A Guide to Selling Gold in the Phoenix Area

If you live in, or are visiting the greater Phoenix area, have gold coins or gold bullion that you want to sell, or unused jewelry that you never wear; you may have wondered what is the best way to sell these gold items for cash?

When you decide to sell your gold, you probably will ask these questions:

• How can I be sure that the potential gold buyer is trustworthy?
• How will they decide on the price of my gold?
• Can I sell any type of gold?
• Can I find a reputable place located in the Phoenix area?

These questions can be difficult to answer on your own. In our guide below of frequently asked questions (FAQs) you will find the details on how to find a reliable gold buyer and important information you’ll need for a smooth sale in the Phoenix area. 

Why Do People Sell Their Gold?

One of the most common reasons behind selling gold is to exchange it for money. Here are some other typical reasons why people decide to sell.

You can use the extra cash

Like so many things in life, the motive to sell gold is the need for money. If you need financial liquidity, exchanging your (unwanted) gold jewelry pieces or grandpa’s gold coin collection can be a very good source of income. 

Many times people sell gold items because they need the money quickly. Selling your gold can be a better solution than taking out a loan or falling into another form of debt.

Turn the gold into some (other) investment

Gold bars, gold coins and gold jewelry pieces can be a form of investment. Money can lose value due to inflation and other circumstances. Perhaps you or your family member bought gold as an investment. The value of gold is often more stable than money.

You may decide to change the form of investment from gold bullion or coins to buying land or for another reason. 

You don’t feel like wearing that jewelry piece anymore

You may not need or want to wear some jewelry anymore. According to Statista, the demand for gold jewelry has always been high and in 2021 it reached one of its peaks with almost 2,000 tons a year.

Gold jewelry pieces like necklaces , earrings, and rings (to include diamond rings) are often given on important dates to us by our loved ones. But, if those loved ones are not in our life anymore, the jewelry pieces may only serve as a reminder of something sad or negative in our life. Selling them in that case may be great for both your wallet and mental health.

3 Things You Should Know About Gold Before Selling it

Selling gold is not an easy process, so you should do your homework and learn the basics before meeting the buyer. This will help you avoid mistakes by looking at the essentials.

Purity

Troy ounces are the unit of measurement used for precious metals. The purity of gold is measured in karats which gives you the gold content of your piece. You’ll want to be aware of the number of karat gold as that will impact the possible price.

Pure gold has 24 karats which means there are no other alloys present in the mixture. It really is just the said precious metal. If the karat is lower, that means other precious metals have been added to the combination that was used for your gold pieces to be created. Adding the precious metal alloys will impact the value of your gold.

For example, if it has 18 karat (K), it’s 18 parts gold and 4 parts other precious metals. So, 18K gold contains 75% gold and 25% other precious metals. Some precious metals that were used could include silver, copper, zinc, or palladium.

You can see some examples of the compositions of various karatages of yellow gold in the following chart.

Image credits: gold.org

You may ask, where can I find how many karats my gold has? If your gold originates from the USA, it will have a stamp on it that says the karats. Because of the National Stamping Act from 1906, every piece of gold sold by vendors has to include such a stamp.

What other factors will affect the amount of cash for gold that I get?

There are more associated factors that will impact the price for your pieces.

Resale Value

Depending on the gold buyer, they may want to resell your piece. When inspecting your piece they’ll take into consideration whether the gold item will sell quickly or not and if they can resell it easily, they may give you a better price.

They will also consider the condition of what you bring in. If you are offering them scrap gold that is broken, they may need to put additional time and effort into cleaning/fixing it in order to resell it. Both of these things cost money thereby potentially lowering the offer.

There are many available products designed for cleaning your jewelry. For a comprehensive guide, check out this blog on cleaning your jewelry. Or, you could bring your jewelry to professional jewelers to get it cleaned if you don’t want to try it yourself.

Spot Price

The spot price of gold is the price for which pure gold can bought or sold at any moment. You can easily check the current spot price on websites like this one. The price you see can fluctuate every hour, so visit the jeweler the same day that you check.

Designer Piece

If you are selling gold jewelry, it may have  a higher value if it’s a designer piece that is branded with the mark of Tiffany, Cartier, Channel, Gucci or another well-respected brand.

What Type of Gold Can I Sell to Gold Buyers?

Gold pieces of jewelry, gold coins, and gold bullion (bars or ingots) can all be sold for cash. Let’s examine each one individually. 

Gold jewelry

Selling gold jewelry is probably the most common process on the market. It doesn't matter if it’s a gold ring, earrings, bracelets, or some other piece, as long as you make sure it is real gold. It’s also good to know what type of gold jewelry it is based on its age.

Most jewelry that is being sold to gold buyers is called estate jewelry. It’s a term that describes pre-owned pieces that are usually less than 30 years old.

Jewelry that is older than 30 and up to 100 years is called vintage. These pieces are often made by brand names like Cartier, Tiffany, and Bvlgari. In some cases, jewelry from the 1980s can be called this because it's fashionable again.

The oldest type of jewelry has an age above 100 years and is called antique. These are rare, expensive, and more often found in museums or in the hands of collectors.

If you would like more details about selling jewelry, we suggest you check out our guide on that topic.

Bars/Ingots/Bullion

Gold bullion is a quantity of refined metallic gold that can come in any shape. Gold bars are shaped as a bar and are usually held at gold reserves by central banks. If it’s a bigger size, we are talking about ingots.

Gold bullion shaped as gold ingots - Image credit by materlotteries.com.au

Individuals can also own these as a form of investment; and the form of Gold bullion has the most value.

 A gold bar in a protective casing - Image credit wikipedia.org

Coins

Gold coins are usually seen as a form of investment and they could also be a family heirloom. They are a little less pure than bars, but are easier to store and sell.

