Gold selling provides an immediate means of releasing cash from unwanted, second-hand, or no-longer-needed objects. For a few, it’s removing old or broken jewellery — those forgotten pieces sitting in the drawer. Others might have inherited something that they do not want to keep or are simply looking to take advantage of high gold prices.
Whatever the reason, it is worth taking the time to learn how the value of your gold is determined. With no knowledge, you can be paid a lot less than your belongings are worth.
How Gold Is Assessed
Gold is priced on the basis of two main factors: weight and purity.
Weight is usually measured in grams. A York Gold buyer will weigh your item, often after removing any non-gold elements like stones or clasps.
Purity is shown in carats (ct). 24ct is pure gold, while 22ct, 18ct and 9ct gold are mixed with other metals. The lower the carat, the less actual gold the item contains.
The final price also relies on the prevailing market rate — or “spot price” — of gold at the time you sell. This changes on a daily basis and is determined by global demand, exchange rates, and the state of the economy. Before selling, look up the spot price online so you can have an approximate idea of how much your gold is worth in grams.
Keep in mind that not all people pay close to market value. Some of them deduct for refining, testing, or administrative fees, which can reduce what you’re paid significantly.
Where to Sell for the Best Deal
Not all gold buyers are equal. Here’s where to sell and what you can expect:
- High street jewellers – Mostly safe option. Good jewellers will weigh and assay your gold in front of you and give you their price.
- Online gold buyers – Convenient but quality is variable. Always ask if they provide a no-obligation quotation, insured post, and free returns if you don’t accept.
- Pawnbrokers – Good for instant cash, but always under-value you. Useful if speed is the overriding consideration.
- Specialist gold traders – Typically your best bet if you’re selling investment coins or bullion. They may give better prices and more integrity.
- Auction houses – If you’re dealing with unusual, branded or antique pieces, worth doing, but it takes longer and may carry charges.
- Do get 2–3 quotes before you accept an offer. A £20–£30 difference in price per gram is not unreasonable — especially on heavier items.
What to Look Out For
There are some buyers who make false bids or employ pressure selling. Don’t fall for:
- Anyone who refuses to explain the testing and weighing of your gold
- Temporary events or stands that have no traceable contact information
- Dealers who do not weigh in front of you
- Hidden scales behind counters or out of sight
If you’re mailing with a post office, send with tracked and insured mail. Document a picture of each item and weigh the package yourself when you mail it. Keep a copy of your receipt and of what you shipped.
Final Tips
Check for hallmarks — they’re a good indicator of gold content. If your item does not have one, a professional buyer has to test it with acid or an electronic tester.
Don’t anticipate being paid the complete value of the item should it contain stones, clasps, and the likes. Most purchasers purchase only gold content. However, an honest buyer will explain this to you and also introduce you to their breakdown.
You don’t have to gamble selling gold — you just need to go in with the right information and not take the first price that comes your way.