You don’t have to be an expert to sell gold jewelry online. In today’s gold market, anyone can sell their unwanted gold pieces on eBay. The key to your success is good preparation. You can learn how to sell gold on eBay like a pro and be nicely rewarded. These detailed tips will help you map out a strategy.
Tools for Success
If you don’t already have one, you will need to set up a seller’s account on eBay. Accomplish this by following the instructions right on the eBay site. Also, set up a PayPal account using a link from the same site. To sell gold online, you should have an accurate scale that weighs grams, karats and ounces. These are available very reasonably online. Also handy is a soft measuring tape that measures millimeters. A magnifying glass will help you identify karat stamps and other markings on your gold. Your local jeweler should be willing to test your gold if it is not stamped; however, you can buy testing supplies online if you are so inclined.
Research
Take time to do your homework. The easiest way to let the buying community know you are a novice is to put up a listing that is inappropriately described or priced. Research is not hard, it just takes time. On the eBay site, use the search box to find current listings of gold items similar to yours in style, weight, condition and karat content. For example, in the search box, enter, “25 grams 14K gold bracelet” or “mixed lot 14K 18K gold scrap.” Now you have listings to learn from and you know your competition. Put the most relevant of these listings on your “watch list,” and reference them when it’s convenient.
Dig Deeper
Now go to eBay’s advanced search mode (an option to the right of the search box) to check completed gold listings. Again, in the search box, enter keywords that describe the gold you want to sell. Be sure to check the “completed listings only” box under the search bar. Scrutinize and learn from these results. Concentrate on starting prices, the length of each auction, what day of the week each auction started and ended, what listing features the seller used, and of course, selling prices.
Be Informed
Keep abreast of daily gold prices. The moving price, per troy ounce of gold, can be found on almost any financial website. Gold buyers will often pay more per gram as the total weight of your gold increases. If you have a gold piece stamped “750,” it is the European equivalent to 18 karat. And 18 karat is 75% pure gold, as opposed to 14 karat, which is 58% pure gold. Information abounds on the web. The more you know, the more confident you will become.
Begin Your Listing
Go to the sell tab in your seller’s account when you are ready to list. Selling gold on eBay is no more intimidating than selling anything else if you are prepared. Give your gold a keyword dense title and use every single space allotted to you in the title bar. Choose the appropriate category in which to list your gold. The completed listings you study will reveal what categories are most common and successful. These categories are shown at the top of each listing. Conveniently, you can save a partially completed listing at any time, and finish it later.
Take Great Pictures
Take a lot of angles with different lighting. Clear, close up photos are best. Take at least one picture of the gold on your scale, showing its weight in grams. This scale shot is best used as your “gallery” photo: the photo that shows up first in a buyer’s search. Upload at least six of your best pictures to your listing. Using eBay’s “picture pack” feature saves you a little in fees and does a nice job enlarging your photos. Good pictures are great selling tools. Give them your best effort.
Describe the style, type, weight, color and size of your gold. Be thorough but concise. Too much text is distracting; so are too many fonts and colors. Don’t exaggerate, be completely honest and describe any flaws. Invite prospective buyers to email you with questions about your gold. Respond quickly, and if you don’t know something about the item, say so. Use ideas from the successful listings you research. But never copy a listing word for word. Also, check your spelling and grammar.
List at the Best Time
For excellent exposure, start your listing on Sunday evening at 6:30 PST and run it seven days. This gives buyers five week days and the following weekend to see the listing. However, with the price of gold fluctuating, you can also have good luck with a one day listing. For example, if the price of gold ends higher on a Friday, you may want to list that evening for a single day. The price of gold is not going to change on Saturday, and gold buyers shop seven days a week. Deciding when to list, and for how long, requires paying attention to the market. For convenience, you can schedule your listing to begin on a specific date, at a certain time. And, you can change the scheduled start date and time up until your listing actually begins.
Use the Right Selling Format
1. Auction: The “auction” format is tried and true and works well, particularly with desirable items like gold. It means listing with a starting price (typically low) and selling to the highest bidder. Buyers love this format because it’s fun, competitive and often results in them winning the item at a good price. Sellers take a risk here, since their gold can sell for less than it’s worth. But the risk is small when the items are selling well, as gold is today, and you can draw a big crowd of bidders. You may even get more than you expect with this format.
2. Buy it Now: You entice buyers to make a quick decision by using the “buy it now” feature. You set the exact price you will sell your gold for. Price it right, and your item should sell quickly.
3. Best Offer: Using the “best offer” feature can cause the listing to act like an auction. It gives you some protection, in that you can decline low offers and make counteroffers. Serious buyers know exactly what they will pay, and their offers reflect this. Using both the “buy it now” and “best offer” features in the same listing often provides good results.
Charge for Shipping Accurately
With gold, keep it simple. The U S Postal Service priority mail with signature confirmation and insurance is the way to go. It is fast, safe and reliable. Calculate these costs as precisely as possible using the USPS online tools. Add these charges into the shipping section of your listing.
Offer Payment Options
Buyers like options. The more payment choices you offer, the greater your buyer pool. Accepting payment through PayPal does incur seller fees, but buyers want the protection it offers. You risk losing many prospects if you don’t offer PayPal. A personal check is good because you simply wait for it to clear before shipping your gold. A postal money order should be as good as cash. Still, always cash a money order before shipping your gold. A cashier’s check carries some risk because after the seller cashes it, he can be liable if the check turns out to be fraudulent. PayPal, USPS money orders and personal checks are sufficient choices.
A Few More Comments
1. Pricing: Your research will reveal that overpriced items don’t sell and are often completely ignored. Buyers know the market: respect them and they will take you seriously.
2. Feedback: Always check bidders’ feedback scores. Good scores are achieved by good buyers. You may want to state in the description section of your listing that you will accept only a US postal money order from bidders with low or no feedback.
3. Selling Fees: Yes, they have gone up like everything else. But the market for your gold on eBay is huge, and so, therefore, is the competition for your gold.
Summary
So, are you ready to sell your unwanted gold jewelry successfully on eBay? You can compete with even the most seasoned sellers because you have desirable merchandise and you are going to be prepared! Pay attention to the market, study current and closed listings, take good photos and write a clear description. Use the right selling format and charge accurate shipping. Be honest in every way and buyers will reward you nicely.