Do I Need to Bring Any Papers When Selling My Gold?

Generally, a jewelry buyer will require your ID, a signature, and maybe a thumbprint. Make sure they require the above mentioned from you to avoid an unreliable buyer who could potentially scam you.

Where Can I Sell My Gold for Cash in Phoenix and the Phoenix Area?

When selling your gold, you want to find a local place with a good reputation that is reliable and safe in the Phoenix area and cities like Mesa, Tempe, Paradise Valley, Gilbert, etc.

There are three main kinds of gold buyers. We will take a look at jewelry stores, online gold buyers and pawn shops.

Jewelry Stores in the Phoenix Area

Selling your gold to a local jewelry store is usually the safest option and will give you the best price. Check the reputation of the jewelry store before you go. You will want to find a professional with all the necessary certifications at the jewelry store you choose. They will explain in person your gold’s condition and how much they are willing to offer for it.

We will take a look below at cities in the Metropolitan Phoenix area where you can find professional staff to help you with the process of selling your gold jewelry, ingots, bars and coins in the safest way and for a fair price.

Scottsdale 

The city of Scottsdale is located northeast of Phoenix. Scottsdale is known for its charming setting, local farmers market, spa resorts, golfing, outdoor sculptures, art galleries, and beautiful parks and recreation areas. Old Town Scottsdale is a special area you need to check out!

Whether you live in Scottsdale, or are just visiting, there are qualified jewelry stores located here that are available to buy your gold pieces if you are looking to sell. A great option is The Estate Watch and Jewelry Company, which is known as a highly reputable gold dealer.

Chandler

Chandler is southeast of Phoenix and is a city you won’t want to miss. Chandler is known for its beautiful parks, vintage train rides, Railway museum, golf courses, and views of the Sonoran Desert landscape.

Chandler has available local jewelry stores that buy gold bullion and gold jewelry, should you decide you need a place to sell them. We recommend checking out our Chandler store for professional help in selling your gold items.

Cities within Metropolitan Phoenix area 

Listed below are some cities within the nearby Phoenix vicinity as seen in this Phoenix area map. 

Phoenix residents and visitors are only a short 20-30 minute drive from Scottsdale and Chandler. For those in the surrounding areas like Tempe, Paradise Valley or Mesa, if you have decided to update your jewelry or sell your gold, our stores are conveniently accessible to you in either Scottsdale or Chandler.

If you need extra cash and want to sell your gold items, Chandler is your most convenient store if you live southeast of Phoenix near Gilbert, Sun Lake, Queen Creek, San Tan Valley, 

We invite you to browse our customer comments at The Estate Watch and Jewelry Company or check our online reviews from satisfied customers. We are a reputable company and will offer our best price.

Online gold buyers

You could also sell your gold online by looking at platforms like eBay, Craigslist, or the classifieds. However, selling to an online buyer comes with many risks.

You will not have clear knowledge of who the online buyer is and what are their qualifications for assessing your gold. They may offer you what seems to be the highest price, but beware if the offer seems too good to be true.

 When selling gold online, you could become a victim of fraud and lose your gold when you ship your piece to them which gives you no control of what is going to happen next. Your pieces can disappear without a trace leaving you with nothing in return. The number of attempted scams online continues to rise.

Will your personal information be safe? The FTC has reported fraud losses increased more than 70% over 2020. So, selling your gold online means you need to be careful.

Financial losses suffered by victims of online scams-image credits by statista.com

In our opinion, the risk of selling your gold online is not wise. You are better off selling where you can meet in person and be paid instantly.

Pawn Shops

Many people make the mistake of bringing their gold to a pawn shop thinking it is the only way to get cash quickly versus shopping around for more reliable sources. While a pawn establishment gives you a quick payout, a jewelry store can also offer you a quick payment when buying your gold. If you take a quick loan from the pawn establishment, be aware they will charge you interest with the payment typically due in 30-60 days.

A fair price for your gold is rarely given by a pawn shop because they will not give you a wholesale or a retail price. It is usually 25% to 60% of the item's resale value. Some pawn shops will even ask you to pay for storage while your gold is in their hands.

Why the Jewelry Store is Your Best Choice

If you haven't already arrived at the conclusion that selling to a local jeweler is best, we hope the following will help.

No middleman

There will not be a middleman when you sell to a jewelry store. A middleman will offer you a lower offer to ensure that they can still make a profit when they sell it to an end buyer. When sold at a jewelry store, they are the end buyer, which means they will generally offer you a better price.

Working with professionals

You will want to do research for selling your gold, but no amount of research can substitute years of experience in buying and selling gold from a professional. This is why we strongly recommend finding a jewelry professional to guide you through the process of selling your gold. 

Selling to a jewelry store means you have a professional who is certified and able to explain to you every step along the way to make sure you are satisfied and get the best price.

When dealing with an online buyer, you don’t know who you are working with or if it is a scam. 

It’s easy to check their reputation

Checking the reputation of a gold buyer is important. Google reviews, Yelp and the Better Business Bureau are a great way to verify the credibility of your local jeweler. 

Final Thoughts

This simple guide on selling your gold should help you understand the selling process and create confidence in your ability to sell your gold items. We have two great locations where you can get a fair price and receive immediate payment.

Our team of certified professionals  are reputable gold buyers and can help you when you are ready to sell your gold jewelry or gold pieces. We are happy to answer any questions you may have and will offer you a fair price and immediate payment. 

Please don’t hesitate to visit our jewelry store at our Scottsdale or Chandler location; both are conveniently located near Phoenix and the surrounding area. We look forward to seeing you at our store soon!