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How and where to sell gold chains for the most money in 2022

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Do you have an old gold chain — maybe that you haven’t worn since high school — buried somewhere in your sock drawer or cluttering a jewelry box?

If you want the best place to sell your gold chain for cash, we recommend CashforGoldUSA (more on why later).

Get a quote from CashforGoldUSA now >>

How to sell a gold chain

1. Check for stamps or symbols to understand what you own

It's important to understand exactly what your gold jewelry is — the karat of gold, weight, and in some instances, the brand. Familiarize yourself with gold hallmarks, or stamps, that signify the karat of gold — even if you think you know what you have.

Unless you have a large and branded gold chain from a luxury brand like Tiffany or Cartier, you are likely selling your necklace for gold scrap prices.

This chart gives you an idea of the value of amount of gold per karat in yellow gold, assuming a price of $1,700 per troy ounce:

StampPurity% goldSpot value
99924 karat99.9% $1,635.40
99022 karat99%$1,482.00
75018 karat75% $1,220.60
58514 karat58.3% $941.80
3759 karat37.5%$680.00

You can always take your gold chain to a pawnshop or jewelry store where they can weigh your necklace and give you an appraisal, or quote to buy.

2. Know the price of gold

The price of gold goes up and down, and after reaching an all-time high in March of this year, have been on a steady decline. Rising interest rates mean that bond yields and a strong dollar make gold investments less attractive — and prices have fallen 20% since spring. The lower demand means lower gold prices globally. That means your gold chain is less today than it was last month.

As of September 28, 2022, the spot gold value in the United States was at $ per ounce, or $ per gram, down from the record high of $2,074.60 per ounce on March 8, 2022. 

3. Work with a reputable gold buyer

Sources of information on gold buyers include:

  • Better Business Bureau
  • Trustpilot
  • Yelp!
  • Google searches
  • Friends
  • Family

This post outlines top gold buyers, including in-person gold selling options like pawnshops, antique and jewelry stores, cash for gold locations, gold recyclers, and online gold buyers.

Where to sell a gold chain: 5+ options 

Below are several options you have for selling a gold chain. Depending on how quickly you need the cash is a factor in what you choose.

1. Online

Online buyers face a lot of competition, which incentivizes them to pay you the highest price for your gold chain and other gold, silver, platinum and diamond items. 

CashforGoldUSA display ad

 

There are numerous online buyers that will buy gold chains. You can consult the Better Business Bureau and Trustpilot to read customer reviews and look for potential red flags like lawsuits or negative press. We put together a list of the best places to sell gold in 2022.

Based on our exhaustive review, CashforGoldUSA.com is our top choice to sell your gold chain online and the best place to sell your gold chain period.  

Here’s why we like them: 

  • A+ Better Business Bureau rating
  • Payouts within 24 hours
  • Easy, straightforward process
  • Free FedEx shipping insured by Lloyds of London for up to $100,000
  • Free, immediate returns if you decide not to sell 
  • 10% bonus when you mail your gold chain within 7 days
  • Buys 100% of your gold, silver, sterling flatware, diamond and gemstone jewelry, coins, and fine watches — no matter the weight or value (including dental and scrap gold)

Read our review.

2. Jewelers nearby 

Selling your gold chain at a local jewelry store is a good option if you need money quickly, but you likely won’t get the highest price. 

That’s because local jewelry stores have high overhead costs that come with running a brick-and-mortar business. 

3. Pawnshops nearby

Most pawn shops do buy jewelry, including gold chains, though they typically pay a lot less than online gold buyers, but not always. If you need cash immediately — or are interested in a pawn loan — a reputable pawn broker may be a good option.

4. Cash for gold stores

Most cash-for-gold stores don’t face a lot of competition and have high overhead costs associated with running a physical business location. This means your payout likely won’t be as high as your payout from a top online buyer like CashforGoldUSA. 

CashforGoldUSA display ad

More here on where you could sell jewelry.

