Selling Gold and Sliver Jewlery: Insider tips from local Grand Rapids Coin Dealer

Unlocking value from personal accumulations of gold and silver jewelry is easy to do… if you are armed with the facts, and deal with a reputable gold/silver buyer.

The Facts: (Get even more facts by downloading our free PowerPoint presentation)

    • The “spot price” for gold (or silver) is the price per ounce of gold (or silver) on the commodities market. Like all commodities, spot prices vary wildly day-to-day, hour-to-hour, even minute-by-minute. Accordingly, prices paid by buyers fluctuate with gold and silver prices. Today’s quote is not valid tomorrow.

    • Gold jewelry comes in various karat weights… 10K, 14K, 18K and 22K. Pure gold is 24K but rarely found in jewelry. Karat weight refers to the amount of gold that particular item. Example, 10K is 10/24 gold or .4166% gold = 1 ounce of 10K equals .4166 ounces of pure gold

    • Due to impurities, refining costs, buyer fees, changing commodity prices, and risks of counterfeit gold jewelry, reputable buyers of gold jewelry will usually pay between 78%-88% of the spot price for gold jewelry depending on the volume and type of jewelry. Traveling hotel buyers and gold buying retail stores often pay only 50%-70% of spot price… often even less.

    • Silver jewelry is normally “sterling silver,” and has 92.5% purity. Similar to gold, reputable silver buyers usually pay between 78%-88% depending on spot price and volume.

    • Due to risks related to stolen merchandise, sellers need to provide two forms of identification and be thumb printed.

    • Per government regulation, 1099 tax forms (and homeland security anti-terrorism forms) must be issued for all sales in excess of $10,000.

Find a reputable dealer:

    • The dealer should be willing to assess your jewelry at no charge.

    • Ask for references.

    • Get referrals from friends and family.

Contact Mullen Coins for answers to your jewelry questions.

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