Many people decide to sell their gold jewelry for extra cash because it is damaged, unwanted, or broken in some way. They can sell this gold to a pawn shop or a shop that specifically buys and sells gold to other customers. In order to receive the best price for one’s gold products, one should be informed and well-educated regarding established practices of buyers, appraisal of gold products, and terminology associated with this trade.
Typically, a customer will walk into a store and wish to sell his or her gold bracelet or necklace. The Gold Buyer will then inspect the item for total weight, karat value, and any wear and tear that may bring the retail value down. Reputable buyers will inspect and weight the item in front of the customer to ensure no cheating is happening. Karat values range from 24 to 10, with 24 being the highest attainable gold standard and 10 being the lowest. 24 karat gold means the object is made of 24 parts gold and no other metals, while 12 karat gold means it is made of 12 parts gold and 12 parts other metals. Because gold is a softer metal, it is susceptible to scratches, dents, and dings, that may come with owning and wearing a piece of jewelry for a time. All of these minor blemishes can bring the value down for the customer.
Customers can also choose to have their gold appraised by a neutral third-party appraiser, who has no intent to sell or buy the piece of gold. Appraisers are known for their fair estimation of gold products based on the current market value for similar strands. Some terminology that fills the world of a Gold Buyer include assay, bid/ask, and oxidation. Assay is a test that determines the metal’s purity, while bid/ask refer to interactions between the buyer and seller. The seller of the item will often offer a price, which is called the ask price. However, a bid worker will tell the price the buyer wishes to pay for gold. Oxidation is the darkening of metals other than gold as a result of acidic perspiration. Call the Sam Light Loan Company today to see how it can help sell one’s gold for a reasonable and satisfactory price.Add to favorites