In a constantly evolving world, there are many reasons that may prompt one to sell their antique gold jewelry. This could be due to family inheritance, a change in style, fashion, or taste, a new family or financial situation, or the inability to repair antique jewelry due to excessive costs.
To successfully sell jewelry, gold pieces, and bullion, careful preparation is essential. With this in mind, this guide aims to explore three main steps: the underlying motivations for selling gold, the preparatory phase which includes inspecting hallmarks and staying updated on the current gold prices, the concrete steps to sell jewelry based on the weight of gold, and the choice of a gold buying store.
Why sell your gold jewelry?
Family jewelry inheritance
Selling gold jewelry after a family inheritance can be motivated by various reasons. Firstly, it may stem from an immediate financial need, especially if the inheritance includes high-value, signed jewelry and liquidity is required to meet urgent expenses. Additionally, some heirs may prefer to convert gold jewelry into cash to fairly distribute assets among beneficiaries.
For those wishing to preserve the family legacy in a more abstract way, selling gold jewelry can be an opportunity to invest in meaningful projects or create a fund dedicated to the memory of the deceased.
In summary, selling gold jewelry after a family inheritance can be a complex decision, often driven by practical needs or personal considerations.
Change in Style and Fashion
Selling your gold because it’s out of style is a more common step than one might think. Trends change quickly, and it’s legitimate to want to update your jewelry collection to align with your current style. Selling your gold jewelry allows for a win-win situation: some people will find joy in purchasing them from a jewelry specialist, and you’ll be pleased to receive money to invest in jewelry that suits your current preferences.
Change in Family and Financial Situation
Selling gold and jewelry by weight is a quick way to obtain a rapid payment. In this article, we will explore essential steps to efficiently sell gold when there is a change in family situation and financial difficulties arise.
Costly Repair and Maintenance of antique Gold Jewelry
Some family heirlooms may not have been well-preserved and might have been mistreated over time. A broken chain, a lost diamond, a damaged clasp, a cut ring band—these can represent a significant cost for repairs. This is why such jewelry, despite its sentimental value, often ends up in gold scrap or is sold by weight for melting.
However, it’s worth noting that certain stores and jewelers may purchase these items to restore them, preventing them from being melted down.
How to sell your gold?
To optimize the sale of your gold and jewelry, it is advisable to examine your jewelry before presenting them to professionals.
Quick appraisal scrap gold and antique Jewelry
Before offering the gold for sale, attempt to locate a hallmark.
- 18-karat gold is indicated by the eagle head, the owl, and the horse hallmarks (other hallmarks may be more challenging to recognize).
- 14-karat gold is identified by the shell hallmark.
- 9-karat gold is signified by the three-leaf clover hallmark.
By conducting this quick expertise of your gold items and antique jewelry, you’ll be better equipped to communicate their karat value to professionals, facilitating a more informed and efficient selling process.
Please note that gold buying prices vary based on the gold fineness. This is entirely normal since a 9-karat gold piece consists of only 37.5% gold, while an 18-karat gold piece is composed of 75% gold.
If you cannot find any hallmark on your gold, the professional will identify its composition. They may use tools such as a spectrometer or a “touchstone kit” to determine the gold fineness of jewelry, whether it’s 9k, 14k, 18k, or sometimes 22k.
Check the gold price
If you intend to sell your gold, it’s crucial to stay informed about the current gold price on specialized websites. At present, the price is exceptionally high, ranging between 58 and 60,000 euros per kilogram.
Simulating the calculation of the price of the gold weight
Let’s consider a scenario where the gold price is 58€/gram, and it’s 18 karats (equivalent to 75% gold): 58 x 75% = 43.5€.
Next, weigh your gold: weight of your gold × 43.5 = Potential gold buyback price
This price may vary based on factors such as the presence of gemstones, signatures, and the resale potential of specific jewelry, among other considerations.
Where to sell antique gold jewelry?
We are currently in a period where selling gold is advantageous. Gold has increased by over 15% during the year 2023. It’s the right time to sell, indeed, but caution is needed, and not all places are suitable. Here are our recommendations:
1) Start by having your jewelry appraised by an expert, an antique dealer specializing in vintage jewelry, or a certified auctioneer if they are also a gemologist. Maison Mohs provides free appraisals within 48 hours so that you can determine the value of your antique jewelry and precious stones. We can provide you with an estimate for gold buyback, often exceeding the current gold price if the jewelry is in good condition and in fashion.
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2) Separate your jewelry into good and damaged condition: Jewelry in good condition can be worth more than damaged pieces. Don’t overlook damaged jewelry too quickly; some companies may buy them to restore. At Maison Mohs, we occasionally purchase broken and damaged jewelry to repair and restore. This way, we preserve our French heritage and give a second life to a piece that could have otherwise been melted down.
3) Be aware that jewelry sold for scrap and by weight goes to melting. If these pieces hold sentimental value and you must sell them, remember that other options exist to save them, at least for others who will be enchanted by your jewelry. Help us preserve your antique jewelry and find new owners for them.
BEWARE OF SCAMS
- Your identification must be presented.
- Antique jewelry and gold scraps sold for melting must be weighed in front of you.
- During the sale, a receipt or buyback contract must be provided.
- Cash payment is strictly prohibited for gold buyback to combat theft and trafficking.
- You have 24 hours to change your mind and reconsider.