Money

Is it Worth It To Sell Your Gold?

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Selling gold and fine jewelry for top dollar can be time-consuming, as appraisal values can differ. Alloy Market strives to change the selling process so you can receive a competitive offer and quick payment. 

Our Alloy Market review looks at how reassuring it can be to sell precious metals with a free shipping kit and video appraisal.     

Summary

Alloy Market buys gold, silver, platinum, and palladium at competitive prices and same-day payments. Enjoy free insured shipping and a video appraisal to receive a trustworthy offer. You will work with a dedicated advisor and can sell broken or damaged pieces.

Pros

  • Free shipping kit
  • Video appraisal
  • Quick payments
  • No hidden fees

Cons

  • Pays less than melt value
  • Must mail items away
  • Low payouts for gemstones
  • Must accept offers within 48 hours

What is Alloy Market?

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Alloy buys gold and precious metals through free and insured shipping, along with an assigned advisor for hands-on help. Selling your gold, silver, platinum, or palladium on this platform is free. Further, it offers to match a competitor’s offer or return your metals if you’re not pleased with the official appraisal.

You may appreciate this platform for a transparent selling process as you receive a video appraisal. This inspection method presents how Alloy appraises your metals and gems, while similar services may only send a written offer based on weight and purity. 

Anticipate receiving payment as soon as the same day you accept the offer. The platform provides free return shipping if you decide to go with another of the best places to sell gold.  

I like the hands-on and transparent process, as it adds a level of trust when selling hundreds or thousands of dollars worth of precious metals or fine jewelry. One potential hesitation is that Alloy only began in 2022 and has a limited track record. Nevertheless, it has many positive customer reviews and has successfully sold its valuables.         

How Does Alloy Market Work?

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You can mail your valuables to Alloy’s Pennsylvania-based warehouse. Below is a step-by-step guide to selling your metals safely and receiving a quick payment.

Free Appraisal Kit

Alloy Market home

First, you request a free appraisal kit that arrives by mail within five business days. You will pack up your eligible items and send them back using the U.S. Postal Service (USPS). The kit includes a prepaid postage label with up to $100,000 in shipping insurance. 

You can sell the following metals for free:

  • Gold: Bars and bullion, coins, bracelets, chains, dental crowns, earrings, flatware, rings, watches, and watchbands. 
  • Silver: Bars, jewelry, necklaces and chains, pure silver coins, rings, and sterling silver flatware.
  • Platinum: Bars, crucible, necklace, rings, and scrap wires.
  • Palladium: Bars, crucible, jewelry, rings, and scrap wires.

You can also sell diamond jewelry and settings containing semi-precious stones to potentially get a higher appraisal value. However, there isn’t a gem removal service, and you might be better off getting these removed before shipping off the metal.  

As you’re essentially making the current spot price, avoid selling coins or jewelry with collectible value, as it can be worth more. Regarding gold and silver coins, Alloy only buys rounds that don’t cannot be used as currency. 

Recorded Video Appraisal

While you must ship your valuables to the inspection center, you can view a recorded jewelry appraisal. It captures the unboxing and final offer so you know precisely what the appraisal is looking at to prevent confusion. Most appraisals happen within 24 hours of arrival.

The service can also implement X-ray technology and acid testing to validate the content’s purity. An item’s condition doesn’t impact the price as Alloy bases its offer on the metal’s quantity and purity. 

Typically, mail-in appraisals only include an email offer upon receiving your shipment. However, it’s still a good idea to know the weight and purity of your metals before placing them in the shipping kit so that you can compare your estimates to the expert appraisal accurately.    

I especially like watching a video of the appraisal, as I’m hesitant to mail my valuables off for a long-distance appraisal. It’s helpful to see how much value diamonds or gems can add during the appraisal. 

Dedicated Alloy Advisor

You will work with the same advisor by phone and email from start to finish. The advisor can answer your initial questions as you prepare your inventory for shipping and appraisal. 

Your advisor can guide you through the appraisal and payment process. For example, they can be your point of contact if another gold-buying service offers a more competitive offer, and you see if Alloy can match it.

This convenient access to a precious metals expert yields confidence as hands-on help is available at your fingertips.

Same Day Payments

Anticipate receiving a final offer the same day that Alloy receives your metals. Same-day payments are available through PayPal, Venmo, and wire. 

At most, it takes 24 hours from the arrival time for an expert to assess your gold and silver. Payment will be released as soon as you accept your offer, although it can take several days if you opt for direct deposit or paper check compensation.

