Where should you sell gold jewellery

 

So, you want to sell gold jewellery and you’re wondering if a good place to start is online or visit a gold dealer shop front. Or maybe, you’re no stranger to the physical buying and selling of precious metal, but you want to get started online. You’re on the right track because gold buyers are available in the digital market.

Just like most businesses nowadays, online transactions concerning gold are common. Sites such as Ebay have areas where you can upload photographs of your jewellery items and have people bid. 

According to the Observer, more people are searching for gold jewellery on the internet which is good news if you have a nice engagement ring However, what do you do if your gold jewellery is old, ugly or broken?. Transacting online probably won’t achieve your desired goal vs going to a gold dealer shop and transacting on a one-on-one basis.

 

 Another problem is even if you sell your item online, theres other additional expenses involved after the sale such as: 

  • Mailing the gold jewellery
  • Insuring the gold jewellery
  • Send the gold jewellery in the mail

Despite having lots of traffic, online sites such as ebay lack predictability. This is in part because the bidding process lacks specialists or experts making you more susceptible to scams or selling it under market value. Also, Ebay and similar sites charge exorbitant fee’s after factoring all this in you could just be wasting your time when you could simply visit your local gold dealer.

Do I have to pay tax for selling gold?

Precious metals are subject to taxation. However, according to a report by money metals, New Jersey is considering eliminating taxes on gold, silver and other precious metals. The bills that were initially introduced in 2021 sought to end taxation of the precious metals. 

The proposed bills are crucial for various reasons. The first is that studies have proved taxing gold, silver and other precious metals is inefficient. The revenue collection strategy doesn’t work. The Michigan study showed that proceeds from sales tax that a state collected on these metals was most likely overshadowed by the state revenue. 

Secondly, the levying of sales tax on these metals is both wrong and inappropriate. This is because sales tax is usually levied on final consumer product such as shirts and t-shirts. The point being the customer is actually consuming the good. Since the precious metals are bought for resale, this makes taxing them inappropriate.

Also, New Jersey didn’t levy taxes on other investments that were purchased. For example, bonds, stocks and ETFs. Since precious metals such as gold are considered forms of investment and saving taxing them would be unfair.

As Gold Jewellery is a personal item there are no taxes involved for selling any personal items

Selling Gold Jewellery 

If you intend to sell gold jewellery it is recommended you visit your local gold buyers. This is because making sales on online can both be risky and tedious. Below are reasons you should go with local gold buyers instead.

  • Your Gold jewellery items are assessed on the spot.
  • Paid instantly 
  • Paid for broken jewellery
  • Don’t have to mail or pay for insurance to sell

With those advantages in mind it’s recommended you visit your local gold dealer to sell gold jewellery

 

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