I culled this highly educative article from the Punch’s Am Business Column. It’s worth sharing and do visit the column for more financially educative articles.
Bukky has been unemployed since she got laid off in September last year. Her husband was self-employed and his previously thriving business has struggled for a few years; this made Bukky’s contribution all the more critical for the family. With school fees due at the beginning of the new term, things had become quite desperate. A friend of hers mentioned that she had sold some of her gold and received a handsome amount of money for it.
Bukky gathered some of her gold jewellery; three gold chains, one of them broken, two pairs of earrings and one half of a pair, five gold pendants and some old-fashioned pieces that she hardly ever wore and wouldn’t miss. The dealer weighed up her haul and gave Bukky N360,000. He showed little interest in the pieces that were combined with gemstones. Nevertheless, she was overjoyed as they now had enough money to take care of their immediate needs.
It has been at such economic crossroads that people often sell jewellery to help to settle bills and debt. A few years ago when gold prices skyrocketed, offers were so appealing that many were tempted to cash in. So, should you sell your gold jewellery? Before you decide to do so, carefully consider some of these issues.
Do you know what your gold jewellery is worth? Unfortunately, many desperate consumers are getting fleeced because they don’t have any idea of what their gold jewellery is actually worth. Adverts tend to publish phrases like “highest prices guaranteed,” “best prices paid,” “competitive prices” to attract clients; buyers often appear reluctant to reveal what they will pay per ounce or gram of gold. There is usually a wide variance between a fair price and what the seller actually receives. Indeed, if you take gold jewellery of the same weight and karat to a number of dealers, you will be surprised at the number of different offers.
It is important to have at least a rough idea of what your jewellery is worth before you approach potential buyers. Start by obtaining the current spot price of gold, to at least give you some idea of what to expect otherwise, you run the risk of accepting a ridiculous offer that doesn’t really reflect the true value of your pieces.
Who will buy your gold? Trade your gold through reputable and reliable jewellery dealers, who have been in the business for some years; they are likely to be more transparent in their dealings as they have a reputation to protect. You might also choose dealers who come highly recommended by your usual jeweller or trusted friends.
Nimi Akinkugbe. Get the rest of the article here
