FAQs About Selling Gold for Cash—Answered!

Gold is like currency, only better; you may exchange it for goods and services in just about any country. For all the good this precious metal does as an investment asset, it loses some of its value when made into jewelry.

Your gold jewelry is mixed with other alloys to lend a hardness to gold, which, in its pure form, can be very soft and bendable. Thus, when it comes time to sell this gold for cash, your best offer will be based on the percentage of pure gold—not those other metals—among other things.

Do you want to learn more about selling gold for cash? Today, we answer the questions you’ve been meaning to ask about this digitized reimagination of the age-old practice.

Why Should I Sell My Gold Jewelry Online?

Why does anyone sell their gold jewelry? It could be for practical reasons, like their collection has grown too extensive, so much so that they are forced to sell some of the older pieces to make space for their trendier gold jewelry. 

It could also be because they need quick cash and want to sell gold because it’s the only commodity that holds its value as long as it’s well-maintained.

Gold jewelry differs from pure gold because it’s less likely to be as pure as bullion and bars. However, it also has the sentimental value that the precious unmolded metal lacks. Even then, some might sell it for the following reasons:

Coming into an unwanted inheritance.

Decluttering wedding bands, promise rings, and whatnot after a breakup.

Funding the purchase of a new jewelry item.

Coming up short on living expenses.

Must I Know Everything About My Gold Jewelry?

If you were selling gold for cash at a pawnshop or even one of our unverified competitors, we recommend getting your jewelry valued and checked by a third party before taking their offer.

Our online platform is home to these experts. To answer your question: No, you do not need to know the components of your gold jewelry. While here, request a free kit for a detailed breakdown of your precious items. 

You may crosscheck the offer with other online gold buyers if you so wish. Our matchless offers and price match guarantee mean you’ll get the best value for your used gold.

Do I Have to Pay Taxes for Selling Gold for Cash?

Gold jewelry is not considered an investment asset under normal circumstances. While you may have Form 1099-B obligations to fulfill when selling bullion and other types of pure gold, you do not have to do so for your gold accessories.

Therefore, you are not obligated to declare the cash you received for selling your gold. It’s yours to keep, save, and spend however you see fit. You could consult a professional financial advisor for more details, as there may be exceptions to this perk.

Can I Increase My Chances of a Desirable Offer?

Since you’re in the market for selling gold jewelry for cash, you want to get at least more than what you paid for the gold components. You could get the most value for your gold items by making them look as good as new and getting a fair idea of their price beforehand.

Follow these steps before sending your gold jewelry for appraisal:

Polish the jewelry so that it looks as good as new.

Keep tabs on the spot price.

Determine the value of your gold jewelry by following this guide.

Consult a third-party appraiser and get a breakdown for gold, metals, and gemstones.

Is Selling Gold for Cash Dangerous?

There is a degree of risk to any undertaking involving precious items. The best we can do is take precautions and have guidelines to cover damages should the items get lost in transit. Gold to Cash does this through insured FedEx deliveries.

Safety is a two-way street when it comes to selling gold for cash. For starters, you must only deal with reputable gold buyers. You can get a fair idea about a buyer through their Trustpilot rating. 

For instance, Gold to Cash has a rating of 4.8 stars on the platform. Since we have been in business for ten years, that average is nothing to scoff at.

Take the following safety measures when selling your gold jewelry online:

Check out third-party reviews.

Ask about them on forums and community pages.

Document the transaction.

Take pictures and screenshots of your gold before sending it.

Get a receipt.

Does the Valuation Process Cost Money?

Asking whether the valuation costs anything is like asking whether a seller pays the buyer when providing products and services. Since we are the gold buyers in this scenario, we will not charge you anything for the valuation process.

Send your gold jewelry by using our free appraisal kit. Our appraisers will weigh the precious metals in your jewelry, check purity and condition and provide you with a detailed offer for your precious item.

Once you accept our offer, we shall pay you via your preferred method. If you don’t like our offer, we will return your items free of cost. At no point in our gold buying process do you have to pay out of pocket for selling what we require.

Feel free to send your fully insured gold jewelry by printing our shipping label. If you don’t feel safe popping into the local FedEx, request a home pickup anytime. Do you have more questions for us? Find the answers in our dedicated FAQs section. Selling gold for cash has never been easier!

Contact us for further inquiries.