You’ll Need These 3 Things to Sell Your Gold in New York State

Have your finances been stretched pretty thin lately? Have you seen those signs where businesses are offering to buy gold and silver and pay you cash for it?

I went through my jewelry box and grabbed up everything that I thought was gold and silver, thinking that I should see what this is all about. Heck knows with the increase of prices in gasoline and groceries, maybe I might get a few bucks, and I wasn't going to wear these items again, because they were broken.

What do you need to know before you sell old gold and silver jewelry in New York State?

First thing that I would recommend is know what kind of gold it is. Is it 10K? 14K? 18k? I had a silver chain that was broken that was platinum (I didn't know it, it was a gift). Knowing what you have is huge. The person I took my items to ran a jewelry store, so she even gave me one of those little magnifying loops to take home and use. It will take less time for them to process your 'sale' if you have it divided correctly. Also, look for a business that has the prices that they are going to pay you posted. Transparency is huge.

Not sure what type of gold jewelry you are selling?

If your jewelry is not marked, the person buying can test it with a special chemical. Just make sure that they do it in front of you. That way you know what is going on and what items were 'costume' and what items are worth something.

How come the white gold diamond ring I am trying to sell isn't worth nearly what I paid for it?

When you bought that gorgeous diamond ring, it was a beautiful piece of jewelry. You bought an item that was a complete unit. You paid for the assembly time, the creators knowledge and the overhead of the store. When you go to sell it, you sell it as parts. The person (if they choose) can take it a part for you and then give you a price for the individual stones and the weight of the metal (gold). If you are in shock as to how little you are going to be offered for the whole ring, you might want to look for a place that deals in consignment or estate jewelry. You won't get immediate money for it, but you might get more money for it.

The dealer offers you money based on this thing called Troy? No, its not the town, what is Troy Weight?

A Troy ounce is (according to investopedia) is a unit of measure used for weighing precious metals that dates back to the Middle Ages. Originally used in Troyes, France, one troy ounce is equal to 31.1034768 grams.

The person who you are selling the items to will also make a detailed record of what you sold to them, along with your name and address, the date and time of the sale, and a physical description of you. These things are all required by New York State law, just in case you came by these items in a not so up-in-up way. Have you ever sold gold before? Is there something we should add?