Is it time to sell your gold jewelry? Companies that buy gold, large and small, report a growing offer by those who own gold jewelry and want to take advantage of the rising prices of the yellow metal. As is known, the value of gold always increases when disasters, tensions, wars or, as in the case of coronavirus, health emergencies occur. It is no coincidence that the price of gold has risen to over 1,666 dollars an ounce compared to 1,274 in 2015. And since the beginning of the year, growth has practically never stopped. To this must be added the forecasts of many experts (we have already talked about it here), who soon see a quotation of about $ 2,000 an ounce.
For this reason, those who have gold jewelry in the drawer that they have not worn for a long time, or are having financial difficulties, think that they are taking advantage of the moment to sell rings, necklaces, earrings, bracelets. Among other things, many jewelers have long started to use ethically sustainable gold, often recycled. Which is precisely what derives from the fusion of old jewels: according to some experts it is about 30% of the yellow metal used in jewelry. But is it really worth selling the jewels to seize the moment, which can really be called golden? In reality, care must be taken not to confuse the price of gold on the markets with that of the companies that buy jewelry.
According to the Bloomberg agency, which specializes in finance and markets, gold is generally purchased at a discount of around 96%. Basically, if you sell a gold ring and receive 300 euros or dollars (for example), the same jewel once melted to form an ingot is sold on the market at almost 600. Okay, the amalgamation process must be taken into account, but it is clear that the seller of a jewel has not concluded a good deal.
So is selling a jewelry to a company that buys gold a bad idea? Not always, actually. If a jewel is branded, for example Tiffany, Bulgari, Pomellato, etc., the price of the jewel has a good chance of being evaluated differently. If it is a good jewel, for example, it will not end up in the crucible to be melted together with the other anonymous pieces, but will be resold directly, or auctioned. And it could receive an interesting evaluation, especially if it is a jewel with a particular history, or of great value.
To summarize: in general, it is not a good idea to sell your jewelry (unless, of course, you need to do it). But if your jewel is from a well-known Maison and it is of good quality, it could be valued very well.
