How to Sell Your Gold Ring for Cash
Instead of playing time-wasting ‘sell gold ring’ games, this indispensable guide will give you all the relevant information you’ll need to make the right decision on how and when you want to sell your gold ring.
- Gold rings are insoluble in nitric acid which is used to dissolve silver and base metals, a property that is used to confirm the presence of gold in items, hence the term ‘acid test’
- In the course of human history, around 165,000 tonnes of gold have been mined. If it was all condensed together, it would form a cube 20.5 metres on all sides
- The world consumption of new gold produced is roughly 50% for gold jewellery, 40% for investment purposes and 10% for industry, such as dentistry and electronics
GOLD RINGS – PURITY
Gold rings are usually made from 9 or 18 carat gold. 24 carat is much too soft and malleable to be used for jewellery. Put simply, the higher the gold content, the more expensive the product.
- 24 carat gold is 100% pure – 24 parts out of 24 parts gold
- 18 carat gold is 75% pure – 18 parts gold, 25% hardening agent, such as zinc, copper or silver
- 9 carat gold is 37.5% pure, 9 parts gold 62.5% hardening agent
WHY DO YOU WANT TO SELL A GOLD RING? Unlike wedding rings or engagement rings, gold rings are worn by all sorts of people for all sorts of reasons so you need to be sure why you want to sell it.
As with selling anything, whether it’s for practical reasons or emotional, the most basic premise of economics apply – you want to sell a gold ring for the highest possible price and the buyer wants to buy it for the lowest possible price.
Take your time, read this guide thoroughly and you’ll come up with the correct choice.
Money – You can sell a gold ring both online and on the High Street but a fast sale may well result in you accepting less than its actual value.
Sentiment – If you are selling a gold wedding ring or selling a gold engagement ring, you may not want to keep it for emotional reasons but if it’s a gold ring you’ve had for years, or it’s been passed down through generations you may not like the style, the size may be wrong or it’s simply gone out of fashion.
Inheritance – Gold rings are commonly passed on in Wills and if you want to sell a vintage gold ring or sell an antique gold ring they can often realise more money than you think.
HOW TO SELL A GOLD RING
Selling gold rings comes with advantages and disadvantages and it’s rarely a case of putting an advert out and waiting for the phone to ring. Gold rings vary so dramatically in style and purity that it’s worth investing some time into finding out exactly what you have and how much it’s likely to be worth.
- Know what you’ve got in terms of purity and quality. You may have an 18 carat gold ring for sale or a 9 carat gold ring for sale but the price is likely to be dramatically different.
- Let an independent jeweller value your gold ring. Your prospective buyer will be more confident if he can see a third-party valuation.
- Make sure you have all the necessary documentation ready for the buyer. He or she will need it for verification purposes.
- If you want to sell your gold ring online, take a series of very clear photographs that show even the most intricate detail.
Selling A Gold Ring at Auction
Your gold ring is sold once the gavel goes down. The advantage is that you’ve fulfilled the brief – to sell a gold ring – but the disadvantage is that if you’re unhappy with the sale price, there’s little that can be done.
If you have a specific value in mind, you can set a reserve price but if it’s not reached, the ring won’t sell.
There are fees involved with buying and selling gold rings at auction so make sure you know what they are before you embark on the sale process.
Selling A Gold Ring on the Internet
The world is now one big marketplace thanks to the internet.
Secure, reliable and free websites like www.62days.com give you a safe and easy way to sell a gold ring.
Appraisals and collections are free with 62days, and you can rest easy knowing you are backed by TRUSTe, the internet’s leading online privacy provider.
In addition, you have a 62 day cooling off period.
Upload a photo of your gold ring and we’ll send you an appraisal within 20 minutes which you can agree to or refuse as you wish.
As 62days.com is online, we have very low overheads so we can give our customers best prices for gold rings and other valuables.
We only use 100% secure, trusted payment methods including PayPal, Google Checkout, Neteller, Moneybookers and directly into your bank account.
Your items are collected and delivered by FedEx and are insured and fully traceable while in transit.
When you’re looking at the different ways to sell a gold ring online, remember that sometimes peer-to-peer sites can make you feel like you’re playing ‘sell gold ring’ roulette and can involve a certain amount of risk – be careful of security issues surrounding payments, communication and delivery.
OTHER WAYS TO SELL A GOLD RING
Pawnbroker – They will offer you money instantly for your gold ring using a time-limited loan agreement (between 3 – 18 months) using the ring as collateral. If you don’t come back to collect your gold ring within the loan period, it automatically becomes the property of the pawnbroker. To get the ring back, you will have to pay back what they paid you for it, plus a traditionally high rate of interest.
Antique Dealer – If you are selling a vintage gold ring or selling an antique gold ring, an antique dealer will value it for you or they may even want to buy it themselves. They may also put you into contact with other dealers or buyers of gold rings but this might incur high fees.
WHAT YOU SHOULD DO NOW
If you’ve decided what you’d like to do, the sale process can commence.
62days.com offer you a quick, simple and secure way to sell gold rings, sell jewellery, sell silver and sell art. All you have to do simply upload images of your item now for a quick, free online appraisal.