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1. Item Collection
Gather all the gold items you are considering selling. This could include jewelry, coins, bullion, dental gold, or any other gold-containing items.
2. Research Reputable Dealers
Look for “Cash for Gold” businesses with positive reviews, proper licenses, and a good reputation in the community.
3. Initial Assessment
Once you’ve chosen a dealer, they will perform a preliminary visual inspection to check for hallmarks, quality, and authenticity.
4. Weighing the Gold
Your gold items will be weighed, usually using a precision scale. The weight helps determine the base value of your gold.
5. Testing Purity
The dealer will test the gold’s purity. Common methods include acid tests, electronic testing, or X-ray fluorescence (XRF). This step determines the karat of the gold, which impacts its value.
6. Calculating the Offer
Based on weight, purity, and the current market price of gold, the dealer will provide you with an offer.
7. Accepting the Offer
If you agree with the offer price, you can accept it. Ensure you receive a written agreement or receipt detailing the weight, purity, price per gram or ounce, and the total amount paid.
8. Receiving Payment
Once you accept the offer, the dealer will provide you with cash or another agreed-upon payment method (like a check or electronic transfer).
9. Documentation
Always keep any documentation related to the sale for future reference. This includes identification details, item descriptions, weight, purity, and transaction amounts.
10. Post-Transaction Care
If you’re selling jewelry with gemstones, ask the dealer to remove and return them to you if you wish to retain them.