Top tips for selling your gold chain

1. Know what you have in your gold chain

Your gold chain will be valued based on the weight and purity (measured in karats) of its gold content. You can estimate the value of your gold chain with CashforGoldUSA's gold calculator, which factors in the current price of gold. It is important to note that this is just an estimate, not a final offer.

Gold calculator from CashforGoldUSA.

White gold vs yellow gold: What’s the difference, which is worth more?

2. Get an appraisal

If you plan to sell your gold chain (or insure it if it’s a high-value item), a jewelry appraisal is a statement that spells out the value of your item. Check out our post that details the process of getting a jewelry appraisal, which you can get for free or low-cost at a local jeweler. An online gold buyer will also appraise your chain as they give you an offer to buy. These are not legally binding appraisals, but will give you the weight and karat of your chain, along with a cash offer.

3. Don’t accept the first offer

Getting multiple quotes on your gold chain will help you get the most money possible. Start by getting a price from a top online gold buyer like CashforGoldUSA. No matter where you sell, remember you can always negotiate — or say no and take your chain elsewhere.

CashforGoldUSA display ad

FAQs about selling gold chains

Do gold chains have resale value?

Yes! Your gold chain will be valued based on the weight and purity (measured in karats) of its gold content — this is often stamped on jewelry. Get a free estimate on your gold chain from CashforGoldUSA >>

How much is my gold chain worth?

Your gold chains are likely worth their weight x quality of the gold.

However, if your chain is made by a significant brand like Bulgari, Cartier, David Yurman or Tiffany, it is likely worth more as a whole piece.

How much does a gold chain sell for?

While there is no standard price or percentage a jeweler will pay for gold chains, most will pay you based on the spot value of your chain’s gold content, minus a commission fee. A commission of 20% is fair and typical for top online gold buyers, but a jeweler likely will not pay you as much.  

As of , the spot gold value in the United States was at $ per ounce, or $ per gram, down from the record high of $2,074.60 per ounce on March 8, 2022. 

Where can I sell my broken gold chain?

Most gold buyers are interested in the gold content of your chain rather than the jewelry itself. That means most will accept your broken gold chain and any other old jewelry you own. CashforGoldUSA buys gold items in “any condition, including unwanted, broken and even ugly gold jewelry.”

Bottom line: Where is the best place to sell a gold chain?

Based on my own personal experience and an exhaustive review of gold buyers,  CashForGoldUSA is our top recommendation for selling gold chains and any other gold or precious metal items you own. 

CashforGoldUSA has very high user reviews and ratings, plus we love that they pay within 24 hours and offer a 10% bonus if you mail your items within 7 days. 

Get a free estimate on your gold chain now >>

Do gold chains have resale value?

Yes! Your gold chain will be valued based on the weight and purity (measured in karats) of its gold content — this is often stamped on jewelry.

How much is my gold chain worth?

Your gold chains are likely worth their weight x quality of the gold.

How much does a gold chain sell for?

While there is no standard price or percentage a jeweler will pay for gold chains, most will pay you based on the spot value of your chain’s gold content, minus a commission fee. A commission of 20% is fair and typical for top online gold buyers, but a jeweler likely will not pay you as much.

Where can I sell my broken gold chain?

Most gold buyers are interested in the gold content of your chain rather than the jewelry itself. That means most will accept your broken gold chain and any other old jewelry you own.

Wealthysinglemommy.com founder Emma Johnson is an award-winning business journalist, activist, author and expert. A former Associated Press reporter and MSN Money columnist, Emma has appeared on CNBC, New York Times, Wall Street Journal, NPR, TIME, The Doctors, Elle, O, The Oprah Magazine. Winner of Parents magazine’s “Best of the Web” and a New York Observer “Most Eligible New Yorker," her #1 bestseller, The Kickass Single Mom (Penguin), was a New York Post Must Read. As an expert on divorce and gender, Emma presented at the United Nations Summit for Gender Equality and multiple state legislature hearings. More about Emma's credentials.

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