If you have a piece of diamond and gold jewelry that you want to sell, you know you can walk into a cash-for-gold place to get quick money for the scrap value of the gold. But there is the chance the diamond may be worth something as well. Demand for diamonds has been increasing, and it is tempting to try and find a buyer who will pay for the piece of jewelry instead of the gold -- in other words, someone who will pay more for a completed piece of jewelry instead of a lower price for just the gold. But before you do that, take a look at what you may face when you try to find a buyer who will pay for more than just the gold.

Mistaken Information

If you originally bought the piece of jewelry yourself from a reputable store, then you know it's a diamond. But if you were given the jewelry, or if you inherited it, you actually have to double-check that it's really a diamond. For all you know, the stone could be cubic zirconia, glass, or another material.

Getting the piece appraised first is a necessary step, and that means taking extra time -- and possibly spending extra money -- to ensure the stone is real. With gold-only jewelry, there are a few quick tests you can run yourself to see if the piece might be plated; for example, you can hold a magnet to the piece (if the magnet attracts the gold, then you know the piece is plated because gold is not attracted to magnets), or you can look for a stamp that notes the carat weight. But it's much more difficult to tell if a diamond, especially a small one, is real.

Lack of Buyers

Even if the piece is real and is quite valuable, you may have trouble finding a buyer who will buy the whole piece instead of just the gold. That means it will take longer to sell the piece, which is not good if you're selling it because you need fast cash. Or, you could find buyers who want the piece, but they might not be willing to pay you a fair price. If you sell the piece for the scrap value of the gold instead, you at least know approximately what you'll get because gold prices are posted daily online.

Some gold buyers are now looking for diamonds as well, however. If you can find a gold buyer who will check both the scrap value of the gold and the value of the piece as a whole with stones, then the process becomes much easier. The buyer can let you know what each price would be. Plus, if you decide to sell for the gold scrap value, the buyer might let you have the stone. You could get that placed in another setting once your financial situation allowed for it.

If you want to find out more about selling jewelry for scrap versus whole-piece value, talk to gold buyers in your area. If they aren't looking for stones in addition to gold, they can point you toward appraisers and others willing to look at the stone.

To learn more, contact a company like Sol's Jewelry and Pawn

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