Often forgotten in jewelry collections, precious metals like gold and silver can provide extra financial flexibility. How much you earn when you sell these metals may vary. But we can all agree that gold and silver buying is big business, and you won’t want to take the wrong step or deal with the wrong people.
Barry Coat Jewelers understands the sentimental and monetary value of gold and silver. We’re a family-owned store with a legacy of helping our customers make the most of their jewelry.
In this beginner’s guide, we’ll walk you through understanding what gold and silver buying is, the step-by-step process of how to sell old jewelry, and how to get started confidently.
For centuries, gold and silver (bars, coins, or any kind of jewelry) have acted as a financial safeguard in uncertain times. This is so because of their beauty and ability to retain value. For the reasons below selling gold and silver jewelry can be beneficial:
Selling gold jewelry and silver jewelry will diversify your assets and reduce financial risk. Precious metals often are a stable investment choice as they behave independently of traditional markets.
You find people interested in gold and silver buying because it offers a safe store of value when assets may be volatile. Historically, people desired gold and silver during economic instability.
Gold and silver retain their value even when actual rates of return in other markets, such as stocks and bonds, are negative. They serve as a shield against the eroding power of inflation.
Gold jewelry and silver jewelry are highly liquid assets, meaning you can easily convert them into cash. You just need to be careful about how gold and silver buying works.
How to sell old jewelry is an easy process.
Collect all the gold and silver jewelry you want to sell. Before selling pre-owned jewelry, ensure they are clean and free from dirt or tarnish.
Research the current market prices for gold and silver buying. Jewelers use these prices to offer you a fair value for your jewelry. Remember that the purity and weight of your items will help for a favorable valuation.
Many entities are into gold and silver buying. Look for a trusted gold and silver buyer or jewelry store like Barry Coats Jewelers. Read reviews, ask for recommendations, and ensure buyers are transparent about their pricing.
Don’t settle for the first offer you receive. It’s advisable to get quotes from multiple buyers. Make sure to compare quotes to ensure you get a fair price when selling pre-owned jewelry.
Once you have quotes, you can negotiate with the buyer for the best deal. After reaching an agreement, finalize the sale and receive your payment.
Ensure you receive your payment promptly and securely. Most reputable buyers offer various payment methods, including cash or check. Make sure you know all fees the buyer may deduct from your final payment, such as refining or appraisal.
If you’re in Livingston, Texas, consider Barry Coats Jewelers. We offer a reliable and convenient option for gold and silver buying. We have the equipment to determine the metal’s purity and weight accurately.
At Barry Coats Jewelers, you can expect personalized service and a fair value assessment of your items. Our team may be interested in purchasing pieces from your collection.
Pawnshops are another option to consider when selling your jewelry. Pawnshops offer quick cash. However, profit-making is their primary goal; thus, you may receive a lower price than the actual value of your jewelry.
Online platforms like eBay and Etsy provide a vast audience for selling your jewelry. However, you’ll need to invest time and effort in creating attractive listings, managing transactions, and shipping your items. Be cautious of potential scams, and ensure you represent your pieces accurately.
For additional tips to help you get the most out of your gold and silver selling experience, take note of these:
Selling these valuable pieces will provide extra cash and declutter your life. If you follow the steps and tips in this guide, you’ll be well-prepared to make the most of your precious metal assets.
Remember: research, preparation, and dealing with reputable buyers are essential. If things get too overwhelming in selling pre-owned jewelry, our team at Barry Coats Jewelers is here to guide you through this process. We are an expert in gold and silver buying; we’ll provide you with a reliable and trustworthy option.
Gather your jewelry, get appraisals, and let’s discover how much your gold and silver are worth.
1. Is it a good idea to buy gold and silver?
Yes. Buying gold and silver can be a good idea, especially to diversify your investment portfolio. Consider your financial goals and risk tolerance before investing in gold or silver.
2. How much gold and silver should I own?
There’s no written rule about this that you should follow. It depends on your financial goals, risk tolerance, and investment strategy.
Some investors allocate 5% and 10% of their portfolio towards gold and silver, while some conservative investors may allocate up to 25%. Base your allocation on your circumstances and investment objectives.