If your jewelry box is filled with old or broken jewelry, consider selling the jewelry for cash. While gold is a great asset to have in your portfolio, cash is more versatile. Here's what you need to know about selling gold. 

You Have a Few Options for Selling for Your Gold

There are a few alternatives when it's time to sell your gold. The best option will depend on your situation and preferences.

One possibility is a jewelry store. A jewelry store will make an offer for your gold pieces that depends on how much gold each piece consists of. With a jewelry store, you can usually get money the same day you bring your gold in. Jewelers can also tell you if you have any pieces that are worth more as a piece of jewelry (like an antique bracelet or other rare items) rather than as its parts (gold, diamonds, or other gems).

Another option is a mail-in company that purchases gold jewelry. A mail-in company is convenient, but you'll receive a fairly low price for your gold. You also lose the ability to negotiate the price for your gold when you mail your pieces in.

A third possibility is selling your gold to other individuals interested in buying gold pieces. This alternative requires more time, as you typically have to list your items and arrange meetings with potential buyers. Or, if you sell the item and mail it, you'll need to allocate time to package and mail the gold.

You Won't Receive Full Retail Price for Your Jewelry

You may have a few pieces of nice jewelry that you feel are valuable. Unless these pieces are rare, antiques, or have some trait that makes them extremely valuable, you're unlikely to receive the retail price for gold jewelry.

It's likely easier to sell gold jewelry to a jewelry store that buys gold items. You'll receive a fair price that's based on the current market value of gold. Consider shopping around to see if it's better to sell your gold jewelry to someone who plans to keep it intact or to an entity that plans to melt it down for scrap value. 

The Price of Your Gold Will Fluctuate

Gold is a precious metal, and the price will vary depending on the current economic conditions. The price can even vary from day to day, depending on what the financial markets are doing. If you get a quote from a jewelry store to buy your gold, make sure to ask how long the quote is good for.