A Guide to Selling Gold Jewellery
There’s something special about gold - its striking colour and unmistakable shine can’t fail to impress. But there may come a time when you think it’s time to part with your precious piece of gold jewellery in return for cash. Selling gold is an important decision to make, so take your time researching to make sure you get the best price for your gold from a reputable, trusted buyer. Here at Hatton Jewellers, we’ve put together a short guide to help you understand more about selling your gold.
How Much Gold Does The Average Person Own?
Most people do own gold in some form, whether that’s an engagement ring or gold bullion (the former is more likely).
Gold jewellery is particularly popular thanks to its striking colour and investment opportunities, with many people amassing quite a collection over the years through gifts of gold bracelets or inherited gold rings. Gold investment is also a popular hobby as people keep a beady eye on the market, selling and buying gold coins or bars to make a profit.
Therefore, selling gold is not particularly unusual and buyers will be more than familiar with valuing all kinds of gold.
Why Do People Sell Gold?
There are a number of reasons people might sell their gold:
- It’s time for a new piece of jewellery
Even the most sophisticated of jewellery boxes needs a refresh from time to time. If you’re looking to top-up your collection, you might need to make some space for a new piece of gold jewellery. Selling an older piece of jewellery, or a piece you’ve simply fallen out of love with, will give your bank account the boost you need to choose a shiny new bracelet, necklace or pair of solid gold earrings.
- There’s an opportunity to make profit
Keen gold investors will know the right time to sell their gold to make a profit. Understanding the gold market and when to sell is a skill in itself, so it often takes time and experience before investing in gold becomes a profitable venture.
- There’s money to be made
Depending on what life throws at you, you may need to find additional cash resources and selling gold could seem like a quick, easy option. Never sell your precious gold pieces in haste, though, as you could come to regret the decision. Try to only sell gold jewellery if you know you’ll have no need for it in the future, or if it doesn’t hold sentimental value. And remember, if you do decide to go ahead and sell your gold, make sure you choose a reputable buyer with trustworthy credentials.
How Much Is Gold Worth?
The price of gold fluctuates frequently. ‘Spot value’ is the amount gold can be bought and sold for at that precise moment, so always make sure you check the price of gold regularly to make sure you get a good price when you do decide to sell.
The price of gold changes based on a number of factors, particularly supply and demand. Put in extremely simple terms, the more buyers there are looking for gold, the more expensive gold is likely to be (and vice versa). The gold market is particularly complex, however, and many other influences can impact the spot price of gold.
Remember that you’re unlikely to be able to sell gold at its spot value - buyers need to make a profit and so they’ll probably make you a slightly lower offer. Gold buyers may use scrap gold prices to determine what offer they’ll make you, which takes into account the weight and purity of your gold.
The big question is this: when to sell gold? It might be worth keeping an eye on the market for a little while to make sure you sell at a time when you’ll get the best price.
How Much Is Gold Worth To You?
Ultimately, the value of gold depends on its value to you personally. A sentimental piece of jewellery may have priceless emotional value and you should think extremely carefully before selling a piece of gold jewellery you love. Once your timeless piece of jewellery has been sold, you’re unlikely to be able to get it back.
How To Value Gold Jewellery
You should always do your own research in advance to decide the best time to sell your gold and to understand what offer you should expect, with many sellers even getting their jewellery independently valued ahead of approaching buyers. Reputable valuers are often accredited by The National Association of Jewellers.
Gold buyers, particularly jewellers, may use scrap gold prices to value your gold. This is because one of the main purposes of buying the gold is to melt it down and reuse it; so the purity of the jewellery piece is an important factor.
Scrap gold price is calculated using the weight, carat (its percentage of gold content) and spot gold price, giving a greater indication of exactly how much the gold in your jewellery is worth. The valuation may or may not take into account wear and tear or imperfections in the jewellery piece, depending on if the buyer is planning to resell or melt the gold down instead.
You’re unlikely to need to value gold yourself but, if you want to, you should divide the daily gold price by 31.103, then multiply it by its gold content percentage (you can calculate this by dividing its carat by 24) before finally multiplying by its weight in grams.
A number of additional factors will impact your gold’s value, such as the condition of the piece and any distinguishing features that would make it special or significant.
Do also bear in mind that any gold buyer needs to make a profit, so they’ll likely offer you less than the market price.
What Happens To My Gemstones When I Sell Gold Jewellery?
If you sell your gold jewellery to a reputable retail jeweller, it’s likely they’ll also purchase your gold jewellery’s accompanying gemstones for a reasonable price. Never remove the gemstone yourself in an attempt to sell the gem and the gold separately - both pieces may end up damaged this way.
Finding A Gold Buyer
Finding a good gold buyer isn’t as simple as typing ‘gold buyers near me’ and contacting the first place that pops up. You must make sure you’re selling to a reputable source - choose a buyer with a good reputation, online presence and strong customer reviews.
You have a few different options when it comes to finding a gold buyer: jewellers, pawnbrokers or online buyers will make you an offer for gold. If you’re selling gold coins or bullion, you may prefer to sell your gold to a business with plenty of experience in gold investment such as Atkinsons or The Royal Mint.
When it comes to selling gold jewellery specifically, we recommend choosing a quality jeweller - such as Hatton Jewellers - with experience in buying gold and all the right credentials.
You’re always welcome to shop around to find the best price for your gold jewellery. Make an informed decision and ensure you’re selling your gold for a good price.
5 Alternatives To Selling Gold
Instead of selling your gold, you could always consider alternative options:
- Re-gift your jewellery, passing on your gold to a loved one
- Remodel your jewellery into an entirely bespoke, precious piece
- Upcycle your gold into a completely new item such as a piece of artwork
- Donate your gold to a charitable cause
- Save it for the future, you never know when you might just need to add some extra sparkle to your outfit
Selling Your Gold with Hatton Jewellers
Here at Hatton Jewellers, we’ll buy your solid gold when you visit us in store or arrange a telephone valuation. We always aim to give customers a fair price, offering a rate that reflects the gold market. We’ll help make the process quick, smooth and simple so you have complete peace of mind that you’re selling your gold to a reputable source.
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