General Question

marmoset's avatar

Tips for selling a gold ring to a gold shop?

Asked by marmoset (1311points) November 16th, 2023 from iPhone

Lovely ring but from a long-ago relationship.

I’d be happy to try consignment, but I don’t know if it would do well because the gem is just a peridot and has an inclusion that’s easily visible to the naked eye.

If I subtract the estimated gem weight, it seems to be c. $300 worth of 18K gold.

If I were just selling it for the melt value, would any other factor matter? (Which gold shop I choose, how I’m dressed, what I say?) If helpful I have the original box from the (high-end but not household-name) jeweler who handmade it.

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5 Answers

zenvelo's avatar

You won’t get more than the value for the weight of the gold. The stone is just about irrelevant,

You can call ahead and ask what they are paying per gram. That way, you won’t feel like they are judging yo by your clothes.

Tropical_Willie's avatar

Gem is not part of the price, you will get a percentage of melt value. 14KT is about $35 USD per gram. Woman’s band would bring (35X8X.80) about $ 224.

elbanditoroso's avatar

Beware of local gold buyers who have those big signs up that say “We Buy Gold”. As I understand it, they lowball you – first, on the purity of the gold, and second, on the price they will pay.

A real jeweler, with a long and good reputation, is better. But watch out for their commission, which may be high.

And absolutely do not leave the gold with them (without you being there) while they decide. You may never see it again.

I researched this a couple years ago – there are several reputable gold exchanges that have long histories and certifications, and do their business by mail. I sold some jewelry with one of them, and they were quick and above board.

Blackwater_Park's avatar

IMHO, you’re much better off selling the ring as-is to a private buyer.

SnipSnip's avatar

I’m glad you asked the question. I have an envelope full of gold items I would like to sell but have no idea how to go about doing that. I assumed the “We Buy Gold” people might be sketchy because of the tacky signs. I still don’t know where to go but have confirmation of where not to.

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