Selling Gold

If you are fortunate enough to own gold jewellery in any form, this might be the time to take it out for inspection.  Perhaps you have kept a gold ring or a wedding band from the first time you married, or perhaps some gold earrings left to you by an aunt. But if you have no sentimental attachment to your gold jewellery, consider the current price of gold which is more than £822.5 per ounce, a record high reported at the time of writing (July 2010).

The World Gold Council in London, which represents the gold mining industry, suggests that the huge demand for gold is due in part to the uncertain economic situation worldwide, but also to an increasing market for gold jewellery in China and India.

There are many indications that now would be an excellent time to sell gold bracelets, rings, necklaces and other items of non-cherished jewellery, including that single earring missing its mate.  However, before you try to sell anything gold, you should be aware of the possibilities and the risks involved.

There are quite a few companies, both online and off, that buy and sell gold jewellery.

Many of them are untrustworthy or downright scams, but some are reputable and respected.  The latter you will usually find rated by the Office of Fair Trading and/or Trading Standards, and if there is no recommendation or information on a particular company, you would do well to avoid it.

If you decide to sell gold bracelets or chains such as the type that were so popular with men back in the ‘70’s but have little value as ‘art’, you will get far more than you paid for them in the first place.  Remember that “worth its weight in gold” has a literal translation when it comes to jewellery.  Pawn brokers, scrap gold dealers and refiners only want the scrap gold, so if you have a beautifully crafted item that’s just gold filigree around precious or semi-precious stones, you will probably lose a lot in the transaction.

Online sites for buying and selling gold will generally require a detailed description of your jewellery including weight, size, etc. as well as a picture or video.  The experts offer advice about how to deal with a potential buyer, including a warning about websites that claim ‘best price, no questions’ and the admonition to never, never drop your jewellery items in the mail, since there is no proof and no insurance, even if the buyer claims there is.

A couple more tips from those who know are, if you’re dealing with a pawnbroker and you are not asked for legal identification, take your pawnables and leave immediately.  Also, when dealing with online buyers, never send your gold for appraisal and wait for whatever they choose to pay.  A trustworthy gold dealer will be willing to send you a registered envelope to use for mailing, and then give you a quote and return the item(s) if you do not accept their offer.