If you have ever tried to sell old gold or jewelry, you have likely experienced what an extremely difficult situation it can be. It is very possible to leave any cash for gold location with a bad taste in your mouth after trying to sell some unwanted gold or jewelry. That said, there are great things you can do to make sure you are not ripped off and ensure that the process is a bit more to your liking. Ultimately, we are trying to get more money for our gold, so we need to hone in our a few negotiation skills. Here are some things you can try to get the most cash for gold:
Do your research, understand karats and current pricing
Before you leave to sell your gold, make sure you do the proper research. Understand what karat your gold is, and what this means. Your jewelry likely isn’t solid gold, instead it is a certain percentage (measured in karats). Knowing the weight of your jewelry, how many karats it is, and the current price of gold is very important. This will let you do some simple math to come up with the current market value of the gold in the piece of jewelry.
Naturally, you won’t get this amount for your jewelry (and you need to understand that), but it will give you a great starting point when negotiating.
Determine the amount you want to get before you start
After you’ve done proper research on your piece of gold or jewelry, make sure you think of a number or dollar value that you would like to receive for it. If you are in need of some quick cash, you may be willing to let it go for a little lower in order to sell it quickly without the hassle of the back and forth, however, if you aren’t in need of money right away make sure you have a number in your head. This way, when you sell it for more than the number that you wanted, you will consider it a success.
Always be ready and willing to walk away
This tip is very important. Don’t be afraid to say no and simply leave the store. Worst case you can always come back and take their last best offer. It can be quite difficult to do this when you are not experienced with negotiating, as it can be a nerve-wracking adventure and you can often get excited when there is a bit of movement in price on their end.
One of the best things you can do in negotiating is to walk away, so don’t be afraid to do just that.
Be sure to try multiple locations
If you live in a highly populated city, there are likely dozens of boutiques or local jewellers that are willing to pay decent money for your old gold or cash. Just search for local cash for gold locations before heading out to sell. Even if you are in a local community (like Halifax or Moncton), chances are you still have two or three spots where you can sell your jewelry. Get quotes from as many locations as possible before letting go of your jewelry.
Be sure to voice this fact at each location, as it can be used as a good negotiation tool. After you’ve countered back and forth on a price, let them know that you will keep it in mind, but would like to shop around a bit more. This may be exactly what is needed to get them to increase their price to what you are looking for.
Try online cash for gold companies
Don’t rule out the online cash for gold companies. There are many great companies that deal primarily online that let you get a lot of money for your old gold or jewelry. The unfortunate part about these companies is the fact that you have to send your gold in before you get a price, which means you do not get to negotiate at all. The price they offer you is the price you get. Often times if you reject it, you’ll need to pay shipping and handling in order to get your jewelry back.
Even if you do not decide to go with (or even try) the online option, be sure to mention it to the jeweller that you are considering it. If they suspect you may sell your gold online instead of in store, they may be willing to raise their offer a little.
Bring a friend with you
If you are not great at negotiations, consider bringing a friend who is. If nothing else, it will be a good experience for the two of you to do this together. It is much more difficult and nerve-wracking to visit these cash for gold locations on your own vs having someone there for support.
Another great reason to bring a friend is that you can use them in the negotiation process. Reference an old cash for gold deal they had done with a similar company (even if it might be made up) in order to get the jeweller to budge on their offer.
Don’t get attached to your jewelry
If you are set on selling your jewelry, make sure you are not attached to it in any way. This will definitely influence how well you negotiate and the ultimate price you get for the piece. Consider the jewelry simply a piece of gold, with a certain weight and karat measure, nothing more. If you can get yourself into this mind set you are likely to have better success when it comes to negotiations.
Use your poker face
During negotiations with any cash for gold jeweller, there is going to be a lot of back and forth. Often times, they will even take out the cash and lay it on the table right in front of you in order to tempt you into taking a lower price. Once money is on the table, it is often difficult to keep your emotions in check, especially if you are really in need of it.
For best results, don’t let the sight of money affect you at all. Make sure to keep a straight face (like a poker face) and keep calm.
Get a real offer, not a price range
Many cash for gold locations and jewellers will give you a price range instead of a specific offer. They may say, “Oh I could do between 50 and 80.” Make sure you come back and tell them to give you an offer. This way if you do ever walk away from the negotiations, or decide to shop around first, you will have a much easier time coming back and selling it for the agreed upon price.
Having to sell your old jewelry, gold, or other precious metals, can be a very stressful time, especially if you are in need of the money immediately. However, it is possible to get much more money for your old jewelry than you may think if you follow the above steps. Make sure you are comfortable selling at the price you agree upon before ever committing to anything. As soon as you agree to a sale, it is final. Always leave yourself an out if you are unsure if you want to follow through – you can likely always go back and sell it later.