Gold jewellery can hold sentimental value and cherished memories. But it can also become clutter or unwanted pieces that take up space. Rather than letting your old or unused jewellery collect dust, selling it can be a quick and efficient way to turn it into cash. However, the process of selling gold jewellery can be overwhelming, especially if you’re not familiar with the industry.
Many people turn to pawn shops or gold buyers. These types of business might offer a flat rate per gram of gold, which may not reflect the true value of your jewellery. To ensure that you get the best possible price, you should always have your jewellery correctly valued by skilled professionals who can evaluate its quality, condition, and market demand.
In this guide, we’ll walk you through the key factors to consider when selling gold jewellery and provide insight into the selling process.
Why should you sell your gold jewellery?
Selling your gold jewellery can provide a great way to turn your unwanted pieces into cash. Whether you’re looking to downsize your collection or saving for a specific goal, selling your jewellery can provide the financial boost you need.
In addition to the monetary benefits, selling gold jewellery can also help declutter your space and simplify your life. Rather than holding onto pieces that no longer serve you, selling them can provide a sense of liberation and freedom. It might even make space in your collection for a lovely new piece.
What kind of jewellery can I sell?
Many people assume that only high-end or pristine jewellery can be sold, but skilled professionals can value almost any type of jewellery, regardless of its condition. This can include broken or damaged pieces, as well as jewellery that may be missing stones or components.
Some common types of gold jewellery that can be sold include rings, necklaces, bracelets, and earrings. However, the specific items that a jeweller will accept may vary depending on their expertise and the market demand for certain types of jewellery.
Why do people sell gold jewellery?
There are many reasons why people choose to sell their gold jewellery. Here are a few common ones:
- Financial reasons – selling gold jewellery can provide an easy source of cash, which can be especially helpful during times of financial need. This could include paying off debt, covering unexpected expenses, or saving for a future goal.
- Downsizing – some people choose to sell their gold jewellery as part of a larger effort to downsize their possessions and simplify their lives. This could include selling jewellery that they no longer wear or that no longer holds sentimental value.
- Inheritance – in some cases, people may inherit gold jewellery from a family member but may not want to keep it for themselves. In this case jewellers can offer estate appraisals to help you understand the value of the inherited collection.
How much is gold worth?
The value of gold can vary depending on a variety of factors, including market demand, the current price of gold, and the purity of the gold in your jewellery. To determine the value of your gold jewellery, it’s important to understand a few key terms:
- Carat – the carat of gold is a measure of its purity. 24-carat gold is entirely pure gold (although it is very rare for jewellery to be made from pure gold as it is too often) – however, 18-carat gold is considered a high purity, whereas 10-carat gold pieces are less pure and as such are worth less.
- Spot price – the spot price of gold is the current market price for one troy ounce of gold. This price can fluctuate based on a variety of economic and political factors.
- Melt value – this is the value of the gold if it were melted down and sold. This value is based on the weight of the gold and its purity.
It’s important to remember that the emotional value of your jewellery may be different from its actual monetary value. While heirloom pieces or sentimental jewellery may hold a lot of personal value, they may not be worth as much in terms of their gold content. When selling your jewellery, it’s important to balance these factors and make an informed decision about the best course of action for you.
How to choose the right place to sell to
When it comes to selling your gold jewellery, it’s important to do your research and find a reputable and trustworthy buyer. It is a great idea to go to a local jeweller who has experience in valuing gold and precious metals.
These professionals have the expertise to determine the quality and value of your jewellery, and can provide you with a fair price for your items.
Additionally, you may feel more comfortable working with a local business that you can visit in person, rather than online.
What happens to my gold jewellery when I sell it?
When you sell your gold jewellery, the buyer may use it in a few different ways depending on its condition and quality. Some of the possibilities include:
- Refining – if your gold jewellery is not in good condition or cannot be resold as-is, the buyer may choose to refine it. This involves melting the gold down and extracting impurities to create pure gold bullion, which can then be sold to other buyers.
- Resale – if your gold jewellery is in good condition and has resale value, the buyer may choose to resell it. This could involve cleaning, polishing, or repairing the jewellery before putting it up for sale. In some cases, antique or vintage jewellery may be particularly valuable and could be sold for more than its melt value.
- Recycling – another option for your gold jewellery is to recycle it. This could involve using the gold to create new jewellery pieces, such as wedding bands or necklaces. By recycling gold, buyers can reduce their reliance on newly mined gold and minimise their environmental impact.
At Cry for the Moon, we have extensive experience valuing and buying gold jewellery from our customers. If you are interested in having some of your gold jewellery valued, please don’t hesitate to get in contact with our experienced team today.
