You have likely heard about the stores that claim to buy your old gold and give you money for the jewelry you no longer want. Sometimes, this can sound too good to be true, making you wary about whether you can actually get money for the gold that is simply taking up space in your drawer. However, as long as you are careful to choose reputable gold buyers in Detroit, you can count on receiving money for your gold. But what do they do with that gold?
When you take your gold to the buyer, they will evaluate the gold in several ways. Some of the factors they will consider are the karat weight of the gold, how much the gold weighs and the quality of the gold, which can be measured with an acid test. Once all these factors are determined, the gold buyer will calculate the melting value of the gold and offer you a percentage of that value to allow room for profit.
Reselling for Melting
Once the gold buyers in Detroit have purchased your old jewelry from you, some of them will melt it down themselves to make into new jewelry. However, if you choose to sell to a pawn shop or another gold buyer that isn’t operated by a jeweler, they are more likely to sell the gold to someone else to be made into new pieces of jewelry or other objects.
Reselling as Jewelry
If the jewelry you sell to the buyer is in decent shape, they may actually decide to sell it as is. In some cases, they are able to make more money on an item by selling it as the jewelry itself rather than to someone who will melt it and make a new piece of jewelry. Regardless of how they choose to sell it, the gold buyer will make the decision that will provide him with the greatest profit.
Selling gold to gold buyers Detroit can often feel as though it is too good to be true. While you likely aren’t going to be able to get rich on this venture, you will be able to make a decent amount based on the value of your gold on any given day. The gold buyer will carefully evaluate the value of your gold and offer you a percentage of the melting value. They will then choose to sell the gold, either to a refinery or to the public in its current state, to make a profit on the deal.
To learn more about the process your gold goes through with gold buyers in Detroit, visit the C & L Exchange website or call 1-888-466-7296.