If you're looking for extra cash to take with you on summer vacation or to make some home repairs, you might want to consider digging into your jewelry box.
Perhaps there's an old gold bracelet that's broken or too small for you now or an earring that lost its twin a years ago. With the price of gold rising each day, those odds and ends could put a hefty wad of cash in your pocket. If you've never sold your gold jewelry before, here are a few tips from Maria Fattahi of Gold Rush on Connecticut Avenue.
Keep an Eye on the Market
Just like the stock market, the value of gold can rise or fall on daily basis and gold buyers set their per-carat price on these variations, according to Fattahi. If you establish a personal relationship with a local gold buyer, you may be able to get clued in on the best times to sell.
Shop Before You Sell
Fattahi suggests that people shop around before deciding where to sell their jewelry. There are a few types of businesses to choose from, she said, including jewelry stores, which tend to pay the resale value, and businesses that only buy gold, which tend to pay based on scrap metal weight.
Beware of Mail-In Options
You may have seen commercials prompting you to mail your gold jewelry to a company that promises to send you money for it. Fattahi advises against it.
"I wouldn't trust them, but that's in my personal opinion," she said. "To me, it 's like sending a $1,000 cash in the mail."
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