When is it a Good Time to Sell My Gold or Diamonds?

You’ve watched the commercials. You’ve seen the advertisements on the Internet. You’ve flipped past the promotions in magazines and in the newspaper. You know that gold and diamond buyers are out there—and that there are plenty of them. So you are curious…should you think about selling your extra gold and diamond jewelry?

Here’s a good answer:  Maybe.

How does that answer help? Well, there are two sides to every story. Of course the diamond and gold buyers want you to sell your unwanted jewelry—but perhaps you shouldn’t.

When to use Gold and Diamond Buyers

Consider the following questions:

• Are you in need of cash to settle some medical or household bills?
• Do you have diamond or gold jewelry that is broken, outdated, or that you do not wear?
• Have you inherited some diamond or gold jewelry that you do not like?
• Do you have diamond or gold jewelry from an ex-boyfriend/ ex-husband that you would like to get rid of?
• Are you in need of some fast cash?

If you have answered “yes” to at least one of these questions, then you should consider using a gold and diamond buyer. A gold and diamond buyer can get you a fair and respectable price for your unwanted jewelry and loose diamonds.

When NOT to use Gold and Diamond Buyers

Consider the following questions:

• Do you enjoy all of your jewelry pieces?
• Does your jewelry hold sentimental value or meaning to you?
• Do you continually wear your diamond jewelry and gold jewelry?
• Do your diamonds and gold bring you great pleasure to wear?
• Do you own special pieces of jewelry which you plan to leave your to your daughters, nieces, or other relatives when you pass away?
• Does the thought of getting rid of your diamonds or gold make you feel nauseous?

If you answered “yes” to at least a few of these questions—especially to the last question—then you should absolutely not use a gold and diamond buyer. If you were to use a gold and diamond buyer, you would likely regret the decision. So, if you are in need of quick cash, look for another solution.

Finding the Right Buyer

You’re a savvy consumer—you know that there are a lot of companies out there that are trying to scam you and that want to cheat you. How can you find a reputable gold and diamond buyer for your jewelry?

Follow these guidelines:

• Choose a company that is a member of the Better Business Bureau (BBB).  In addition, check to see the company’s rating with the BBB and to see if there are any complaints against the company.
• Make sure you can find out pricing up front.  Prices should either be posted on the company’s website or they should be available via phone call or email. You shouldn’t have to wait until after sending in your jewelry for an estimate of what the company pays per ounce of gold, for instance.
• Find a physical address for the company.  Even if you deal with the company entirely over the Internet, you should be able to locate the company’s address. If all you see is a post office box (or worse, no address at all), do not deal with that company.