The following content is created in consultation with Wilshire Coin. It does not reflect the work or opinions of NBC Los Angeles' editorial staff. To learn more about the Wilshire Coin, visit Wilshirecoin.com.
Selling your broken scrap jewelry and unwanted estate jewelry can net you a large payout on items that would otherwise just collect dust in your home.
But before you jump at the opportunity, it's critical that you identify a trustworthy buyer who will recognize the value of your jewelry, as well as do your homework before selling.
That's why Wilshire Coin is here to help. With over 60 years experience in the precious metal market, Wilshire Coin's friendly staff of passionate experts will treat you like family while getting the most for your valuables, from platinum jewelry to rare coins.
To get the most for your scrap and estate jewelry, follow Wilshire Coin's eight helpful tips.
- Use sites like Yelp and Google Reviews to screen precious metal-buying stores near you. If you don’t like what you’re seeing, travel a bit of distance to find a trustworthy operation. If it makes sense, don’t ever be afraid to travel -- getting an extra 10-20 percent for your jewelry can be worth hundreds and even thousands of dollars. Don’t sell to your local gold buyer when you could have made an extra couple hundred dollars by driving ten more miles.
- Pre-sort your gold jewelry by karat -- the common jewelry karats are 10, 14, 18 and 22. 90 percent of all gold jewelry will have the karat stamped somewhere on the piece. If your gold is unstamped, the gold buyer will be able to identify it with an Acid Test or XRF Assay. Also, make sure to account for precious stones -- most have little value compared to the gold in the piece. Although large diamonds, sapphires, jade and emeralds are a different story, and any reputable Gold Buyer will include additional money for certain resalable precious stones.
- Know the percentages: 10k gold = 41 percent pure; 14k = 58 percent; 18k = 75 percent; 22k = 91 percent.
- Get an idea what your gold is worth. Find a scale that weighs in grams and pre-weigh your gold by karat. Gold is traditionally bought and sold in grams and troy ounces. The per ounce price of gold can be found with a quick google search. Beware of lesser known and confusing measurements like “pennyweights”.
- Bring your Driver License! All scrap metal sales require a government issued ID (And if you want to come to Wilshire Coin, you can bring your dog -- we love dogs!).
- Don’t be afraid to price shop by phone before you sell your gold. Beware of gold buyers who will not quote you (or at least give you an estimated range) before you come in. Reputable buyers will always give you a quote even if it is just an approximation.
- If you get multiple quotes, don’t share your previous quotes with anyone. If a gold buyer knows what someone else is going to pay you he or she will probably just quote you a bit higher.
- DON’T FORGET ABOUT SILVER! Most gold buyers will also buy silver as well. Silver is roughly 1/70th the value of gold so don’t expect much money for a couple odd pieces of jewelry, but if you have some of Grandma’s old Sterling flatware or tea set it might be worth a pretty penny.
To learn more about Wilshire Coin and their expert staff, visit Wilshirecoin.com. And don't forget to mention “NBC4” for a special free gift when you buy or sell more than $100 worth of gold or silver.