Selling your unwanted gold jewellery is a great way to make some money for items you no longer want or need. However, how much do you know about the process of selling gold and how much you should expect to get for what you’re selling?
If you’re pondering the idea of selling gold, here are a few things worth knowing before you start the process.
Hallmarks
Every single piece of gold jewellery sold in the UK will have a hallmark that tells you exactly what you’re working with. It’s the purity mark that matters for the right valuation. 999 is pure gold, 750 is 18 carat, 585 is 14 carat, and 375 is 9 carat. The lower the number, the less actual gold there is and the less its worth.
Always use a loupe or a magnifying glass to see the hallmark clearly and know the purity of your gold before you take it to be sold. And if it doesn’t have a purity mark, then it’s not gold and is likely plated.
The Weight
The price you’re offered will be based on the weight. It’s always a good idea to weigh your gold jewellery on kitchen scales before anyone else gets their hands on it. If there are stones in mind, the gold itself will weigh less. You want to know the weight in grams or troy ounces, if you can, as this is where gold is measured.
From here, you can calculate the approximate melt value yourself using the spot price. It takes a few minutes and gives you a rough idea of what your items are worth before you get quotes.
Spot Price vs Offered Price
The gold spot price is the live market price per troy ounce of pure gold. And you can find it publicly available in real time. However, what buyers will offer you will always be less than this price. This is because they need a margin to process, refine and resell. A reputable buyer will typically offer you somewhere between 70 and 90% of the melt value, depending on the carat and the weight, although this can vary, and it’s not a set percentage. If you know the post price before you go in, you can appreciate the offers you’ll make for your gold.
You Need to Shop Around
One of the biggest mistakes you can make when you sell gold jewellery is to take the first price you are offered. It might seem good, but it’s always worth getting a few quotes before you make your decision. This will give a better idea of what people are willing to pay for what you have. Services like Cash4Gold-Now let you get a quote and send items by post if you prefer this to walking around different stores.
Know What Impacts the Price
Branded jewellery, antique pieces and items with gemstones can be worth considerably more than their melt value to the right buyer. A hallmarked Cartier bracelet, for example, le or a Victorian mourning ring with provenance should go to a specialist jeweller or auction house, not a cash for gold service. If any piece you own has unusual design markers, marks, or obvious age, get it valued first before you sell it for scrap.
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