Suffolk Jewelers & Pawnbrokers has anchored Boston’s historic South End district since its opening in the early 20th century. It is the oldest pawnshop in Boston and the largest store of its kind in New England. The store’s experienced personnel have processed countless gold transactions, and understand the value and nature of gold items.
If you are interested in selling a gold item, such as a necklace or a bracelet, consider these tips from Suffolk’s owner, Ed Bean. Before walking in to present your gold item to a buyer, Bean said, follow these steps:
Know Your Gold
Knowledge is power. Or, in the case of selling gold, knowledge is money. Be sure you know details about your gold when going in to a deal. Know the carat weight and if it is a vintage or historical item. Also consider the workmanship, designer, artistic elements, embedded gems, and other characteristics of the piece. Most items are karated gold. This means that these items are only a fraction of the weight in pure gold and therefore a percentage of the current gold price. You can also have your item professionally appraised before bringing it in to a dealer so you have a better sense of what you are selling.
Know the Market
Research the current gold market, as the dealer’s offer for your gold will reflect the market. Research the current market price for gold so you are informed during the appraisal process.
When researching the price of gold, don’t be confused by reports about the price of gold in financial markets. Those numbers deal with gold futures. The actual price of gold items can be determined by looking at what dealers are charging, from auction sites, and other sources.
Know the Buyer
Research the buyer before you attempt to sell your item. Research the reputation of the business. Check local business reviews to find customer testimonials about the store. You can also check the Better Business Bureau to see if any complaints have been filed about the business. Most legitimate gold dealers will use penny weights as opposed to grams as a measure of gold weight.
Bring your ID
Buyers are required to check your identification, so don’t forget to bring a valid ID with you to the appraisal. A valid ID includes a non-expired driver’s license or passport. Buyers are required by law to ask sellers for government-issued identification. All valid buyers will require this information.
Remember You Can Walk Away
Remember that it is your gold, and you do not have to feel pressured to enter into a deal. You can walk away and return another day. Or you are welcome to get a second bid at another store.
“The more knowledgeable you are about your gold and the current market, the more well-versed you will be during a transaction, and the happier you’ll be with the result,” Bean said.
Suffolk Jewelers & Pawnbrokers is a reputed, experienced buyer and seller of gold. The store has a large group of loyal customers who return year after year and decade after decade to sell gold and other items.