If you've been considering selling the unworn and out of style jewelry that's collecting dust in the bottom of the jewelry cabinet, there has never been a better time than now. The past few years have shown record growth for gold prices. With the state of the economy being so uncertain, investors are eager to purchase gold to hedge against inflation. Before you ransack the jewelry box though, it's important to know the best places to sell your gold and how to get the best price. Here are a few tips to get you started. 

How the Gold-Buying Business Works

When you sell your gold, the most important thing to understand is the difference between the retail value of the item and the melt value.  

• Retail Value

The retail value is the cost of the jewelry if you were to purchase it in a store.  

• Melt Value

The melt value, which can also be known as scrap value, is how most gold dealers measure the value of your piece. This value is often less than the retail value would be, unless the item has a unique qualifying factor that makes it considerably more valuable. 

Where to Sell Gold

There are many locations that will buy gold, including pawn shops, gold parties and jewelry stores. While any of these places would be a fine choice, it is often more convenient to try selling gold online. Instead of inconveniencing yourself by researching, making arrangements over the telephone and then driving around town trying to find the location, it's often easier to sell online without leaving the comfort of your own home. 

Without having to deal with any face-to-face interactions, you can simply find a reputable gold buying company online and drop the gold pieces into a sealed envelope into the mailbox. It's easy, straightforward and you may even be able to get a better price for your gold pieces. 

Remember, time is money. The more time you spend calling local businesses and driving all over town may prove to be more hassle than the gold is worth. Get top dollar for your jewelry by finding a trustworthy online company to conduct business with.