The value of gold is higher than ever before, so there's never been a better time to rummage through your jewellery box. The market, however, is saturated with companies grasping for your gold, and some of the more unscrupulous of these will take advantage of the unwary.
This guide looks at how to track down your gold, and how to sell it for the best possible price.
What can I sell
You may not have gotten your hands on Olympic gold yet (and even if you did we wouldn't recommend melting it for scrap!) but you can be sure that there is treasure to be found right in your own home.
Old out-of-fashion jewelry is the richest source of scrap gold. It makes no difference whether the jewelry is broken or mismatched because the gold you sell will be melted down.
How can I tell it's gold?
Gold hallmarked as such. Hallmarks are tiny embossed designs used to identify the date, assay office, and the carat. In the UK, gold weighing over 1g must be hallmarked before it can be called gold.
A 'carat' is a gold grading system. Not all gold is created equal: when making jewellery, gold is often blended with other metals as a filler. Therefore, 10 grams of 9 carat gold is worth considerably less than 10 grams of 24 carat (pure) gold.
When it comes to valuing your gold, the most important marks will be the hallmark indicating the assay office, and a number indicating the carat. In the UK, the following numbers are used:
Be aware that foreign gold may feature different markings and numbers from items made and purchased in the UK. In this case, you should consult a trusted jeweller before making any attempts to sell.
Gold hallmarked as such. Hallmarks are tiny embossed designs used to identify the date, assay office, and the carat. In the UK, gold weighing over 1g must be hallmarked before it can be called gold.
A 'carat' is a gold grading system. Not all gold is created equal: when making jewellery, gold is often blended with other metals as a filler. Therefore, 10 grams of 9 carat gold is worth considerably less than 10 grams of 24 carat (pure) gold.
When it comes to valuing your gold, the most important marks will be the hallmark indicating the assay office, and a number indicating the carat. In the UK, the following numbers are used:
Be aware that foreign gold may feature different markings and numbers from items made and purchased in the UK. In this case, you should consult a trusted jeweller before making any attempts to sell.
How do I sell it?
For someone who has never dealt with precious metals, selling gold can seem daunting, but many companies are going out of their way to make it as easy as possible so that they can maximize their own success.
Like any sale, it's important to know your product. Before you leave the house, look for the hallmarks and establish the carat, then weigh your gold as accurately as you're able to. Bear in mind, however, that domestic scales will only give you a rough estimate, and you must also take into account the presence of any stones.
Be sure to deal with any gold coins you have separately as these may have what is known as a numismatic value based on their condition, age and - most importantly - rarity.
You should also consider whether or not the jewellery has any antique value. If so, consult a specialist antiques dealer instead. Antiques are often worth more than the sum of their parts!
Just like when you're buying something, you're only going to get the best price by shopping around. Visit several jewellers and ask them for the scrap value of your gold items. Some of these jewellers may be willing to buy them as well, but only consider this after you have done your price comparing.
If you prefer to seek an online estimate, the following websites have proven popular according to independent customer surveys:
Be sure to deal with any gold coins you have separately as these may have what is known as a numismatic value based on their condition, age and - most importantly - rarity.
You should also consider whether or not the jewellery has any antique value. If so, consult a specialist antiques dealer instead. Antiques are often worth more than the sum of their parts!
Just like when you're buying something, you're only going to get the best price by shopping around. Visit several jewellers and ask them for the scrap value of your gold items. Some of these jewellers may be willing to buy them as well, but only consider this after you have done your price comparing.
If you prefer to seek an online estimate, the following websites have proven popular according to independent customer surveys:
Conclusion
The Olympians aren't the only ones going for gold. Find it and sell it while the market is booming. Every good salesman knows his product: make sure you get the best price you can for it by knowing your gold and comparing quotes.
The Olympians aren't the only ones going for gold. Find it and sell it while the market is booming. Every good salesman knows his product: make sure you get the best price you can for it by knowing your gold and comparing quotes.
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