With the tough economic times and high price of gold right now, it is a perfect time to cash in on your gold and diamonds and get out of debt. Gold prices continue to hit all-time highs, so you can get thousands of dollars for gold jewelry that would have been worth hundreds only five or ten years ago. There’s no need to keep old jewelry and diamonds lying around if you don’t wear them when you can make thousands in cash for them and help yourself get ahead financially.
Besides gold prices hitting all-time highs, diamond prices are also high right now, making it an opportune time to sell your diamond jewelry and loose diamonds, or trade in old pieces you never wear for new diamond jewelry.
How to Sell Your Gold
Before you sell your gold, know the karat weight and seek an expert’s appraisal of your jewelry if possible. Gems Trust is an expert in evaluating gold jewelry. Jewelers will pay you depending on the weight of your gold jewelry. Since the higher karat values contain more gold, they are worth more. Make sure when you go to sell your jewelry that the buyer weighs different karat values separately so you get a fair price.
How to Sell Your Diamonds
Selling your diamond jewelry can be more complicated, as the value of diamonds varies by so many factors, including the clarity, cut, carat amount and color. Furthermore, you may get a different offer from each jeweler you talk to, making the true value of the diamond unclear. Here are some tips for selling your diamonds:
Have a jewelry appraiser – preferably one that does not buy or sell diamonds – appraise your diamond so you get an idea of its quality, authenticity and worth. If you don’t have the money for an appraisal or your diamond is worth less than $2,000, bring the diamond to different buyers or pawnbrokers to get several estimates on its worth before you sell it.
Where to Sell Your Gold and Diamonds
You can sell your gold and diamond jewelry to jewelry buyers or pawn shops. Jewelry districts such as the Diamond District in New York City on West 47th Street between Fifth and Sixth avenues and the Diamond District in Los Angeles from 5th Street through 8th on Hill and Broadway streets, are excellent places to sell your diamonds and gold, as you can take your jewelry to several buyers within a close vicinity and go with the one who offers the highest price.