Friday, February 24, 2012

$$$ for Gold-Part 4

Happy Friday loveleigh's!

Today is Part 4 of my gold/jewelry selling journey. I decided to list the rest of the items on Craig's List. (I could do a whole post or series of posts on Craig's List....maybe in the future I will!) I had the prices Precious Metals & Gems had told me, so I figured I would try to get a bit more by selling it myself, and if I was unsuccessful, I could always go back and sell it to them.

Here is a comparison of what they would have bought it for compared to what I was able to sell it for:

3 Ladies Watches: $1 each ($3 total) - I sold them on Craig's List for $5 each ($15 total)-Made $13 more
Coins: $85 - I sold them on Craig's List for $104-Made $19 more
Pocket Watches: $120 - I sold them on Craig's List for $160 - Made $40 more

I ended up getting $72.00 more by selling some of the things myself and after everything was sold (gold, coins, all the watches) I had $779.00 cash!!! Not bad! Some of the things were neat (like the pocket watches), but I never would have used them and they would have just sat in a drawer, unused. I feel I did my research and got a good price and am happy with my decision!

So, in summary, if you have gold or old jewelry you are wanting to sell:

1. Know what you have. You don't want to sell off a family heirloom or sell something you think is just costume jewelry when it is actually real (or vice versa). If you aren't sure if something is real or not, take it to a trusted jeweler (I took some of my things to Helzberg Diamonds) and they can help you with this.

2. Remember, the price of gold changes day by day, so that will affect the price you will receive for selling yours.

3. Do your research. The internet can be very helpful for this; just make sure you look at several different (and reputable) sites. Then, take your gold and/or jewelry to get an estimate-go to several different places (at least 3) so you can compare. Jewelry stores (especially local ones) are going to be your best bet as opposed to "Cash for Gold" type places. Also, don't be afraid to ask questions!

4. Remember, no matter where you take your things they are going to make a profit. That's just how business works. Once you go to your different chosen places, try selling some of the things yourself, especially if it's more than just "scrap" gold. (Craig's List or Ebay are great for this). Increase the highest price you received at the stores by 20-50% as a starting point (this is where prior research comes in handy as well). This leaves room for negotiation and you can always drop your price later. If your things don't sell on there, you can always take them back to the one of the stores and sell them.

5. Lastly, don't be afraid to walk away and think about it!
Come back next week and you can see what I decided to spend my cash on!

Have a loveleigh weekend!! :)

No comments:

Post a Comment