Today’s gold market may be described as the next big gold rush, and for good reason! With the price of gold being at its highest in years, many people are cashing in at a desirable rate. However, with this anticipated traffic comes a higher risk of swindle. Just taking your gold coins or jewelry to a pawnshop or jewelry store doesn’t necessarily guarantee a big pay off.  In fact, a lot of pawn shops are in the gold buying business temporarily, taking advantage of the spike in the gold market. These appraisers are in the business to make a profit, and may not be honest about the true value of your treasures.

Instead of blindly selling gold to the closest jewelry store and most likely getting ripped off, do your homework! You can abide by a few simple steps to make sure you realize the potential value of your gold pieces. These tips will help you sell your jewelry at the highest possible pay out!

Compare Prices: Like anything else you buy or sell, comparing prices is the best way to find the ballpark value of your gold. Getting a second and even a third opinion from a certified appraiser will allow you to see the difference in the quotes given. If they vary wildly, you may find it possible that one or more of the brokers may be hiding the true value of your jewelry. You may also want to work with an appraiser who determines the price of your item on its own merit and doesn’t simply quote you a set percentage.

Check the Ratings: It may seem easy to over look this tip, but it makes all the difference and it’s relatively easy. Before you decide to sell your gold, contact the Better Business Bureau about some of the local pawnshops, gold buying stores and jewelry stores in your area. The BBB can give you ratings and alert you about anything suspicious about the performance of the store in question. They can also give you an idea of how long the store has been in business and whether any complaints have been filed.

Question Their Method: Gold selling may seem like a science, but doing your research can give you a better understanding of how appraisers rate the value of your prized possessions. Some dealers may even weigh different karats together, which can devalue your items. In essence, they combine your jewels and give you the lowest karat value. Others determine the pay out by gram as opposed to ounces, which can also skew the value.

Simply stated, when you’re looking around for an appraisal, make sure you find one that is trustworthy. The Better Business Bureau suggests finding a local shop that you trust to sell your gold, perhaps a reputable jewelry store. If anything, you want to be sure to find a licensed appraiser. Working with pawnbrokers will certainly guarantee that you won’t be as susceptible to a scam. The one downside to that is they will know the real worth of your valuables and may give you even less payout than a broker with less knowledge.

Educating yourself on the rules of the game and the terms of service when it comes to selling your jewelry will ultimately guard you against becoming a scam victim. With so many gold buyers out there these days that are looking to make a quick buck, you can very well lose your valuables at a fraction of their true value. So stay sharp and ask around. The power of knowledge is something that you can literally bank on when it comes to selling your jewelry.

Author Bio: Kristina is an author of all things gold. She loves writing about topics in the gold market as well as selling jewelry.