A Guide To Selling Your Gold Jewelry

If you have gold jewelry you don’t need any more, you might be wondering where you can sell it and how the process works. These days you can sell your gold to pawn shops, local jewelers, and even online, and with so many options, it can get a little complicated finding the best and safest option for you. So here is a quick guide to help you find, sell, and get paid for your gold jewelry. 

Gold Selling Checklist 

1.) Find a local jewelry store that will buy your jewelry. While you might be tempted to sell at a pawn shop, your local jewelry store is a great place to sell. It is a safe and convenient option. 

2.) Understand what your gold is worth. Having an understanding of current rates will help you determine what your gold is worth. Typically you can expect to receive 75-80% of the value. It helps to get an appraisal first, so you know what you can expect when you sell. 

3.) Don’t forget about taxes. If you profit from selling your gold, the IRS will expect you to pay taxes on those profits. Keep a detailed account of how much you are selling and for what amount to help you accurately file your taxes. 

4.) Protect yourself by taking pictures and documenting the process. 

5.) Be realistic. You will get paid for the amount of gold jewelry you are selling; however, the company you sell to has to charge for refining the gold. 

6.) Watch out for scams. Unfortunately, plenty of scammers out there will try and take advantage of you. Try to work with local and reputable jewelers to ensure that you get a fair price and have a safe and documented transaction. 

At Stephen Allen Jewelers, we provide upfront, honest, and safe options for you to sell your gold. We can assist in your appraisal and even buy the gold from you if that’s the option you decide to go with. If you are new to selling gold, we are happy to answer any questions you might have, so feel free to visit us in-store or contact us for more information.