A Guide To Selling Your Scrap Gold

29 June 2015
 Categories: , Blog

If you have any items of broken gold jewellery lurking in the bottom of your drawer, why not consider selling them to raise extra cash?  There are plenty of gold buying companies to choose from; but what's involved and how do you get the best value for your broken bling?

Here's how to go about selling your scrap gold without getting ripped off in the process.


They say that knowledge is power, and this is certainly true when it comes to selling gold.  Gold buyers purchase gold by weight and carat.  Carat is a measurement of purity; the purer the gold, the more it will be worth, so it's imperative that you know what carat your gold is.

Take your gold to a jeweller and ask them to weigh it for you and to tell you what carat it is.  If your jewellery does not bear a hallmark, the jeweller will be able to test it for you to discern if it is actually gold, and if so, what carat it is.  The jeweller will also value the gold for you, for a small charge.

Once you know the carat and weight of your gold, you'll have a better idea of what it's worth before the gold buyer makes you an offer, so you won't be sold short. 

How to sell your gold

There are two methods you can use to dispose of your scrap gold.  You can call into a pawnbroker's or gold buyer's premises in person, or opt to use one of the many postal buying companies out there.  Whichever method you use, always do your research first.  Not every firm is reputable, and there are plenty of less-than-scrupulous firms that will rip off sellers if they can get away with it.

If you decide to use a postal firm, always send your gold Recorded Delivery and take photos of every item you send.  Recorded Delivery automatically insures your gold in case it gets lost in transit and your pictures will provide proof of what was sent to the insurers if the worst should happen.

Once the buyer receives your gold, they will offer you a price for it.  You don't have to accept this offer if it's too low.  If you agree to the sum offered, the dealer will pay you directly through online methods or bank transfer.

Gold buyers deal in scrap and broken gold jewellery, not in top quality pieces of high retail value.  If your jewellery still contains gemstones and is in good condition, sell it through a specialist dealer or jewellery auction to get the best price.  The same applies to coins and designer watches.

In conclusion

Exchanging your broken gold for ready cash is a quick and simple process.  Have your gold weighed and valued by a jeweller before you take it to a buyer and make sure the firm you've chosen is a reputable one before proceeding. For more information, contact local gold buyers like PMT Pty Ltd