How to sell jewelry in Orlando

How to sell jewelry in Orlando..reprinted fro WikiHow

There seems to be a gold-selling craze going on right now but how do you know that you’re really getting what your gold is worth? WikiHow can help you navigate these treacherous waters and get you to the treasure you deserve. Just get started with Step 1 below.

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Knowing Your Options
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Try to avoid selling to jewelry stores. Jewelry stores are most likely not licensed to buy your gold jewelry. This means if something goes wrong, their gold-buying license cannot be revoked. They also don’t have calibrated scales checked by the department of weights and measures. Lastly, a jeweler will try to convince and pressure you to purchase an item in their store. This can be an uncomfortable situation when you’re only trying to sell your jewelry. However if you do visit a jeweler, get referrals from your friends on facebook or check google or yelp reviews. Selling to a jewelry store is a quick and safe option, but you may not get as much money from a jewelry store as you would if you chose to sell to a gold buyer.[1]
The price that a gold buyer will give you for your jewelry is based on the price of gold for that day. However, keep in mind that that price is based on 24 karat gold, which is 100% pure. If you have a 14k gold piece, it’s 58.5% pure, so at most you would get 58.5% of the price for gold on that day. To find the current gold price, visit https://www.kitco.com.[2]
If you want to sell your gold online or to an individual, is it still a good idea to visit a jeweler in your area for a written appraisal? Actually an appraisal won’t help at all. An appraisal is something you pay a jeweler for so you have paperwork to insure your items. It’s usually miles above what you paid for your jewelry. If you want to know the true resale value of your gold jewelry, see what one of them will actually offer. [3]

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Avoid Hotel buying scams. These companies come in for 1-day only to try to buy gold as cheap as possible and once you realize you were taken advantage of, they are gone. Trust a company that at least has a presence in your local community with a good reputation.

How to sell jewelry in Orlando

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Avoid selling to pawn shops. Pawn shops are in the business of paying the least amount of money possible for something that they can sell, so it’s best to avoid going to a pawn shop if at all possible. Not only are they less likely to recognize high quality pieces, but they are also manipulative by nature.
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A gold buyer may be your best option. Buying gold is their only business so there aren’t any other motives to try and sell you another piece of jewelry. Gold buyers are licensed by the Department of Justice as well as with their local police departments. This is to provide a service to the community to be able to recover any gold they buy from any unscrupulous characters. Also their scales are calibrated by the department of weights and measures to ensure you have a fair and accurate reading.
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Shop around. Always get multiple quotes before selling your jewelry. Different stores may offer lower prices than others, depending on how much of a cut they take and whether they can recognize special pieces.
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Know what affects the price you get.

1. Karat of your jewelry. 10karat gold has 41.7% gold content, 14 karat has 58.5% gold content, 18 karat has 75% gold content, and 24 karat is pure gold. 2a. Weight of your items. For most items that aren’t designer gold pieces, your gold jewelry will be determined by the weight of the gold. 2b. Remember that if your jewelry has precious or semi-precious stones, the weight of those will be deducted and not paid in gold weight. As an example, if your ring weighs 3 grams with a large amethyst, they will pay you based on 2 grams of gold and factor 1 gram for the amethyst stone. 3. Price of gold for the moment or day. The price of gold varies by the second and the most accurate price is the Bid Price on Kitco.com. [4] . 4. Designer pieces will be compared to other designer pieces that have sold on sites like Ebay and Worthpoint. Remember these sites take a cut between 10-15%. 5. Profit Margin of whoever is buying your gold.

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Know what you have in your collection. Most of the pieces that you sell will be melted down, so don’t expect something to be worth more just because it’s a wedding ring.
A good point of reference a gold buyer uses is, “what will this cost me to remake this item brand new?” It’s usually not much over the melt price unless it’s a very intricate piece. Even then would it be a re-sellable item? How many people are looking for used gold? For people looking for used gold, do they expect a good deal?

