Friday, May 10, 2019

5 Things To Consider When Selling Your Gold

Do you have old pieces of gold lying around that you no longer wear or need? Maybe you’d like to make a bit of extra money.


How about looking into your jewellery collection for some pieces you no longer want? The good news is that it’s easy enough to sell gold, but before you do, here are a few things you should know.

1. Always get an invoice.

A good jewellery or pawn shop will ask you for your purchase document or invoice when you want to sell gold items to them. This helps to establish the metal’s purity. If you don’t have the original paperwork, you’ll need to leave it up to reputable gold buyers to determine the value of your gold pieces.

2. Know the value of your gold items.

It’s important to understand how much your gold is really worth. That’s why it’s important to shop around for different appraisals. There’s no one particular standardised method that can be used to determine the price of your gold items, and you might find quite a difference in quotes. So, make sure to get a few quotes and carefully go through them. You’ll always want to settle for the best possible price.

3. Check the purity of the gold.

Before you sell your gold, have a look at whether your pieces of jewellery are hallmarked or not. A hallmark helps to establish the purity of the item. Any jewellery with a hallmark of 916 means that there is 91.6% pure gold in the piece. Jewellers and pawnbrokers alike much prefer hallmarked gold over non-hallmarked pieces for the sake of authenticity.


Image Source: Unsplash

If your gold doesn’t bear a hallmark, you can take it to a jeweller with a carat meter to establish the purity of the piece.

4. Figuring out the price.

Gold shops tend to take your used gold and melt down jewellery in an induction furnace. The gold that comes out of that is then free of any purities and can be appraised for a price. The entire process may cost a small fee, which will be deducted from the final price of your items.

In some instances, pawn shops may appraise your gold based on its weight. Keep in mind that the “sell price” will typically be lower than what you originally paid for your gold.

5. Deciding on where to sell your gold.

The best option is to head to a reputable gold buyer. You have a much better chance of getting a fair price. If you head to a jewellery store, though, keep in mind that as a policy, many stores buy back only pieces of jewellery that have originally been purchased from them, even if you have an original invoice or certificate for your items.


Image Source: Pixabay

Gold buyers, on the whole, are your best option when you’re ready to sell your gold pieces. You’re far more likely to receive the best prices and that means you can walk away with cash for your unwanted jewellery or other gold items that you no longer have a need for.

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