There are seemingly endless ways to sell jewelry today, from pawn shops and jewelry buyers to Ebay and cash for gold businesses through the mail. Do you know the best place to sell your gold jewelry for the highest price? Here are some important facts to know before you sell gold in Miami or anywhere else.
Hold Time Affects Your Price!
Did you know pawn shops are required by Florida law to hold items they buy for 30 days before they can sell them? Jewelry buyers in the state, however, are only required to hold items for 15 days. When you sell gold jewelry to a pawn shop, be aware that they are really forced to offer you lower amounts for your gold to safeguard themselves against a possible drop in gold prices during this extended holding period.
Is Store Credit a Good Deal?
A great deal of jewelry stores will offer you store credit to sweeten their offer for your gold or silver jewelry. When you try to use your store credit, however, you will be sold jewelry at full retail price. Retail prices at most jewelry stores include a mark-up that ranges somewhere between 50 to 75%, which can quickly dry up any increased value you received in the initial offer for your jewelry. When you sell jewelry at South Florida Jewelry Buyers, keep in mind we also offer trade-ins which give you access to our entire inventory at wholesale prices — the same discount prices that jewelry stores pay for their inventory. You’ll never pay jewelry store mark-ups when you trade in your jewelry with us.
Make an Appointment
Always make an appointment to sell gold jewelry instead of walking into a pawn shop or jewelry store. This gives the buyer plenty of time to inspect your jewelry and make an appropriate offer. On a similar note, walk away from any buyer that doesn’t appreciate or value your business. There are many other buyers who will be happy to accommodate you and won’t take your business for granted, no matter how small the item.
Pawn Shop versus Jewelry Stores
When you try to sell jewelry to a pawn shop, remember they need to sell their jewelry at a lower rate to compete with local jewelry stores. This means they’ll usually offer you lower rates for anything they do buy from you. Jewelry stores, on the other hand, have high overhead costs that includes many employees. This can also affect the value they offer you for your jewelry.
Research the Buyer Before Doing Business
Before you deal with a potential buyer, look into any professional associations they have, online reviews and how long they’ve been in business. You can also check with the Better Business Bureau to check for complaints filed against their business.
Shipping Your Jewelry — Is it a Good Idea?
Finally, if you decide to ship your jewelry to a potential buyer, such as a cash for gold business, make sure everything you send is fully insured during transit. Make sure they’ll also cover the insurance and shipping to return your items if you don’t accept their offer. Be very careful with these mail-in businesses, though, as there are many consumer complaints against quite a few of them. Carefully read their policy and check out any reviews and complaints before you decide to do business.