If you need money fast, one option is to cash in some old gold jewellery. Still, you wonder if it is worth selling and how much the local gold buyers would pay for it. Today, we will address the process of finding out what your gold jewellery could be worth.
WHAT TYPE OF JEWELLERY CAN YOU SELL TO A GOLD DEALER
Before you can value your gold jewellery, you first need to know what gold you have.
Gold-Filled / Gold-Plated / Silver filled or simply put Fake Gold
If you own jewellery that is gold plated, filled etc. Unfortunately, it is best to dispose of these items as they are worthless. Silver filled jewellery you may be able to sell silver filled for its silver value only.
Real Gold Jewellery
If you have proper hallmarked jewellery, congratulations, you can sell this to a gold dealer. When you take your gold jewellery to a gold dealer to sell, there are certain factors they consider:
How pure is your gold
Take your gold jewellery to inspect the hallmark or the stamp to take note of the karat. You will see the numbering printed, such as 9k, 10K, 14Kt, 18kt.
Alternatively, you will see the gold purity hallmark 375, 417, 585, or 750. All you do is add a decimal one digit from the right side to convert it to a percentage.
So, a 750 is 18k pure gold. The higher the number or percentage, the purer the jewellery piece is, resulting in a higher payout when you sell.
Depending on how old your gold piece is, and you do not find a stamp, it’s still worth taking to the gold buyers anyway.
Gold dealers weigh the gold
The next step is to sort the gold jewellery into karats and weigh each karat.
Then, you can search many different gold buyers websites to see what price per gram they are paying and calculate the approximate value of your jewellery.
Gold dealers use a jewellery scale to weigh the pieces in grams for an accurate weight. Then, they will weigh the gold to calculate its value.
The current value of your gold jewellery
The next step is for the gold buyers to plug in all the weights and calculate the price per gram. When you sell your gold to a gold dealer. They will use the current market value, usually displayed on their website, to calculate the dealer buyback price. Most gold buyers will buy gold jewellery anywhere from 20% – 10% under market price. This is to factor in their operating costs and refining fee’s to get the gold refined into pure gold at the refinery.
WRAPPING IT UP
Now that you know what your gold can be worth, the best is to find a gold buyer in Brisbane that can provide you with a free quote before selling. Shopping around and having your gold evaluated a few times can help if you have the time when selling your gold jewellery.