After nearly a decade of a booming economy, it went bust, and for the last few years, the economy has caused a lot of people trouble. Many people have scrambled for alternative ways of finding money to get by. For some, this meant selling more of their items at garage sales and for others it meant borrowing from family when emergencies came up. Some people discovered that if they had some old gold items, including jewelry they never wear, they could find a Gold Buyer in Chicago to convert it to some ready cash. Not many had a big hand full of herringbone necklaces all knotted in a draw or box someplace, just waiting to be melted down. However, many people did have some old jewelry handed down by a family member. If that old jewelry was made of gold, silver or some other precious metal, they had a secret cash generator, once they found out where they could sell it.
In many jewelery stores, you can find a Gold Buyer that will determine the karat weight or amount of pure gold in your jewelry and weigh your jewelry so they can make you an offer to buy your gold based on the current market price of gold. Some of those jewelry stores have the means of melting down old gold and making it into new custom made jewelry they can sell. Most jewelry isn’t pure gold but 10,12,14 or 18K jewelry, and can be sold for cash. 24 karat gold is pure gold, but it is too soft for jewelry making. The lower the karat rating the less pure gold the item has in it. The rest will be other metals that give strength to the gold.
Even stores that don’t melt gold down themselves will know where they can sell scrap jewelry and other gold items. They will generally remove any real gemstones like diamonds or emeralds from the old jewelry and sell the scrap gold to companies that melt it down to be reused for other purposes. Just like many other things of today, gold, silver, platinum along with other precious metals and gemstones can be recycled and those that have them can get themselves some quick cash. Feel free to reach out to our team at Chicago Gold Gallery with any questions!
