If you need a bit of cash and you have some gold lying around then it is not a bad idea to sell it. You can turn that gold into cash by selling or pawning it. You will have to decide if you should sell your gold jewelry online or to your local pawnshop. This list will help you examine your choices by carefully weighing the advantages and disadvantages of selling your gold online versus your local pawn shop.

  1. Ebay is one of the most popular online website for sellers and buyers.

Advantages:

  • Wide range of audience – there is a good chance of selling your product quickly Ebay is visited by millions of buyers from all over the world on a regular basis.
  • Convenient – Ebay has a simple transaction process. You first have to take a photo of the gold item that you want to sell. Then, follow a few simple posting procedures. Finally, you are ready to sell your item.

Disadvantage:

  • Everyone can buy your gold – this might seem like an advantage, but it is also great risk to sellers. An untrustworthy buyer can claim that your item is ‘significantly not as described’ after receiving it. The said buyer can file a claim with Ebay and most of the time Ebay will side with the buyer. The buyer will be given a refund and he can also keep the seller’s item.
  1. Craiglist is an advertisement website with different sections to categorize jobs, services, and online selling.

Advantage:

  • Convenient – it only takes a few minutes to create an account on Craiglist. After creating an account, you can post as many advertisements as you want.

Disadvantage:

  • Countless crimes and scams – a quick search on Google uncovers many crimes committed through Craiglist transactions. Some cases are about burglars who tried to raid the homes of sellers.
  1. Postal Gold-buying Websites

Advantage:

  • Convenient – you can have your items appraised without leaving the comfort of your home. Just send a picture of your item to a gold-buying website and they will send you a ‘quote’ of the value of your item. Once you are satisfied with the given value, you need to mail your gold item via postal service to the website’s actual office.

Sell gold jewelry

Disadvantage:

  • Unreliable and untrustworthy postal gold-buying websites – make sure that the website has a high rating and good reviews before sending them your gold. There are cases where the seller did not actually get any money for their item.
  1. Llocal pawn shop

Advantages:

  • Reliable and secure – the transaction is secure because your gold is appraised on the spot without leaving your sight.
  • Rapport with Pawnbroker – there is little to no chance of building a rapport if you sell your items online because you are selling it to strangers. But if you sell your item to your local pawn shop, the pawnbroker may offer you higher appraisal value.
  • The deal is done face-to-face – you do not need to risk sending your gold item via post. You will also receive the cash immediately.

Disadvantage:

  • Transportation expenses

You need to spend money on gas and transportation fare because the transaction is done face-to-face.

Taking your gold to your local pawnshop is your best option if you don’t want to risk selling your gold online. You also have the option to simply pawn your gold jewelry for cash and come back to recover it at a later time.