This is the practical guide: a plan you can follow from the week before you sell to the moment you accept or decline an offer. It assumes you already know roughly what you have. If you do not, start with the page on how to sell jewelry, which explains how to sort gold, silver, platinum, stones and costume pieces and what an offer is made of.
Best Place To Sell Jewelry is an independent referral service, not a buyer, pawnshop or dealer. When you call or send the form, we pass your request to an independent buyer in New York, who makes any offer.
The week before
- Make a list. Number every piece, describe it in a line, and note the stamp: 10K, 14K, 18K, 22K, 925, a plated mark, or no mark.
- Weigh what you can. A digital scale that reads in grams gives a rough figure. One troy ounce is 31.10348 grams, so divide grams by 31.10348 to get troy ounces.
- Work out the melt value. For each karat group: weight in troy ounces x gold share x the day’s spot price. The gold share is the karat divided by 24: 41.7% for 10K, 58.3% for 14K, 75% for 18K, 91.7% for 22K.
- Gather papers. Receipts, appraisals, grading reports for diamonds, and the boxes and cards of any designer pieces.
- Separate the special pieces. Anything with a diamond of any size, a maker’s name, or an antique look goes in its own bag.
- Decide what you will not sell. It is easier to say no at the counter if you decided before you arrived.
Why work out melt yourself
Melt value is the value of the pure metal only, and a buyer’s offer is usually below it because the buyer pays to refine and needs a margin. Knowing the melt figure means you can judge the gap between it and the offer, which is the single most useful number in a gold sale.
Choose where to go
Match the place to the pieces. Plain gold suits a specialist gold or jewelry buyer; signed and antique pieces suit a buyer who resells jewelry as jewelry; important pieces may suit an auction house. The guide to jewelry buyers compares the kinds of buyers and the questions to ask each.
Not sure where to start? Call and describe what you have, and we connect you with an independent New York buyer.
What to bring on the day
- Government-issued photo ID with a signature
- Your list, with weights and stamps
- The pieces, in labeled bags by group
- Receipts, appraisals and grading reports
- Boxes, pouches and cards for designer pieces
- A phone, to note or photograph each offer
In New York City, a licensed buyer must record the type and number of your ID, and you sign in front of the dealer; a photocopy is not enough. Buyers cannot buy from minors.
At the counter
Ask for the weight
A buyer in New York City must weigh precious metal on a scale approved by the New York State Department of Agriculture and Markets and tell you the troy weight. Compare it with your own figure, and if it is far off, ask why.
Ask how the metal was tested
Ask which karat or fineness the buyer is paying for. If they test a piece lower than its stamp, ask why. Gold may be slightly under its mark within legal limits: under the National Stamping Act, up to three parts per thousand for gold with no solder and seven with solder.
Ask for the offer in parts
Ask for the weight and price per gram or pennyweight for each karat group, and a separate figure for each stone or signed piece. Ask for it written down.
Take your time
Any reputable buyer will let you leave with your jewelry and the written offer to think about. If you feel rushed, that is the answer.
Common mistakes
- Selling everything for one figure. A single total hides the value of the best pieces.
- Mixing karats. If 10K and 18K pieces are weighed together, you may be paid at the lower karat.
- Treating an appraisal as a price. An insurance appraisal is written for insurance; it is not an offer.
- Melting what is worth more as jewelry. Signed, antique and diamond pieces deserve a separate look.
- Taking the first offer. One more written offer costs only time.
- Leaving pieces behind. Do not leave jewelry with anyone before you have agreed to sell.
Is it better to sell jewelry to a jeweler or a pawnshop?
They are different transactions. A jeweler or specialist buyer buys the piece. A pawn is a loan against the piece, which you get back when you repay; in New York City, lending money on pledged goods needs a separate DCWP Pawnbroker licence. If you want to sell, go to a buyer. The pawn or sell article explains the difference in full.
How can I sell jewelry for the most money?
Know the metal value before you go, separate the pieces that may be worth more than their metal, bring the papers, choose a buyer who suits each kind of piece, and compare written offers part by part. That is the whole method; there is no trick to it.
Is it worth cashing in old gold jewelry?
Gold has metal value whether a piece is broken, out of fashion or missing its pair. If you are not going to wear it, the gold is worth its weight and karat to a buyer. Whether a particular offer is worth taking depends on how close it is to the melt figure you worked out.
After the sale
Keep the receipt. In New York City it should carry the buyer’s DCWP licence number. If you sold a large amount, keep your list and the receipt for your tax records: a profit on a sale may be taxable. The IRS says net capital gains from selling collectibles, such as coins or art, are taxed at a maximum federal rate of 28% (IRS Topic No. 409). Whether that applies to a jewelry sale, and what you owe, is a question for a tax professional.
Done your homework? Call, and we connect you with an independent New York buyer for an offer to compare.
Questions people ask
How do I sell jewelry for the first time?
Sort and list your pieces, weigh them, work out the gold value, gather any papers, bring photo ID, and ask for an itemized written offer. You can always decline.
What is the best way to sell jewelry?
To a buyer who examines each piece, tells you the weight and writes the offer down, after you have worked out what the metal is worth yourself.
How long does selling jewelry take?
A direct sale is done once you accept an offer. Auctions and consignment take longer because you wait for someone else to buy.
Should I clean jewelry before selling it?
A gentle clean helps a buyer see marks and stones. Avoid harsh chemicals or polishing antique pieces, which can damage finishes a buyer may value.
Ask about a piece