Selling Gold Jewelry Through the Mail

The "cash for gold" craze is prompting many people to send their gold jewelry off for a quick check. However, there are several things every person selling gold jewelry through the mail should know. You can fetch a fair price if you do your homework and shop around. Otherwise, you may get cheated.Examine all the gold jewelry that you wish to sell through the mail. If it is of particularly high quality, contains precious gems, was made by a famous designer, or is an antique, it may be worth more to a jeweler or collector. Gold jewelry sold through the mail is primarily low value, out of fashion, broken, or scrap. Gold refiners melt this down and reclaim the gold content.Weigh the gold jewelry. The easiest way to do this is the put it all in a zip lock bag and weigh it on a postal scale at the post office. It is important to know approximately how much gold you are selling to determine how much it is worth. If your bag of gold jewelry weighs at least one ounce, it could be worth several hundred dollars. One ounce equals 28.35 grams or 18.23 pennyweight. Gold dealers refer to these measurements so it is important to know them.Realize that you will only be paid for the gold content of your gold jewelry. 18K gold is 75% gold. 14K gold is a little more than 58.3% gold. 10K gold is about 41.7% gold. Many clasps and other accessories on gold jewelry aren't made with any gold. Take this into account when calculating the gold content.Find the spot price of gold. This is updated in the newspaper and on the Internet every day. The spot is stated in dollars per ounce. Multiply the spot price of gold by the number of ounces of gold you have. This will give you a starting point when determining a fair price.Research the reputation of gold buyers. Get advice from people you know who have sold gold jewelry through the mail before. Consult consumer organizations like the Better Business Bureau to check consumer complaints. Well established gold refiners have been in business for decades, care about their reputations and state their prices and fees up front. Do not deal with any gold buyer who does not establish their terms in writing.Ask the gold buyer of your choice to send you a mailing envelope. These envelopes are specially designed for gold jewelry shipments. Be sure to document and insure all shipments.Expect to be offered less than the spot price of gold. This is due to generally conservative gold content estimates of buyers and their profit margin. 90% to 95% of the spot price of gold is a good offer. Some offers are as low as 50% of the spot price, so shop around. Beware of gold buyers who also charge a processing fee.Wait for an offer. It should arrive within a few days. The gold refiner will assess your gold jewelry and offer you a price. If you agree, they will send you a check. If you don't, they will send your package back. You may need to pay for the return postage.