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If you’re intrigued by businesses that advertise “We buy gold for great prices!” then you might be in a special kind of gold rush — a rush to collect your gold and sell it for great prices, that is. It may seem simple to sell gold — you just plop it on a counter and get an asking price, right? It’s actually a touch more complex than you might expect, at least if you don’t know what you’re doing. And remember, some places that buy gold may hope that you don’t know what you’re doing so they can buy your gold for less than it’s worth.

It’s simple and profitable to sell gold for cash if you follow this general advice. Here are the things to consider before you trade gold in for cash.

What to Sell For

Gold isn’t just exchanged at a basic rate. Any gold jewelry and products that you own can be sold as a collectible or as scrap gold. You should have your gold appraised before you try to sell it. Figure out the value of your piece of gold so that you know whether it’s a collectible or scrap.

Selling gold at collectible value means selling jewelry or other gold pieces that have high value in their current state. Designer watches, antique rings, and other gold jewelry in excellent condition will have a higher collectible value than scrap value because the piece as a whole is worth more than the basic gold parts that make it up.

Damaged or unappealing gold can still be sold for scrap value, which is the value of the gold itself. Scrap gold can be reused and is bought at a lower price. If you want, you can estimate the value of gold you own by weighing it and calculating its value based on the current price per Troy ounce, which is 31 grams.

What You’re Selling

If you feel that any gold that you wish to sell has collectible value, then try to get together any documentation, like receipts or certificates, that verify the authenticity, age, purity, and even historic value of the piece. Try to find proof of the gold karat amount, or the purity of a gold allow that may have copper, zinc, or nickel mixed in it. How much actual gold is in the “gold”? You may also want to consider having damaged jewelry repaired, because a small investment in repairs can increase the sell price dramatically.

Gold Watch

Find the Right Buyer

There are many places that buy gold in Atlanta, but you should do your research to make sure you choose the right one. You want to find an honest buyer and be realistic about the amount you hope to get from selling your gold. An honest buyer will gladly consider documentation that you can provide, as well as an appraisal amount that you’ve independently received.

So, if you’re asking yourself, “Which of the places that advertise ‘We buy gold’ near me will pay the best price?” Start with Elan Diamond Group, the most selective and professional Atlanta gold buyers offering the best customer service in the area.