Q&A What's the best way to sell gold jewelry

Consumer Reports News: June 17, 2008 05:03 PM

Q. I have lots of gold jewelry I would like to sell. Should I try one of the
companies advertising on TV saying they’ll  buy old or broken gold jewelry?

A. Maybe not. When Consumer Reports Money Adviser compared what one of those companies offered for a gold band a couple of years ago with what a local jeweler and an on-line gold buyer would pay, the TV company paid a much lower price. Instead, take your gold to a reputable jeweler in your area for an appraisal. Note the carat of the metal, and ask the jeweler to tell you the weight in pennyweights or troy ounces. Use this online calculator to figure out the value based on the price of gold that day.Then quickly (because prices fluctuate) call several jewelry or coin stores and ask how much they pay for gold. Aim to get about 85 percent of what you calculated it’s worth.

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