If you have a collection of gold jewelry, coins or even just a lump of gold, you may be asking yourself “what store would buy gold near me in Atlanta?” The good news is there are plenty. Before you go, though, you need to make sure you are clear on several tips for getting the best out of your gold investment. Here they are.
Know Your Scales
Jewelers use a Troy ounce, which is 31.1 grams. US scales measure an ounce at 28 grams. Know before you go what the weight of your gold is in Troy ounces, grams and pennyweights. Make sure when you find a dealer to buy gold, that they do not measure your gold in pennyweight and pay you by the gram; that is a sneaky way some dealers will pay less for more gold.
Know the Karat System
The Federal Trade Commission requires that jewelry and gold pieces sold in the United States have a karat designation of the alloy used with the gold to make it firm enough to mold and stay molded. A single karat is a twenty-fourth of pure gold by weight, so a 14 karat gold jewelry piece would be 14 parts gold and 10 parts alloy metals. To be legally “gold jewelry,” a piece of jewelry must be a minimum of 10 karats. In order to walk out of places that buy gold with a good feeling, make sure you understand the karats of every piece of gold or gold jewelry you want to sell.
Remember the Dealer Sells, too
A lot of people forget that the place they sell their gold is where other customers buy gold. That means your buyer is also a seller, so they are not going to offer you something that favors your position. That is not to say they are trying to cheat you, but do not walk into a dealer thinking you will get much more than market prices, and many times, not even that. Also, keep in mind that since gold is a cash business primarily, most people selling gold want the quick money, so they might not insist on all they could get; that is the mindset of the dealer going into your negotiation.
Know the Value
That brings up the importance of knowing the value of your gold. Understanding the market value helps you set a base upon which you can negotiate. You may not get an offer that reaches market value, but depending on how bad you want the cash, if it is close, you may decide to take the offer. If the dealer offers you much below market value, you also will know that and can look elsewhere.
Know the Dealer
This is a polite way of saying that you should not sell your gold to “Jimmy who is working out the back of his car.” There are a number of reasons for researching and knowing the dealer you will do a transaction with, not the least of which is that you will know if they have a history of swindling people. Make sure you know the reputation of the people you are selling your gold to and that you trust them.
If you are a novice, figuring out the question of “who will buy gold near me in Atlanta” is only the first of many questions you need to ask yourself. Make sure you use these tips and always be aware of less reputable individuals who will try anything to separate you from your gold. Visit Elan Diamond Group to learn more about gold and other jewelry!