as nice as the real thing --- best part is that if you lose it it's no big deal (or if a cat steals it and hides it!!!)

kittkatt · Sep 13, 2011

I sold my old wedding band years ago, but didn't get much for it: I think I only got $25.00. But that was a long time ago, when gold wasn't as expensive as it is now.

I have some pieces that I rarely ever wear now, and thought about selling some of it, too. But I think I'd rather keep it all to give to my granddaughter after I"m gone.

mrblanche · Sep 13, 2011

I sold my high school class ring maybe 25 years ago. I wish I hadn't, now, but at that time I never wore it.

Get estimates at several places; there is a lot of scamming going on right now.

natalie_ca · Sep 13, 2011

Wow! Those are excellent prices. Where did you take your jewelry? A pawn shop? Here pawn shops rob you blind and you would be lucky to get $60.00 for that item that you were offered $600.00 for. Then they turn around and sell it for $400 or $500.

Originally Posted by kookycats

We never checked on selling old jewelry, but we sure had a surprise today.

I took an old gold charm bracelet that belonged to my late mother, and a gold wedding band my late father-in-law had (but never married the lady), and were we shocked when they offered us $600. I also had a gold charm bracelet (without charms) that I had bought years ago when we lived in NY. It's a beautiful bracelet, but I hardly ever wore it, and it's really out of style now. Anyway, that was worth $700. We hesitated and didn't sell it, but now that I think about it I think we'll go back tomorrow. Also dug up a few other gold pieces that we never use and will get an estimate. I'ts like "found money" and for items that we never use.

larussa · Sep 13, 2011

Yes Lana, I got over $300 for my gold jewelry a couple of months ago. I'm glad you did well also.

ldg · Sep 13, 2011

Gold is trading at over $1,800 an ounce now. For comparison, in October of 2008 it was trading at $735 an ounce.

I doubt very much its value will come down much in the coming (at least few) years, and there's a very strong case to make that it will continue to increase in value.

When selling, not pawning, jewelry, they ought to be giving you very close to the cost of gold per ounce (obviously the amount you get would be based on the weight of what you're selling). Unless you go to a specialty kind of place (I only know the diamond district in New York), when selling jewelry right now, most places won't give you anything for any stones, just the meltdown value of the gold.

kookycats · Sep 13, 2011

I took the jewelry to a reputable store that has been in business for years and does a lot of TV advertising --- not the kiosks in the mall (where they offered less) or definitely not the mail-in places that advertise. Hopefully I got a good deal; plan to go back tomorrow with the rest of the stuff I have. This will pay for the cruise vacation we're going on in DEcember.

capt_jordi · Sep 13, 2011

I work at one of the Gold Buying companies and there are a few things to remember. Trust me I get people every day that leave pissed because they think they are going to get a high figure and it really isnt there.
1) You most likely DO NOT have solid gold... 10kt gold is 41.7% gold, 14kt is 58.5% gold.
2)Things marked 22kt or 24kt may be plated look for the letters HGE, GF, GE on the hallmark. Those mean there is another metal under it.
3)Know your state laws. In TN we cannot touch anything we buy for 30days. That means we really dont care that gold is at $1850 today, we have to give ourselves padding so that if it does drop we wont be under.
4)Jewelry stores have about a 200% mark up. We know how much you paid for it, sorry, but chances are you will never get close to that again.
5)Gemstones included diamonds are not going to change your price much unless you have a pretty decent size stone (half carat or larger in most cases)
6)NEVER mail your jewelry or go somewhere that just popped up over night.
7)Know the prices of gold. check www.kitco.com, its what many places use and is accurate.
8)Things that can be remade into other pieces or just resold may bring you more at some places, but thats not always the case. SHOP AROUND! 90% of the time our prices beat our competitors. The other 10% we give out a 110% price match card and we will honor it.

That all being said, we do write checks for $700-1300 on a daily basis, but please be reasonable and dont go taking your 10kt class ring in expecting to get a huge amount.

Originally Posted by LDG

Gold is trading at over $1,800 an ounce now. For comparison, in October of 2008 it was trading at $735 an ounce.

I doubt very much its value will come down much in the coming (at least few) years, and there's a very strong case to make that it will continue to increase in value.

When selling, not pawning, jewelry, they ought to be giving you very close to the cost of gold per ounce (obviously the amount you get would be based on the weight of what you're selling). Unless you go to a specialty kind of place (I only know the diamond district in New York), when selling jewelry right now, most places won't give you anything for any stones, just the meltdown value of the gold.

For a gold coin (which is 24kt) you should be able to get 80% of spot value, for jewelry not really.

rockcat · Sep 14, 2011

Originally Posted by capt_jordi

I work at one of the Gold Buying companies and there are a few things to remember. Trust me I get people every day that leave pissed because they think they are going to get a high figure and it really isnt there.
1) You most likely DO NOT have solid gold... 10kt gold is 41.7% gold, 14kt is 58.5% gold.
2)Things marked 22kt or 24kt may be plated look for the letters HGE, GF, GE on the hallmark. Those mean there is another metal under it.
3)Know your state laws. In TN we cannot touch anything we buy for 30days. That means we really dont care that gold is at $1850 today, we have to give ourselves padding so that if it does drop we wont be under.
4)Jewelry stores have about a 200% mark up. We know how much you paid for it, sorry, but chances are you will never get close to that again.
5)Gemstones included diamonds are not going to change your price much unless you have a pretty decent size stone (half carat or larger in most cases)
6)NEVER mail your jewelry or go somewhere that just popped up over night.
7)Know the prices of gold. check www.kitco.com, its what many places use and is accurate.
8)Things that can be remade into other pieces or just resold may bring you more at some places, but thats not always the case. SHOP AROUND! 90% of the time our prices beat our competitors. The other 10% we give out a 110% price match card and we will honor it.

That all being said, we do write checks for $700-1300 on a daily basis, but please be reasonable and dont go taking your 10kt class ring in expecting to get a huge amount.

For a gold coin (which is 24kt) you should be able to get 80% of spot value, for jewelry not really.

That is very helpful info. Thanks!

kittkatt · Sep 14, 2011

Originally Posted by Rockcat

That is very helpful info. Thanks!

That'll come in handy if I ever do need to sell any of my pieces.

Did you ever sell old gold jewelry?

kookycats

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luvmyparker

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-_aj_-

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kookycats

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kittkatt

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mrblanche

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natalie_ca

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larussa

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ldg

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kookycats

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capt_jordi

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rockcat

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kittkatt

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