Worthy Gold Buyers
How to Deal With Gold Buyers: An Interview with Elliot Herzlich
The gold buyers industry is both interesting and complex. We asked Worthy's appraisal partners to shed some light on the process of selling to gold buyers in a special interview. Learn more about how we buy gold from their answers below.
What kind of Gold are Gold Buyers Interested in Buying?
Most serious gold buyers are looking for yellow gold, white gold or rose gold jewelry. It can be 8 karat or more. The items can even be broken or blemished or even have parts missing, like a chain link or a latch. So if you have any chains, necklaces, pendants, earrings or rings that you no longer have use for, they can be sold for instant cash to the Worthy network of gold buyers.
What are the Stamped Numbers on my Pieces of Gold Jewelry?
The numbers you can sometimes find stamped on your jewelry represent the karat content of the gold, or the purity of gold, in your piece of jewelry. If your piece is labeled as '10K', this means it is 41.7% pure gold. If your item is stamped as '12K', then it is 50% pure gold. If it is stamped as'14K' then it is 58.3% pure gold and '18K' means that your piece of jewelry is 3/4 pure gold. 14K is the most popular grade found in jewelry that gold buyers take most interest in. It's a good balance between 18K and 10K and its alloy percentage proves to be extremely practical for pendants.
Which Types of Gold don't Interest Gold Buyers?
The typical gold buyer isn't usually interested in rolled gold, gold plated jewelry or costume jewelry. Check your gold jewelry markings. If you see any of these stamps, then your jewelry will not be appealing to gold buyers: KT GP, KT GF, KT GEP or RGP
How do you Test the Purity of the Gold?
Gold buyers use these 3 steps to test the purity of gold:
- The magnet test: Hover a magnet over your piece of gold. If the piece gets attracted to the magnet, it is an indication that the jewelry is not pure gold. Pure gold is not magnetic.
- The loupe test: The gold buyer takes a magnifying eye-piece to evaluate any markings on the gold jewelry, like stampings that state the karat content within.
- The acid test: The gold buyer takes a small drop of special gold testing acid on a thin gold film from your piece of jewelry. The acid will 'react' and uncover a result about the purity of your gold item.
What's the Difference Between 'Retail', 'Wholesale' and 'Second Hand' Gold Prices?
It depends on which gold buyer is buying the gold. Let's use the example of a fruit stand. The fruit stand owner is buying his produce from a wholesale supplier for a lower price than what you fork out at the cash register. So the fruit stand owner adds a margin to the wholesale price so he can cover his expenses and make a profit. The situation is similar when you sell to a gold buyer. In gold buying, when you sell the precious metal, you are always selling it as a second hand product, even when new. As a result, a gold buyer is purchasing gold from you at a wholesale price and that gets reflected in your profits. The 'retail' or 'tradable bullion' price of gold is the price you pay when you buy it new as jewelry or as an investment from gold refining companies.
What are Some Important Terms to Know When Dealing with Gold Buyers?
Assay: a test that verifies metal purity.
Alloy: a combination of metals. Usually, refined gold is an alloy that contains a small portion of a different kind of metal.
Bid/Ask: ‘Bid’ is the price that the buyer is ready to put out to pay for gold. ‘Ask’ is the price suggested by the seller.
Bullion: Refined gold that is no less than 99.5% pure. It most often comes in the form of bars, coins, wafers or ingots.
Oxidation: Changes to metal, like darkening, due to the existence of acidic perspiration. Oxidation does not usually happen to higher karat gold.
Rose Gold: Gold with a pink tinge color. Also known as Pink Gold.
White Gold: A gold alloy made with palladium or nickel. It's even brighter and whiter than silver because of the nickel content
How do I Approach a Gold Buyer?
The easiest, most trustworthy way to deal with gold buyers is through an experienced precious metal and stones buyers' network, like Worthy. Worthy's professional independent valuation experts will perform the most accurate appraisal of your gold jewelry and guarantee that you'll get the highest market value upon sale. If you need cash fast, selling gold at Worthy will be very efficient for you. All it takes to request an initial evaluation is fill out a short application for the Gold Buyers on the Worthy website. You'll be asked to describe your gold as accurately as possible. Photographs of your gold can even be added and this really assists the Worthy evaluators come to the most accurate initial description.
How do I Sell my Gold Items to a Worthy Gold Buyer?
If you decide to commission Worthy to sell gold for you, we'll cover the cost of the shipping of the items and fully insure them. Next, we'll publish your items to our network of gold buyers. Then they will place bids, to get you the highest market value price and close the final sale. You'll get your cash within 24 hours, making Worthy the most convenient, secure solution for selling gold.
What Else Should I Know About Worthy?
Worthy is internationally acclaimed for its experience and know-how in selling jewelry, diamonds, precious stones, precious metals and luxury watches. We're proud of our impressive BBB rating and Secondhand Dealers certificate issued by the New York Office of Consumer Affairs. Read our customer reviews to learn more about how we buy gold and how easy it can be to get quick cash for your gold. Submit your items here for a quick and accurate appraisal.