Inflation is on everyone’s minds right now, and it should come as no surprise. Costs have been rising faster than incomes, and just about everyone is feeling the pinch. The situation has made budgeting harder than ever before, and just about everyone is feeling the pinch in one way or another.
Families are adjusting their buying habits, scaling back on luxury purchases, cutting under-used subscriptions, and finding new income sources through the sharing economy or part-time work.
One way that families can inject some extra help into their finances is by turning to unused and even broken gold jewellery. The price of gold has made old jewellery quite valuable, and it can give you a quick injection of cash when you need it most.
How to Get the Best Price for Gold Jewellery
The problem with selling belongings for extra cash is that it’s a one-time deal. You only get to sell a piece of gold jewellery once, so you always want to make sure you get the best possible price. These tips can help you maximize your returns when you sell gold jewellery.
1. Separate Gold by Karat
Karats are a measurement of a piece of jewellery’s gold purity. One karat means 1 part out of 24. An 18-karat gold necklace would be 18 parts gold and 6 parts other metal alloys, i.e., it would have a purity of 75 percent. Keep different purities separate when you sell, as higher purities will be worth more per ounce.
2. Find a Reputable Jewellery Buyer
Not all gold-buying businesses are made equally. As you look for jewellery buyers near you, read the reviews, find out specific details about the kinds of gold they buy, and, if possible, see if they post their rates publicly.
Some gold buyers like Muzeum also handle collectible items, pocket watches, paper money, silver jewellery, silver flatware, and gold coins. Save yourself some time and make sure the buyer you choose is in the market for what you’re selling.
3. Get Quotes
Last but not least, don’t be afraid to shop your jewellery around a bit. Get quotes from several bullion dealers or jewellers. They may offer significantly different prices for the same products. Keep in mind that prices may change on a daily basis as gold markets move up and down, but giving yourself time to compare prices should help you find the best option.
How to Use Money from Gold Jewellery
The money you make from selling gold jewellery can make a huge difference in your family’s overall finances. Here are a few ideas that will make a big impact.
Pay Debt: The interest charges on debt put even more pressure on your monthly budget. If you can pay down a credit card, line of credit, or student loan with the proceeds, you’ll reap the benefits for years to come.
Save and Invest: Investing is the only way to stay ahead of inflation. Cash in your savings account loses value every month, but you can stay ahead by investing in stocks, bonds, or other investments that can keep up.
Luxury Purchases: As the cost of necessities increases, let luxuries pay for luxuries. If you’re planning a vacation or a major luxury purchase, use the proceeds from selling unwanted gold jewellery instead of dipping into savings.