Sell Gold Jewellery
Most people have some gold jewellery hanging around that they would never dream of wearing. Increasingly, this is being sold to generate some much-needed cash. But is it a good idea to raise money by flogging unwanted gold and how easy is it to do?
If you are certain that the piece holds no sentimental value and you have no desire to hold on to it, it is necessary to establish what it is made of. Different carats of gold hold different values and many pieces that appear to be gold may actually be made from a mixed alloy.
Is It Real?
Many high street jewellers will be able to tell you if an item is real gold, but there may be a fee associated with the service if you are not selling them the piece. There are some easy tests you can try at home to establish whether the piece is made of pure gold.
The magnet test is one of the easiest to try. If a magnet is attracted to the gold item, it is not made of pure gold. It does not mean it is worthless, but it is likely to be a combination of a magnetic metal and gold, which has a lower value than pure gold. Filling a cup, jug or basin with water and testing the item to see if it floats is another easy trick. Gold will sink to the bottom, so any item that floats is definitely not pure gold.
It is also possible to determine from the hallmark what the piece is made of. Once you find the mark on the item, using a magnifying glass, check the number stamped on the gold. 9 carat gold will be stamped with 375, 14 carat will have 585, 18 carat, 750 and 22 carat, 916.
If the item doesn't have historical or aesthetic value, one of the most popular ways to get some cash for the gold is via a scrap gold dealer.
Be Careful To Whom You Sell
Due to the economic downturn, a large number of these firms have turned up online and promise to pay out quickly once you have posted the item to them. However, make sure you know what you have before sending it off, as they are unlikely to pay out on items that are low in value. There have been examples of dealers refusing to return the goods unless the individual reimburses them for the original cost of posting the item, so it is essential to check the terms and conditions of all firms carefully. However, the demand for the service means that a number of high street shops have sprung up offering the same service and some mainstream jewellers have also started to buy scrap gold.
The amount you receive for your scrap gold will depend on the price of gold in the market and research has shown that there can be a very wide discrepancy in the rates offered. It is, therefore, important not to simply wander into the first store you see that offers the service and accept the price they quote. Some traders will offer as much as 50% more than others, so taking the time to shop around will be a worthwhile investment.
If the item is being sold as scrap gold and there are any precious gems inset, such as diamonds, it is worth removing them and selling them separately. They will not enhance the value of the gold item and will simply be disregarded when the valuation is being made.
Antique pieces, or items that have a strong aesthetic or historical value, could reach more if they are not sold for scrap but valued and sold intact. This type of jewellery is valued on other factors rather than just the simple weight of gold, so selling it for scrap could mean missing out on quite a lot of money.
Selling off gold rather than letting it sit there collecting dust forever is a smart move, especially as the price of gold continues to rise. The process has also been made very easy, which adds to the attraction to simply clear out some space whilst raising some pennies. However, in order to get the most competitive rate, check the price of gold each trader is offering and be certain about what you have before entering into negotiations.
