Tip of the week: How to sell gold jewelry

Learn gold’s price. Use the Web to check how the market is pricing an ounce of gold. “If nothing else, this lets the buyer know you have a clue.” Market prices are based on pure 24-karat gold, but 18- and 14-karat gold should fetch decent offers too. Don’t bother with items that are merely gold-plated.

Avoid pawn shops. And skip online buyers while you’re at it. “Your best bet is to go to an antiques store, jewelry and coin buyer, or estate buyer.” Better yet, first find an appraiser who isn’t currently buying. “Usually you can get a piece appraised for about $35.” Which isn’t much, with gold at $1,700 or more per ounce.

Negotiate. Get three different offers before selling, and let each bidder know they have competition. “Most of their first offers will be low,” but none of these guys “will want you to walk out without selling.”

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Source: The Indianapolis Star