Debunking The Common Myths About Selling Gold Jewelry

You've probably seen those advertisements urging you to bring in your unwanted gold jewelry in exchange for cold, hard cash. Perhaps you've even considered trying it for yourself, but you were uncertain about the idea because you've never done it before. That's understandable. However, there are a lot of myths floating around out there about selling gold jewelry; by being aware of the truth behind these myths, you can be better informed should you decide to sell yours.

Myth 1: Your Jewelry Has to Be in Good Shape

One of the main reasons people decide not to attempt to sell their gold jewelry is because they assume it's not worth anything due to it being damaged, mismatched, or otherwise not in perfect condition. In most cases, a gold buyer, such as Estate Buying Group - Harry H. Solomon Co, Inc., is going to melt the gold down to re-use it, rather than trying to sell it as-is. Therefore, there's no need for it to be in excellent shape when you bring it in.

Myth 2: You Have to Send it in By Mail

More than likely, you've seen those commercials on television where a gold dealer invites you to mail your gold jewelry into them and receive cash in the mail. If you were skeptical of this method of doing business, your instincts are good. There are much better and more reliable ways to get cash for your gold, such as by bringing it into a local gold buyer for an instant offer, rather than mailing your gold in and hoping you receive a check in the mail.

Myth 3: Selling is Your Only Option

Do you have gold jewelry that you don't necessarily wear everyday but that you're hesitant to part with due to sentimental value? If so, and if you could still use some cash, consider asking to pawn your gold jewelry rather than selling it outright. This way, you can get the cash you need in the short-term, pay it back, and then receive your gold back as a result.

Myth 4: You'll Always Get Ripped Off

Gold buyers tend to get a bad rap for paying gold sellers less than what the gold is actually worth. However, this is simply the way the business runs; gold buyers pay less than market value because they're the ones who incur the costs of melting the gold down and trying to sell it. In this sense, sellers aren't getting ripped off. They're getting paid for the gold in the condition it's in.