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Should you check with the BBB before you sell? The BBB is the last place anyone should check because not only is it a privately held company, but they extort businesses to sign up with them. The BBB has absolutely no government authority although they position themselves that way. The BBB simply sells businesses the ability to place their logo on the company’s website or sales sheets. [5] .
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Selling to A Dealer
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Before you visit a gold dealer you want to organize your gold. By organizing your gold before your visit, you will save the gold dealer time. Since time is money, the gold dealer will be more likely to pay you more if you don’t waste his time. Begin by removing as many of your items in your collection that are imitation gold. The best way to start this process is with a strong magnet. Anything that sticks to the magnet is very, very likely not solid gold. If anything besides the clasps stick, it’s probably best to leave those items at home. However, you should bring all of it and let the experts determine what’s gold and what isn’t. The worst that will happen is they will just not buy it. [6]
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Sort the gold. Use a magnifier to check the little labels on the gold for “10k,” 14k,” and so on.[7] This number refers to the karat, which tells the percentage of the gold piece that is pure gold. The higher the number (up to 24k), the purer the gold. Separate the jewelry by karat, and then place the jewelry into separate Ziploc bags or containers. Also watch out for R.G.F, “rolled gold filled”, H.G.E. “Heavy Gold Electroplate”, 1/20th 12k “This is heavily plated with 12k gold”, E.P. “Electroplate” Separate these pieces from the other gold jewelry that you have.|}}[8]
EXPERT TIP
Kennon YoungKENNON YOUNG
Master Gemologist Appraiser
Did You Know? If your piece is stamped with GF, which stands for “gold-filled,” then the jewelry is just gold on the surface. Separate these pieces from the other gold jewelry that you have.

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Go measure the weight for each type of gold you have. It is best to measure in grams, though many gold buyers will use a special weight system called a pennyweight or a Troy ounce, so don’t be surprised. Gold is priced out in Troy Ounces, and exactly 1/20th of that weight is 1 pennyweight. This means exactly 20.0 pennyweights are in 1 troy ounce. You can also convert Troy ounces to grams but it’s not as simple of math because there are 31.1035 grams in a troy ounce. If you do not have a scale, you may be able to use one at your local post office. However if you go to the post office, keep in mind that ounces and troy ounces are different units of measurement. 1 ounce is 0.911 troy ounces. [9]
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Get quotes from the buyers. Now that your items have been sorted and weighed, it is time to get quotes. You should get at least three quotes. Start off with phone quotes. Get a quote by telling them exactly how much weight you have of each karat of gold and ask for a total payout amount. Be wary of companies that only quote a “price per gram” because they may only be referring to 24karat gold. Always try to get a price for “What will the total payout be when I walk out the door?” If any place won’t give you a phone quote with an adequate description of what you have is probably hiding their prices because their payouts are terrible. If a place does give you a phone quote, ask them if there are fees they are not disclosing over the phone (many times there are).
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Visit the gold buying location. If they don’t have a physical location, or are only a “Mobile service”, DO NOT sell your gold with them. Any licensed gold buyer must have a business license and you cannot obtain this type of business license without a physical location.
1. Let them make the first offer. Anyone who asks you, “what do you want for this?” isn’t trying to make you a fair offer. Any reputable gold buyer will make the first offer without having to ask this ridiculous question. We all know the answer is, “I want the most money!” 2. Make sure your gold is tested in front of you. Don’t let them take your gold to the “back” or out of sight. This shouldn’t be necessary and should make you uncomfortable. 3. If you leave and their offer goes up by double or triple, DO NOT go back. They just tried ripping you off. Why would you like to do business with a company like that? 4. Make sure they are explaining what they are doing. Many places might need to take a sample of your gold before making a formal offer, but make sure they get your permission to take a file to your jewelry if you aren’t sure about selling it. 5. Sell your items. Any legitimate gold buyer will require a signature, ID Card, and thumbprint. These are required and anyone who doesn’t do this could be operating illegally, and you should really avoid these places. Most places will pay you by check, paypal, venmo, zelle, cashapp, Applepay, wire transfer, or cash. Try to avoid taking cash when walking out of a gold buying store. You never know who may follow you out of the parking lot with a big wad of cash. For the most safety, avoid any gold buyers who pay cash at all, because they don’t have a reputation for paying cash.

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Do your research. Before you go to the place that gave you the best phone quote, check them out on google, facebook and yelp.com.
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