Should you get multiple offers before selling gold?

The short answer is YES!

Do not settle for the first offer, always seek multiple offers from multiple sources! Do not miss out on getting the cash you deserve!

Whether you are selling your engagement ring, or broken and unworn jewelry, there are a few important factors to consider when choosing who to sell to. All gold buyers are paying a percentage of market price, or “spot price.” This price is for the commodity value of the metals in your jewelry and often is less than what you paid for the item in the jewelry store.  No one wants to hear that the item they invested in is worth less than they expected, but that does not mean you should settle for the first offer you receive. In fact, we at Digital World and Evergreen Traders encourage you to get multiple offers whenever you’re considering selling your gold and diamonds.

Remember, some gold buyers are buying simply to refine the gold and turn it into cash. Other gold buyers will attempt to resell your items as retail pieces instead of simply melting them. Buyers may also need a certain karat of gold, style of ring, or diamond for another project that may increase their purchasing price.

Is my insurance appraisal helpful? Yes and no. Insurance appraisals are helpful outlines for what your piece is (weight, purity, stone sizes) but these are not representative of the item’s commodity value. The prices are typically quite a bit higher than the commodity value of the item because they take into account your insurance company’s willingness to pay on the policy, the jeweler’s material and labour costs, and the potential revenue from inflating that value.

It is also important to know what your items’ weigh and their purity to get the most when selling. You can read more about identifying your jewelry’s stamps and purity here.

When selling your item, you should always ask how the price is being determined, ensure that the purchaser is weighing the item in front of you, and testing the item. Understanding how the price is being calculated will help you make an informed decision on who is offering you the most for your jewelry!

Unsure about what your gold is worth? Ask us for a no obligation free appraisal!

Has someone else made you an offer on your piece? Ask us if we think it is a good offer!