Gold keeps going up in price, and as of 2010, it is approaching record highs. This is leading many to want to sell their gold jewellery, including gold pocket watches. Getting a good deal when selling your gold jewellery involves researching to make sure that you are selling to a reputable source and that you are selling close to the current "spot" price of gold for low-value jewellery. If your jewellery is premium, be sure you have got several offers before you sell.
- Skill level:
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Things you need
- Digital camera
- Scale to two decimal points
Determine the current spot price of gold. The spot price of gold is the current price, per ounce, at which gold is trading on either the London or New York market. It is easily found online at sites such as kitco.com, where the price is updated by the minute.
Identify the pocket watch that you are trying to sell. To get the most for your pocket watch, you first must know what the watch is. Take note of the gold's fineness, or the carat, which typically ranges from 10K (41.7 per cent gold) to 24 (100 per cent gold). Also note if the piece is signed by a prominent design house such as Tiffany & Co. or Bulgari. Finally, take note of any gemstones or other unique attributes that may make it worth more than its gold content.
Find a reputable dealer. Armed with the current price of gold and with the knowledge of what your jewellery is, find a reputable dealer by using a directory, such as a phone book. Call and let the dealer know what you have, and ask if he is buying gold pocket watches and what price he pays by the gram for gold jewellery of your carat purity. Check with several dealers to compare.
See if you can sell the pocket watch retail yourself. Putting ads on Internet notice boards such as Craigs List or listing an item on eBay is a way to attract retail buyers who will likely pay more than a dealer for your item. When listing, use plenty of pictures, and include the weight of the piece of gold jewellery in grams in your listing.
Tips and warnings
- Take digital pictures of the watch before you sell it as a record.
- Be cautious of using mail-order gold firms without a traditional brick-and-mortar storefront.
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