Any item that you ‘sell’ brings money in return and the amount received can be substantial if this item is a precious metal like gold. As the price of the yellow metal has started climbing again, a number of people in Canada are selling their gold jewellery to make a little extra money. However, at times it is natural to have conflicting thoughts in your mind about the sale of certain gold ornaments – should you really sell them or not?
The gold that is in form of a jewellery piece such as necklace, bracelet, ring, a set of earrings, or a watch may be valuable for you because of its design, and the times or person it reminds you of. However, a professional gold buyer who pays cash for gold will buy it for its scrap value and you are paid only according to the weight and purity of the metal. This is why if you genuinely feel that the jewellery carries sentimental value or is a family heirloom, you should not sell it. The ideal ornaments to sell are the ones that you have stacked away in a corner of your closet because they are useless, broken, stained, or simply something that you are not “emotionally attached” to.
Selling broken and unusable gold jewellery is a fine idea because the cash that it brings can be used for a number of other, more fruitful purposes. You can invest the amount in your bank savings account to earn more interest. Alternatively, if your house needs a new appliance or furnishing, the amount (received through gold sale) can be used to purchase, or at least make a part of payment for same.
Knowing the weight and purity of gold
The best gold buyer in Canada will weigh your gold ornaments on an accurate scale and if you are personally selling the items, you too can see the process. The weight is measured in grams but the price that you get also depends upon the purity of items and this is assessed in karats.
In Canada, the karat mark is typically put on all kinds of jewellery pieces – you may need to check it carefully on the backside and at times using a magnifying glass. Here is a chart to show the approximate level of purity for gold as per its karat ratings:
Karats (K) Purity Level
Remember, when the items are checked for weight, they have to be segregated by purity. For instance an 18K ornament cannot be weighed together with a 9K gold piece. The price per gram weight of 18K gold will be higher than that for 9K gold.
While the karat markings are reliable for most of the gold items bought and sold in Canada, there are some standard tests to determine the purity levels. These are also used for things like old gold coins, nuggets, wires and dental gold that do not have karat stamps.
A reputable cash-for-gold company will offer you convenient ways to sell your precious metals that can also include platinum, silver and palladium. You can sell them online from home by ordering an insured shipping kit or by visiting a sales event organized by the company. An enjoyable alternative that is now becoming popular in Montreal and some other Canadian cities is that of organizing a ‘gold party’ at your home – the representatives of the gold buying company come to your place to buy the items directly and you can invite all your friends who too may want to make some money out of unusable gold items. Some companies also pay you a commission as a reward for your initiative in organising the party.
Everyone likes extra money and it is even better to earn it from things that are simply unusable for you and your family.
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