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24K Gold Selling Advice Needed

H

Hephephippo

Shiny_Rock
Premium
Joined
Dec 11, 2017
Messages
207
Hi Everyone,

First, apologies if this has been addressed anywhere, I did a search but could not find it although I did check under FAQ as well and found something that was helpful but I still have questions.

DH and I have decided to sell some 24K gold jewelry we have. Most of the pieces are not fashionable so honestly we see them as nothing but pure gold to be melted and reused. We've never sold jewelry or gold before and would like to know where/how best to make a sale of these? We live in NYC if that matters. The advice i saw on FAQ was more for jewelry pieces (designed to be worn), i really think our pieces are better off sold for the gold.

Thanks in advance on any advice!
 
There are lots of people who love 24K stuff, (myself included), so I would definitely try to sell them as-is first. :)

As far as where to sell all of it as scrap, I'd bet there are not a whole lot of people that will give you full value for it. I know I had some friends that would have their Chinese jewelers remake their old 24k into more current stuff for not much more than labor, perhaps you could go that route?

Good luck!
 
shiny said:
There are lots of people who love 24K stuff, (myself included), so I would definitely try to sell them as-is first. :)

As far as where to sell all of it as scrap, I'd bet there are not a whole lot of people that will give you full value for it. I know I had some friends that would have their Chinese jewelers remake their old 24k into more current stuff for not much more than labor, perhaps you could go that route?

Good luck!
Click to expand...

Thank you @shiny --- I see people selling here in the forum, and LT... any other places best to try to sell these 24k jewelry? Complete novice here so wonder what's best for both seller (me) and buyer and if we should first get our jewelries appraised or something? Like to determine a good/fair selling price? We do have quite a lot but I'd never be caught dead wearing any of them :/ some chains i can repurpose with pendants i do like to wear but honestly it would still be wise for us to get rid of these precious metals.
 
Check the gold spot price.
As you will note, the price fluctuates daily.
For 24kt (pure) gold, from a bullion dealer, you could expect around 95% of spot price on any given day.
However, as a piece of jewellery, there is a premium added value as many people like the idea of wearing their investment, even if the style isn’t to your taste.
I think people would pay a 5% premium + over spot for wearable gold. Currently the spot price is $1,193 an ounce. There is approx 31 grams in an ounce.
So, weigh your pieces and calculate their value. If say a chain weighs 75 grams, that is $2,286 US.
So a bullion dealer might offer you $2,100 whereas a person wanting a gold chain might pay $2,400 or more.
Do not take your gold to a pawn broker or a “gold buying shop at the Mall”. They might give you around $1,000 for said example necklace.
To sell on Loupe Troop or similar, weigh your pieces in grams, show any hallmarks that indicate assay is the 999 hallmark and describe length etc.
 
wow, thank you Bron @Bron357 this is very helpful! DH and I will try to sell as wearable piece first and if that fails, as meltable gold. Have to find a method of weighing.
 
I have to warn one time I brought a few items to a pawn shop and their scale was off (weighed lighter). If you do go pawn shop route go to a reputable one and know the weight of your pieces, gold spot price etc before you go. I did end up selling a couple items at a more reputable pawn shop whose scale and pricing was more in line with what I expected.
 
050991AC-D4DB-4406-AEE5-748B77CCDE48.jpeg
Hephephippo said:
wow, thank you Bron @Bron357 this is very helpful! DH and I will try to sell as wearable piece first and if that fails, as meltable gold. Have to find a method of weighing.
Click to expand...
You can buy decent electronic scales off eBay for around $10 US (I’m in Australia hence the price showing in my Aussie dollars).
 
Here are some 24K that I would sell for melt, but too bad that I bought these when gold was $1400 per oz.
IMG_1994.jpg IMG_1996.jpg
 
I would happily buy those chains for melt.
 
Dancing Fire said:
Here are some 24K that I would sell for melt, but too bad that I bought these when gold was $1400 per oz.
IMG_1994.jpg IMG_1996.jpg
Click to expand...
Nooooooo
Those chains are definately worth more than just melt!
 
We have lots of chains -- i always kid my DH that he is trying to be some rapper who likes wearing layers of various chains. They are beautiful chains, don't get me wrong, just does not fit our lifestyle and in my opinion a jewelry is meant to be worn. If we are not wearing a piece then it doesn't serve its purpose and therefore a 'waste' for us, but likely a useful treasure for someone else! I will be in touch once we've processed this. I think we will sell via LT or here, with weight and as much detail as possible (including pictures).

Thank you!
 
Andelain said:
How much do they weigh? And how long are they?
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The top chain is 28.5" weigh 75.3 grams.
The bottom chain is 18" weigh 38 grams.
Like I said I bought these when gold was $1400 per oz. ;(
 
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Looking forward to seeing your treasures :)

Hephephippo said:
We have lots of chains -- i always kid my DH that he is trying to be some rapper who likes wearing layers of various chains. They are beautiful chains, don't get me wrong, just does not fit our lifestyle and in my opinion a jewelry is meant to be worn. If we are not wearing a piece then it doesn't serve its purpose and therefore a 'waste' for us, but likely a useful treasure for someone else! I will be in touch once we've processed this. I think we will sell via LT or here, with weight and as much detail as possible (including pictures).

Thank you!
Click to expand...
 
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