How To Sell Your Gold Without Getting Scammed

Along with the rise in cash for gold transactions, the chances of getting ripped off have also increased. Some people who sell gold end up either underpaid or unpaid; and most people do not get the value that their gold deserves. Avoiding scams while getting a fair price can be difficult, so before exchanging your gold for something else, you have to be informed.

A Last Resort

This applies especially for those who are not sure about selling precious metals and jewelry. Gold has its time to shine; sometimes it is best to wait until its market price is better before selling it right away. Plus, some of your precious pieces are worth keeping, especially those that have been in the family for generations. Let go and sell gold only as a last resort, surely you can think of other ways to earn money for the meantime.

Do Your Research

If you eventually decide to go for it, look around for possible dealers or stores. With the help of Better Business Bureau, you can find out whether such dealers or companies have complaints filed against them. Another thing you need to research on is the market price of gold, so you have an idea on how much to get in exchange.

Examine Your Pieces

You have to know the karat and the weight of each piece separately for the best value when you sell gold. As for the karat, remember that pure gold is 24 karats. If you have an 18 karat ring, it is 75% gold, so you can expect to get as much value.

While you can measure the weight on your own using a standard scale, jewelers use a Troy ounce as the standard measurement of weight. 1 Troy ounce of gold is usually measured as 31.1 grams. Other jewelers use a pennyweight, which is equivalent to 1.55 grams. You want your pieces to be measured using a Troy ounce rather than a pennyweight because otherwise, the buyer gets the better deal.

Go Local

Get a base price for your pieces before deciding where to sell gold eventually, whether online or through brick and mortar stores. Visit reputable jewelry stores, dealers or pawn shops (around four of them) and ask them for the value of each piece. Remember that if the local store weighs the pieces all together, they are probably doing so to give you a low karat value.

What to Avoid

Weighing pieces together is a reason why you do not want to join gold parties. If you have not heard of such gatherings, these are organized parties where people who are looking to buy or sell gold come together. Some of their deals run by putting all the gold together and paying the sellers with the lowest karat value.

Others to avoid are the so called rogue buyers who pop up in town and sweep the area off its gold with low prices. Steer clear of dealers who run late night ads you just never know. And when you go to a buyer, check for credentials: legitimate buyers are licensed by the state and required to ask sellers for identification.

These days it is easy to sell gold, but it is quite a risky business. You have to be cautious when doing your transactions. There are many buyers out there who are looking to buy at unfair prices. Do not settle for less than your pieces' value.


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A fast way to earn money is to sell gold jewelry and other precious gems. Selling jewelry is becoming more and more popular these days since the economy is so bad, you should try to sell your old and unwanted jewelry.