Life can be unpredictable and, at times, very expensive. Everyone can use some extra cash. A popular method of making a few extra dollars is by selling gold jewelry. While selling gold may seem like a simple and profitable process, there are a few precautions that all sellers should take in order to maximize their earnings. 

Know the Market

Most people are not jewelers by trade. Before going on your quest for the perfect buyer, it is important to study the market in which you will soon be. Knowing how the process works can optimize your final pay out. One point that may stand out for sellers is that the scales use in  the world of jewelry are not the same as the scales used on a day to day basis. Jewelry is measured in troy ounces. While a normal ounce is 28 g, a troy ounce is 31.1 g. In addition, a unit of measurement called the pennyweight (1.555 g), is what is used to measure gold pieces.

Alongside the difference in the measuring system, it is also beneficial to understand how karats work. Gold is too soft to mold into jewelry. Because of this, gold alloys are used to craft jewelry. A karat represents 1/24 of pure gold. A 15 karat gold ring contains 15 parts gold and 9 parts other metals. Before selling gold jewelry, be sure that pieces are separated by karats so that they are weighed and priced correctly.

Decide What to Sell

Once you have collected your data, figure out what you want to sell. Pay attention to the jewelry itself. When selling pieces as gold, you are strictly selling the materials to be melted down. If an item is extraordinarily ornate, it may be in your best interest to try selling it as a piece first. If your items are products of well renowned companies, the designs may be far more valuable than the gold.

After years of building a jewelry collection, letting go of your pieces may be hard. Whenever you decide to sell anything, it is very important to protect yourself. Before making or taking any offers, organize all of your jewelry and take some time to look into the gold selling business so that you are sure you are getting the absolute best offer for your precious gems.