You have 48 hours to accept the appraisal offer by phone and email. If you don’t respond, Alloy automatically sends the funds using your preferred payment method.

Free Return Shipping

You are not required to accept the final offer. If you reject it, Alloy will return your items free of charge and with up to $100,000 in shipping insurance. 

Free return shipping is a common practice among online gold exchanges, and this feature builds further credibility. It also removes the pressure to accept an undesirable offer or pay unnecessary fees when you need money now.  

I also appreciate that Alloy uses USPS for its shipping needs, while competitors might partner with FedEx or UPS, which can be more inconvenient. This means it’s easier to mail off your items and get them back at a street address or postal box. 

What are the Fees Involved?

There are no fees, as you receive a prepaid shipping label, at least $5,000 in shipping insurance, and free return shipping. While it’s not a hidden fee, it’s vital to remember that your final offer is below the spot price, as Alloy must sell the metals to a refiner at market value and offset operating expenses. 

Some same-day payment methods may incur service fees that your digital wallet or bank charges. Review the fee schedule if you desire PayPal, Venmo, or wire transfer payouts.   

How Much Money Can You Make?

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Your offer value is at least 65% of the spot metal value. Pure gold with a 24k purity receives the highest percentage, with a minimum valuation of 90.5%. 

Appraisal values for any accompanying diamonds and gems are on a case-by-case basis. Primarily consider Alloy to sell your precious metals and view any proceeds from gems as bonus income. 

Alloy routinely offers bonuses, and promo code offers that can boost your payout potential closer to the melt value. You can review any active offers by contacting your advisor or emailing customer support.  

Most gold earrings, necklaces, and rings sell for $150 to $300. More luxurious pieces appraise between $400 and $2,000. The spot melt value depends on the weight and purity without factoring in the condition or collector’s demand.

Anticipate earning less when selling silver, as its spot price is lower than gold’s. However, you can still make a small fortune in cash by selling several pieces.

Many services don’t disclose their minimum payouts. As a result, it’s simple to estimate your income potential. 

How Do You Get Paid?

Payment methods and the corresponding payment speeds are the following:

  • PayPal: Immediately
  • Venmo: Immediately
  • Wire transfer: Same day
  • ACH or direct deposit: 2-3 business days
  • Mailed check: 7-14 business days 

Alternatives to Alloy Market

You may decide to compare offers from these platforms to make sure you earn top dollar:

  • Cash for Gold USA: Sell gold, silver, and diamonds with free, prepaid shipping and up to $5,000 in complimentary insurance. You can receive a 10% bonus on your first shipment. Same-day payment is available, along with free return shipping.  
  • Express Gold Cash: Enjoy up to $100,000 in free, insured overnight shipping via FedEx and receive payment within 24 hours of appraisal. This platform has over 25 years of buying experience, free appraisals, and cost-free return shipping. 
  • Worthy: Consider this platform to sell high-end jewelry and precious gems with collectible value. Prepare your items for auction using free shipping and professional cleaning. You pay a small success fee on sold items but can earn more than the melt value. 

Frequently Asked Questions

Below are several questions to consider when determining if Alloy is worth it.

Is Alloy Market legit?

The Alloy Market offers many confirmed payouts at a competitive rate. Customers praising its fast processing speeds, free shipping, and no hidden fees give it an excellent Trustpilot rating. Its customer satisfaction score is higher than that of several competitors.

Does Alloy Market pay the spot price?

Unfortunately, the minimum payout is 65% of the spot metal value and as low as 90.5% for 24k gold and bullion. Both payouts can be higher with promotions and promo codes. These payouts are competitive with similar platforms and can be higher as some buyers may only offer 30% of the melt value. 

Does Alloy Market buy broken jewelry?

Yes, it’s possible to sell broken and damaged jewelry as long as it’s made of gold, silver, platinum, or palladium. The appraisal value solely depends on the metal’s weight and purity instead of the functionality and collectibility. 

What are the Alloy Market customer service options?

Phone and text support are available weekdays from 9 a.m. to 5 p.m. Eastern, and email support is also available. Active sellers can work directly with an advisor during the entire selling process.

Summary

Valuations can vary significantly when selling gold, silver, and precious metals. Alloy Market practices honesty and extensive hands-on help so you can be confident in receiving the most money for unwanted jewelry and scrap gold or silver.

It’s easy to start with a free shipping kit and an obligation-free appraisal to see how much your precious metals collection is worth.  

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