Monday, July 16, 2012

Where to sell your gold?

sell your gold
Where can I sell my gold?

There are three main ways to sell your scrap gold. The first is to pop down to your high street jewellers and allow them to make you an offer. The alternative is to find a reputable postal gold website who will give you a quote and then you just send your old treasure off in a padded envelope and wait for the cheque.

A less common but increasingly popular method of selling your old gold is to attend a gold party where friends get together with a gold dealer to sell their unwanted jewellery – in the same spirit as a Tupperware, Jamie Oliver or Anne Summers party. Don’t do it. It might be a fun evening out but you will lose money!

If you are wary of finding an online gold dealer, the local jewellers may be your first port of call but whichever option you choose it is important to look like you know what you are doing.

You need to have an idea of the value of your gold before you agree to sell so do some research and prepare beforehand.

Use a hallmark guide to identify your gold, and note the carat value of each piece.
Gold bought overseas will also be valuable despite the absence of a British hallmark but you will still probably find a number relating to the gold content.

A jeweller should be able to recognise the country of origin by the marks. Keep an eye out for our next blogs which identify foreign gold hallmarks.

You also need to weigh it accurately so you know exactly what you have. Buy or borrow some accurate scales (1/100gm accurate) and weigh your gold so that there are no later “misunderstandings” about the weight.

gold weighing scales

Remember - gold weighing less than a gram will not be hallmarked but may still be gold, so don’t discount small pieces such as butterflies for earrings or odd chain links. It all adds up.

You can check online for the price of gold. It varies daily but it will give you a ballpark figure to work with. Once you know the price, don’t be afraid to haggle with the jeweller. It is a deal like anything else.

They want to pay a low price, you want a high one. You may need to get a few quotes to get the best price so don’t feel intimidated by their manner or knowledge.

If you are going to send your gold to a postal site, try to research the most reliable gold dealer. This trade is notorious for rip offs so you do need to be careful.
Always document your gold, weight it and photograph it before sending and post by recorded delivery. In the case of the parcel being lost in the post you will be able to make a claim.

The gold dealer should send you a quote beforehand based on your weight and carat value – the exact sum will vary depending on the day they receive the gold because the gold market fluctuates.

Include a copy of their email quote in with your package. They will ask you how you want to be paid so after sale is agreed and the company email you the exact price expect payment by BACs or PayPal depending on your preferences.

Some of the postal gold sites pay slightly higher prices than the high street but you need to check out the company before you go with them. Chat rooms, feedback etc are all good ways of deciding.

jewellers loupe for sale £6.99

All this only applies to selling scrap gold so if you are considering cashing in your antique gold jewellery finding a specialist jewellers or antique dealer may be a better option.

Also you might like where to sell scrap gold ?