Selling your gold, silver, and old jewelry is not a simple task and sellers should know that they will never recoup what they may have paid for the item. Although gold and other precious metals and gems have increased in retail costs, buyers generally offer “scrap” value which is often far less than the appraised value of a ring, bracelet, or other item. The following tips will help the seller to recoup some of the costs and make some money.

Gold, Silver and Stones

Under a recently passed federal law, all purchases of gold and silver must be recorded by the buyer. Do not be surprised when asked for valid picture identification, such as a driver license. This applies to all purchases regardless of the agreed-upon amount.

Buyers will make an offer that is based on “scrap value.” This amount is generally far less than what you originally paid for the item and less than any appraised value. Appraisals, usually applied to insurance riders, cover replacement cost, but this does not reflect amounts you may be offered by a registered buyer.