The occasion may arise where you need or wish to sell platinum. Selling platinum is not difficult to do and how you go about it depends on a) what sort of platinum you have to sell and b) where you are selling it.

In some States of the US there are specific guidelines one is required to follow in order to sell platinum. You can check these States by going to Selling Platinum . There may also be legislation in the country in which you reside.

Basically it depends mostly on what you are selling. If you are selling platinum coins or bars then you can go either to a coin dealer locally or online or sell by auction such as eBay for example.

A coin dealer will usually give you a fair price, (not the retail price of course as he or she wants to cover their costs and make some profit also) depending on the quality and type of platinum coin(s) or bar(s).

It is wise to pick a reputable dealer however and one you have had dealings with before if possible. Some people simply sell back to the dealer they purchased from.

Do not sell to a second hand shop or pawn shop. You will get perhaps ten percent of the value only and that is even if they are aware of the value of the platinum bullion.

If you are selling platinum jewelry then, depending on the value of the jewelry (for example there may be an expensive diamond included in the jewelery) you should likely get the jewelery appraised before you sell it so that you can demonstrate to the buyer the value of the jewelery.

If you can sell your platinum jewelery to a friend or relation this is usually the best option as it will net you the best price as those that are keen top buy quite often have been wanting the piece for sometime.

A dealer is not going to give you the best price for platinum jewelery but usually anywhere from 50 to 80 percent of the value.

Selling by auction is fine if you are prepared to take a risk that the piece will sell for less than you want (unless you put a reserve price on of course).

In all cases make sure you know your buyer and that they will pay for the jewelery.

Selling Platinum is not difficult provided you apply some common sense and due diligence.

This entry was posted on Thursday, January 4th, 2007 at 7:44 pm.