A Guide to Selling Gold
Why should I sell my gold?
Selling your gold is a straightforward and efficient process resulting in instant cash. By selling your gold to a trusted, knowledgeable jeweller, you can have peace of mind that you’re getting a fair price and that it isn’t going to waste.
What can I sell?
Whether your gold jewellery is something which has gradually become unloved over the years, or simply broken and unwearable, if it’s made of gold and is of some value, then you will be able to sell it for cash. Perhaps you’ve lost an earring or cufflink, and the remaining pieces have been sat in a box, unused for decades; maybe now is the time to sell them, and replace them with the money.
Things that affect the value
If you’re unsure of the value of your gold jewellery, there are three main things you can look for which determine how much it is worth: weight, purity and the spot worth.
The purity of the gold should be engraved on the piece of jewellery, for example:
- 24-karat gold: Pure gold (your gold jewellery is unlikely to be this pure as it is very soft)
- 18-karat gold: 75% pure
- 12-karat gold: 50% pure
If there is nothing engraved on the jewellery to determine the purity of the piece, you could also run a scratch test, which is available to buy from many places online. Alternatively, the experienced team here at Cuttings will be able to help you to determine the purity of your gold jewellery.
The spot price of gold means the price it can be exchanged for at a specific time. This fluctuates and a trusted jeweller will take this into consideration when valuing your gold. The combination of this, along with the weight of your gold, will determine the value.
Where should I go?
Simply take your gold to your local trusted jewellers. It’s really important to choose the jewellers carefully, to make sure that you get a good price for your gold. There are many traditional jewellers who have built up a strong reputation over the decades, and these are always more reliable than taking your jewellery to somewhere which doesn’t have a fixed address or hasn’t been around for long. This also means that you could treat yourself by swapping your unwanted gold jewellery for something new!
It is best to avoid posting your gold jewellery away to a company you have little knowledge of and first heard of in a television advert. Often, if you don’t get back to a company soon enough after they have sent you a quote for your gold, you may find that you suddenly receive a cheque and notification that your jewellery has been melted, before you’ve had the chance to make a decision.
What happens to my gold?
It can be comforting to know that your old gold jewellery will be reused in some way. If it is broken and unusable, the gold can be melted and recycled and can then potentially be transformed into a new beautiful piece of jewellery. If your gold jewellery is of high value and has a designer cachet, such as Cartier, Buccellati or Tiffany’s, it may be worth more than its melt value, especially if it isn’t damaged in any way. If you have sold your jewellery at a reputable jeweller, they will look to re-sell it so it can go to a much-deserved loving home.
Still Unsure?
If you’re still unsure as to whether you’re ready to part with your gold items, why not visit the friendly team here at Cuttings for some friendly advice? We can value the items for you and help you to decide whether they are worth keeping or selling.