How is the value of my gold calculated?
The value of your gold is calculated based on its weight, purity (measured in carats), and the current market price of gold. A reputable dealer will weigh your item, test its purity, and offer a price based on the live gold rate. It’s important to check that the dealer uses calibrated, approved scales and provides a breakdown of their valuation. Keep in mind that the price offered will also reflect the dealer’s margin. Comparing quotes from multiple buyers can help ensure a fair deal. Always ask if the price is fixed or subject to market changes, especially if you’re posting your item or planning to sell it later in the day.
Do I need to clean my gold before selling it?
No, there’s no need to clean your gold before selling it. Most professional gold buyers will assess the metal based on weight and purity, not appearance. In fact, attempting to clean gold using home methods can sometimes cause damage, particularly if gemstones are involved or if the item has a delicate finish. Leave it to the experts to appraise your piece accurately. If you are concerned about presentation, a simple wipe with a soft cloth is fine. Ultimately, the value lies in the precious metal content, so even broken, tangled, or dull-looking items can fetch a good price if they contain gold.
What types of gold items can I sell?
You can sell a wide range of gold items including rings, chains, bracelets, coins, watches, earrings, and even scrap gold such as broken jewellery or dental gold. Many buyers also accept gold bars, medals, and other investment-grade items. The condition of the item usually doesn’t affect the price unless it holds antique or collectible value. If you’re unsure whether something is gold, a reputable dealer will test it for you at no charge. Even items that appear insignificant or damaged could be worth more than expected based on their gold content and weight.
Can I sell gold that isn’t hallmarked?
Yes, you can sell unhallmarked gold, but it will need to be tested for purity before a price is offered. Hallmarks provide a quick way to verify gold content, but if your piece lacks one, a dealer can use acid testing or an XRF machine to determine its carat. Once the purity is established, your item will be weighed and valued in the same way as hallmarked gold. While the lack of a hallmark might slightly slow the process, it doesn’t mean your gold has no value. Reputable buyers are fully equipped to verify authenticity even without official markings.
Is it better to sell gold online or in person?
Selling gold in person allows for instant payment and face-to-face transparency. However, online buyers often offer competitive rates and convenient postage options. The key is to choose a trustworthy service. If selling online, ensure the company offers insured delivery, confirms receipt, and provides a clear breakdown before payment. In-person transactions can feel more secure if you’re new to gold selling, but established online services with positive reviews can offer the same level of professionalism. Ultimately, it depends on your preference for speed, ease, and whether you’re confident with shipping valuables.
What documents do I need to sell gold?
To sell gold, you typically need a valid form of photo ID such as a passport or driving licence. Some buyers may also request proof of address, especially if you’re selling a high-value item or using postal services. These measures are in place to help prevent fraud and ensure compliance with anti-money laundering regulations. It’s always a good idea to check the buyer’s requirements before visiting or sending items. Providing the correct documentation helps speed up the process and ensures that you’re dealing with a reputable business that follows legal procedures.
How can I tell if my gold is real?
There are a few signs that can suggest whether gold is genuine. Look for hallmarks that indicate carat (e.g. 9ct, 14ct, 18ct), and test if the item is attracted to a magnet—real gold isn’t magnetic. You can also look for discolouration around edges, which might indicate a plated item. However, the only reliable way to be certain is to have the item tested by a professional. Reputable gold buyers use acid testing or X-ray fluorescence (XRF) machines to check purity. These tests are usually free and take just a few minutes, giving you a clear idea of what your gold is worth.
Can I sell silver, platinum, or other precious metals too?
Yes, most gold buyers also deal in other precious metals such as silver, platinum, and palladium. Like gold, these metals are valued based on weight and purity, and prices vary depending on live market rates. Silver is generally more affordable but still valuable in bulk, while platinum and palladium can be worth even more than gold per gram. If you have jewellery, coins, or bullion in these metals, it’s worth getting them appraised. Always use a buyer who specialises in multiple precious metals to ensure you’re getting fair and accurate valuations for each item.
What’s the difference between selling gold and pawning it?
Selling gold means handing it over permanently in exchange for cash. Pawning, on the other hand, involves leaving your gold as collateral for a loan, with the option to buy it back later by repaying the loan plus interest. If you’re sure you no longer want the item, selling is simpler and often results in a higher payout. Pawning may suit those who need short-term cash but want to reclaim the item eventually. However, if you can’t repay the loan, the pawn shop keeps your gold. Always compare both options and understand the terms before making a decision.
