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Since antiquity gold has been a symbol of wealth, power, and position. It was popular because of its value, aesthetics and malleability. It’s popular today for those same reasons. If you have gold jewelry you no longer want, it’s possible to turn it into cash. But before you do, here are some things you need to know about selling jewelry in Atlanta, GA.

Quality

Know the quality of the jewelry you plan to sell. Karat is a measure of the purity of gold jewelry. A jeweler, pawn broker, gold refiner or scrap gold dealer will buy your old gold jewelry at a price based on the weight of the gold content, less a handling fee. Jewelry can be 10-, 14-, 18- or 24-karat gold.

24k gold is 100% gold. 14k gold is 14 parts real gold and 10 parts other metals, or 58% gold and 42% other material. When you sell jewelry for gold, you’re paid only for the parts that are pure gold. The jewelry is melted down, the gold extracted, then resold. If a jeweler has an in-house designer, they may use it to create new jewelry.

Weight

Pure gold is typically sold by the ounce; karat jewelry is usually sold by the gram. You have to convert ounces to grams to determine the cost of gold in a particular piece of jewelry.

Sellers need to pay close attention to the way their gold is being weighed and how they’re being paid. Some buyers weigh gold using pennyweight (1.555 grams), then pay out by the gram. This practice gives them a larger profit. You want the same method to be used for weighing and paying for the gold. 

Appraisals

It makes sense to sell gold for weight when you have broken pieces or earrings without a match, but antique, designer, or intricate pieces should be appraised before you sell. Some pieces are more valuable if they can be resold. In other cases, you may decide a piece has more sentimental value than the price you can get. 

Reputable Buyers

Your best option is to sell to someone who has developed a good reputation in your community. If that isn’t possible, when you find a buyer, check with the Better Business Bureau to see if there have been complaints, and find out if they belong to a professional trade association, such as Jewelers of America or National Pawnbrokers Association.

Be wary of transient buyers who set up in a hotel or mall and be careful with online buyers. Never ship your jewelry to, or leave it with, a potential buyer without photographing and documenting the pieces, and always read and understand the fine print. 

Cash for Gold

Shop Around

Offers can vary significantly, so you always want to get multiple bids. 

Be Realistic

Know the current market price for gold. Understand that you won’t get that price, but knowing it will give you a frame of reference. Even if you have a pile of gold estate jewelry to sell, by the time it’s melted down and the impurities are removed, there may not be as much gold there as you had hoped. So temper your expectations and don’t expect to get rich.