It is risky to buy and sell gold. There will always be unscrupulous people who can turn the table against smart vendors and buyers.
If you wish to sell gold, be wary of scoundrel buyers. These are short-lived dealers who simply come into town and promise high prices. They disappear after getting the coins and jewels leaving merchants unpaid or poorly paid. Check with local regulatory agencies about the track record or authenticity of these persons.
It is important to shop around and start within the community where you live. Bring your gold products to a trustworthy jeweler for a correct appraisal of its value. This will allow you to get a base price prior to asking for online bids or personal offers.
Refrain from mixing up the karats which are the computation of gold content. Do not allow pieces of jewelry to be weighed simultaneously not considering karat values. Otherwise, there is the danger that you will be compensated based on the lowest assessment. Separate the jewels beforehand according to the corresponding karat. This will be an assurance that you will get higher remuneration for more expensive jewelry.
Watch the scales carefully since accuracy is always a concern. While weighing machines used by pawnshops and legitimate jewelers may be exact, this may not be the case for individual or party buyers. Jewelers usually estimate gold not by the troy and not the ordinary ounce. The troy is equivalent to 31.1 grams while the ounce is worth 28 grams. Certain buyers pay by the gram while others use pennyweight which is equivalent to 1.555 grams. Sellers must not agree to pennyweight because buyers will acquire more gold for a lesser amount of money.
Scrutinize the fine print. You must compare terms and conditions meticulously even if buyers use genuine sites purchasing gold online. You are prone to commit a damaging mistake by failing to study the fine print. Check the buyer’s policy on repayment if they lose your gold since many of them provide limited liability. Review credentials of the buyer. The point is for you to make sure the person buying your gold is not a crook.
Finally, make sure the gold is genuine and not mere scrap when melted. Be careful of alleged antique items which turn out to be nothing but fragments.