Working as a jeweller, it is part of my job to be aware what the gold price is doing as it has a direct impact on the profitability of my business. Recently with the gold price hitting an all time high of over $1200 an ounce lots of businesses have been set up offering to buy people’s broken, scrap and unwanted gold jewellery.
With the claims of best prices being paid by companies advertising on the television with slick well choreographed adverts, who can you believe? Yes many offer instant cash, which is fine if you are in desperate need of cash but it is highly unlikely that the gold price will crash over night so I would always recommend doing your homework if and when you decide to sell.
Firstly you need to get a rough idea of what your jewellery is worth. I say a rough idea because Gold is a commodity and as such an exact price is hard to get due to daily movements in the price.
1) There are loads of websites that give the daily gold fix, which is the most up to date price that is set in London. Just type Gold price into Google and a range of websites will come up.
2) Find one that has the Gold price in Pounds Sterling per gram. It is very important that you find one with the price listed in grams as this is the most common measure that buyers will use to quote prices they are willing to offer you.
3) The price you will have now is the price for one gram of pure 24ct gold.
4) Take this figure and multiply it by 0.375 to give you the 9ct gold price and 0.75 for the 18ct gold price. You can use the calculator on your computer for this.
5) You now have the 9/18ct gold price per gram. Write this value down now and keep it safe.
6) Get your items weighed. If you haven’t got access to an accurate pair of scales you can use the ones in a Post Office, supermarket or even kitchen scales for some heavy pieces.
7) Now multiply the weight of your item by the gold price per gram.
8) This is the rough value of your Gold Jewellery.
You will be lucky to get this price paid for your jewellery by a buyer so I would recommend aiming for about 90% of this value.
Next do your research, check out companies on the web to see what prices they are offering and how this compares to the value of your jewellery. Visit your local jewellers and see what they will offer you, sometimes they are willing to give part exchange deals for other pieces of jewellery, and these can be very good if you want a different piece of jewellery without paying the full price for it. I would strongly urge you not to go for the companies that advertise on television as this advertising costs huge amounts of money and they pass this cost onto the people whose gold they buy.
Selling on e-bay is also an option but one that I would be cautious About selling gold
due to the high fees involved, selling on e-bay can reduce your revenue by at least 10% and then you have to post it and the buyer can always send it back. If you live near enough in London there is Hatton Garden and in Birmingham the Jewellery Quarter, where you can find many businesses advertising to buy gold and often displaying prices outside so you have an idea of what you can expect before you go in.
Don’t be afraid to say ‘No’ if you feel the price that you have been quoted is unfair. Haggle too, you may feel cheeky but in my experience rarely will the buyer be offended. There you are my concise guide to selling your unwanted Gold Jewellery. I hope that it helps you to get a better price than you would have otherwise. Happy Selling!