Can I get instant cash against scrap gold jewelry?

When you sell gold jewelry, you expect that you will receive cash almost instantly. But in most cases, the appraisal of a gold item takes nearly twenty-four hours, and you might have to wait for some time before you can get cash. As stated on A New Hocke Cash for Gold Miami Beach store, you can get instant cash by selling your scrap gold. However, there are certain factors that you should consider while selling scrap gold. Some of these are as follows:

  1. Check the scrap jewelry that you have got.

When you are planning to sell your scrap jewelry, you must separate your scrap gold from your good gold.  While separating the scrap gold, ensure that you do the following:

  • First, empty your jewelry case and separate the items. Separate the scrap gold items from the good ones
  • Take the scrap gold pieces, which can be the ones that are broken, discolored, or spoilt, and separate these from good ones.
  • It would be best if you now graded the scrap gold pieces according to condition. Then, you can put these in separate plastic pouches for better organization.
  • Check the pieces for identifying marks and also to find out more about the purity. Even if these are scrap pieces, they have a certain amount of gold. If you can find out the purity of the scrap gold, it will be easier for you to understand the value of the piece and the appraisal offered by the store owner.

Scrap gold can bring you a reasonable price, primarily if you sell all your pieces together. Usually, scrap gold is not melted, and an overall cost is offered instant cash. 

  1. Weighing your scrap gold

Like pure gold, scrap gold also needs to be weighed to evaluate how much money you can expect for pieces of jewelry. You cannot weigh these on your kitchen scales. You will need scales used by the jewelers to get an accurate measurement. Another way of identifying the weight of your scrap gold is by using the online calculator of the Gemological Institute of America. This will help you evaluate the weight of your scrap gold. All of this is necessary to ensure that the appraisal provided by the store owner is similar to yours. The assessment and your expectations might not be exact, but they need to be equal. To use the online calculator, you need to check the scrap gold for engravings and markings to give you an idea of the purity. These pieces usually have purity stamps that will help make the calculations simpler. Based on all of these, you can estimate the value of the components that you want to sell.

  1. Understand the estimate provided by the store owner

When it comes to the estimate provided by the store owner, you will have to accept a lower value than your estimate. When it comes to scrap gold, it will always be less in karat value compared to pure gold. Scrap gold means there will be a lot of impurities in the pieces of jewelry. Other metals like zinc and copper in this jewelry will be higher than pure gold jewelry. The higher amount of zinc and copper adds more durability, making it easier to make unusual designs using scrap gold. Therefore when it comes to appraising these jewelry pieces, it becomes more challenging to provide you with a total price for the items. In other words, the store owner will give you a cash amount that might be lower than the speculated value. 

Scrap gold is one of the easiest things to sell off for instant cash. It is also essential to sell scrap gold as the first item instead of pure gold for money because you will not be using or wearing these. Moreover, store owners do not ask for documents like proof of purchase while providing cash against scrap gold. All of these factors make scrap gold one of the most accessible commodities to sell for instant cash. As per if you need money and are in between paychecks, check your jewelry for scrap gold and see if you can sell any of these items to a reputed pawnbroker store.