So You Want To Sell Your Old Jewelry For Cash !
Knowledge is Power, so our first rule is:
1) Be Prepared, do your homework. & never accept the very first offer that you receive at the very first shop that you visit, get many others prior to actual selling your pieces, you will soon find out who really pays the highest prices for old gold, platinum, or silver item(s).
2) Have realistic expectations, remember that you are selling used jewelry to establishments that buy brand new jewelry merchandise everyday at wholesale prices, so know exactly what the item(s) are truly worth in both retail and especially wholesale prices, and then factor in current conditions of your item(s). Here at Ralph Miller Jewelers & Gallery, we have for generations consistently paid the highest prices possible for all used, estate and damaged gold, silver, platinum and palladium items. We have sold pieces on consignment, liquidated large estates for many banks, lawyers and private trusts and personal estates and usually at prices much higher than expected by going directly to the world’s highest paying buyers and by hand delivering goods in person (if necessary) directly to businesses and individuals in large cities such as: LA, Toronto, NY City, etc..
3) Shop around. RMJ in a local test, we stopped at 11 shops and got offers from $150 to $2000 for a test estate item of Platinum. Are you surprised? We were not! Indeed what a huge difference. Why then the major differences in offers from one establishment to another? To answer this question you must remember that if your item is something that the buyers don’t particularly need at the time of your visit, plan on the offer being much less than a vendor that is in need or has a buyer for just such an item as the one you’re presenting to them for their purchase. Also try to interact with the real store buyer (at each of your shops), the most experienced or mature individual(s) at the particular store you visit and not just a store associate who may or may not know the inherent value of the piece(s) you have with you.
4) While most brokers are indeed very honest and credible, you still need to do your due diligence, in this case it’s ‘seller beware.’ If you are new to the area, ask others about the establishments in your area. See if there are any complaints about the store(s) you are about to visit. Again, do your homework, search the yellow pages for buyers, check with the oldest jewelry stores and the most reputable, they will be more than happy to help you. Remember, you can also go on line and research for the establishments in your area, thus avoid expensive travel and gas expenses, etc.. At Ralph Miller Jewelers & Gallery we are always on the short list of the area’s top buyers because integrity and honesty have been our cornerstones for over a century. We always vow to try and get you the absolute highest offer for your items. It’s the friendly and caring Ralph Miller Jewelers & Gallery’s way of doing business every day.
5) Never let the jewelry out of your sight, make sure it’s tested, checked and evaluated on the counter in front of you. Remember that the metal value is always figured mathematically by weight so watch and see that the items on the balance or scales do indeed measure what you are told they do. The weighting machine should be in plain view and available for your observation during the whole process.
6) Know what the difference in price payment to you for your items in gram weight (gr) or pennyweights (dwt), there is a big difference between these two weight measurements and thus the offer that will be given to you. Remember that there is 20 pennyweights (dwt) in and ounce and 31 grams (gr) in an ounce. So the multiplier to convert pennyweights to grams is 1.55.
7) Know what the karat weight (amount of purity of the acutual metal) is for all your items. Again do your homework in advance, so go out a buy a jeweler’s loupe or magnifier to examine the quality mark the should be on each item. On pendants look for it on the inside or back of the bail or on the back of the actual piece, and on rings it is usually found on the inside of the shank, (unless it is an usual special designer piece where the stamp could be on the side or back of the shank). Remember that 10K gold is 417% pure gold, 14K is 585% pure gold and 18K is 750% pure gold, so the higher the amount of pure gold the higher the offer should be for your pieces. In Pennsylvania, Prices that are offered - must legally be posted including the prices paid per whatever weight unit (value calculation is almost always done in grams or pennyweights) plus the purity, if they are not we suggest that you leave this particular establishment.
8) Never sell your items for just the gold weight when you also have diamonds, color gemstones or unique items of interest that should also be considered in the total value offered to you for your items. The kind of gem plus especially the gem’s quality, color, shape & cut will be important for completing the pricing for you item(s).
9) If at all possible take some additional time to clean and possible polish your items prior to visiting the gold buying shops. Items that are clean and in better condition will obviously receive a higher value offer. At Ralph Miller Jewelers & Gallery we always try to clean good items prior to making an offer for your item(s) at no additional charge.
10) Have photo ID with you for the finalization and paperwork that is required of all buyers. This is to protect all concerned from dealing with and tracking stolen goods. Remember payment is usually not in actual cash but by business or bank cashier’s check that you can then cash at any nearby banking institution. This is standard operating procedure for all legitimate buying organizations. Trust us, if a pawnshop, metals exchange, antique dealer or jeweler that is paying you in straight cash, with no questions asked, ID requested or paperwork requirements is breaking the law. Ralph Miller Jewelers & Gallery is proud to be the oldest “Pennsylvania Licensed Metals Buyer” in the region.
In closing remember that the offer given you for you jewelry item(s) is based on the time frame of immediate liquidation. If you have time to get stronger offers before actually selling your pieces, then reputable establishments will offer consignment options for you to consider. Consignment means that the store will hold it, display it and sell it at the asking price that you personally will set in advance. An agreed percentage of the sale will be the fee for services of holding, displaying, insuring and selling your item(s). Note that this will usually get you much more monetary return but it may take time, sometimes years for the right person to select the item(s) that you’ve placed on consignment. Another option is selling your pieces at a garage or yard sale, flea market, through the newspaper’s classified for sale section or place the item(s) on an internet auction or on a host site such as ebay or amazon, etc..
At Ralph Miller Jewelers & Gallery, one of the region’s leading buyers and liquidators, we offer additional services such as consignments or crediting your old gold for new custom made original pieces (Our RMJ Specialty) where you can actually use it in the actual casting of the new piece(s), thus saving you tremendously because you would be supplying all the metal that would be needed. We always want to make sure you’re happy with our offer for your pieces and indeed hope that these recommendations are indeed of help to you in your selling of your jewelry item(s), etc. If you have any additional questions or concerns please contact us via “Ask A Jeweler,” we would be happy to assist you in all your particular needs. With precious metal prices at or near the historic highest levels ever, there is no better time to get rid of all those unwanted and broken pieces at great price returns. RMJ would be honored to assist you in any of your large or small liquidation needs.