There are many different ways to go about selling gold in NYC. If you’re looking for local places to sell gold, consider the following options:
Auctions: Buyers at auctions will buy gold for market value; however, this is the most time-consuming option.
Pawn Shops: Pawn shops are always a quick and easy option, but you might not get the best offer.
Private Gold Buyers: Once you have found a reputable gold buyer, you will receive a free appraisal and cash.
Private gold buyers are located all over NYC; after all, most reputable jewelry dealers in the city will buy gold and diamonds. When choosing a buyer, read company reviews to see what other customers say, then shop around for the best price.
The gold market is in constant flux. Knowing when the market might peak or drop is nearly impossible, as it doesn't rely on business practices or world events. Realistically, the best time to sell gold is when the market downturns. However, the market itself is unpredictable, so the best time for selling your gold is unpredictable. While it is best to wait for a period of market loss, there is no telling when (or if) this may happen. There are no real historical trends for the value of gold (outside of it rising during the Great Depression and Great Recession), so keep that in mind. A down market could the best time to sell gold. Practically speaking however, the best time to sell your gold may just be when you need the money.
In our experience, selling gold to a private buyer is the safest option, as they are equipped with certifications and specialize in buying gold. Whether you’re looking to sell gold coins or sell gold jewelry, the safest way to sell gold in NYC is to call the gold buyer ahead of time to find out a recommended time to come in. Go during daylight hours and don't make it obvious you're carrying gold. Generally, it’s best to avoid the mail-out services for anything more than basic jewelry.
The best way to find a reputable gold buyer is to check credentials. The buyer should be licensed by the state of New York to buy gold. When you bring the gold in, they are required by law to ask for government identification. If they don't have a license and they don't request to see yours, start looking for another buyer. Keep this in mind:
First, the gold buyer will determine the karat of the gold. Here is a brief overview of gold karats:
Then, the appraiser will test the gold using nitric acid. Finally, they will weigh the gold to identify the purity. If you bring in gold bars, it will be measured by millesimal fineness, which is different from the Karat rating. From here, they will determine the price. Learn more on how gold buyers decide on a price for your gold jewelry.
According to AMPEX, there are several factors that contribute to the ever-changing prices of gold. However, an appraiser will focus on three specific factors when calculating a price when buying gold. They are:
You can authenticate your gold at home through a few non-invasive tests. It is usually a good idea to authenticate your own gold before getting it professionally appraised, so you can provide the appraiser with more information. The gold tests include:
Hallmarks are identifying marks that can provide an appraiser with useful information about the gold. Real gold is sent to an assay office where it is stamped with a hallmark. Hallmarks protect the consumer by proving the gold’s authenticity and that the customer bought it. Gold jewelry will generally have a stamp from the designer. An appraiser will use a magnifying glass to identify the hallmark. Based off the hallmark, he or she will know whether the gold is authentic and when and where it was made.
There are plenty of interesting facts about gold. Here are a few that may help you as you try to sell gold jewelry:
Keeping the above in mind, you'll not only increase your profit potential, but ensure you work with a respected and authenticated gold buyer. So before you go out and try to cash in on your gold investment, make sure to keep all of these tips in mind.
Before you sell, have your gold appraised and get an idea of its estimated value. Certified gold experts should be able to tell you right away what your gold is worth so that any questions you have about its authenticity can be quickly laid to rest. Download our free guide to learn more about selling gold.
It's incredibly important to find a reliable gold buyer so that you can maximize your cash payout. Gold coins, jewelry, and even scrap metal go for very high prices in the current economy. But, be aware there are places in NYC that will try to buy your gold from you for less than what it’s worth. Begin the process with doing your research. Then, try to get a free appraisal or speak to a certified professional. Lastly, shop around to find the best offer.
Authenticating gold requires experience and expertise, two important attributes a gold buyer should have. Whatever the state, karat, or purity of your gold, you should be able to get a professional assessment of its value. To know if you’re getting a fair assessment, education is key! Learn about gold and gold buyers in New York City so that you can confidently sell your gold without getting scammed.
Deciding where to sell gold in New York City doesn’t have to be a difficult decision. When you find a gold buyer with integrity, you’ll be in good hands. Here are some things to keep in mind when searching for a company:
1. The should have certified jewelry appraisers on staff
2. Read reviews on Yelp or Google to learn what other customers say
Know the fine print of the company’s policy. Make sure you understand the terms and conditions of the transaction, and then hold on to all relevant paperwork.
There are many “buy gold NYC” signs out there, but make sure you go to a trusted source with local history.
“My favorite part about Luriya is honestly the e-books. They’re so informative and helpful when deciding where to sell gold. From detailing how gold is measured, to explaining the differences in karats, they do a great job explaining the process to customers.”
“When you go to sell jewelry, Luriya has the best payout offers in NYC. The jewelers know their stuff, no matter what you’re trying to sell.”
“For anyone looking to sell diamonds, Luriya is the place to go. They pay well, instruct you about their prices, and let you take your time to make a decision on a deal. Will be back.”