Do you have any old gold jewellery that you will never wear again tucked away somewhere? It might have been passed onto by an elderly relative or given to you when fashions were somewhat different. Do you have any gold coins in a collection you never look at? If so, you could turn them into cash by selling them to a gold buyer. It is a simple process. A gold buyer will weigh your item and test the purity of the gold in it, using either an acid or electronic test. This examination will help them to determine the price they will buy it for. If you agree to the price they keep the item and give you the cash.
There are a couple of things you need to know before you think about selling old gold items:
1. Not all gold buyers will offer the same price for the same coin or piece of jewellery. Once they have bought it from you, a gold buyer sells your gold to a gold refiner for re-melting, who in turn sells it on to a jeweller for re-fashioning. These steps mean that you do not receive the published commodity price for your gold. There are numerous gold buyers in the market, both online and with premises you can visit, and you need to shop around to achieve the best price.
2. The commodity price you see advertised is for pure (24 karat) gold. 24 karat gold is too soft to make into jewellery so it is mixed with other metals to create an alloy, which is stronger. Jewellery is typically made of 18 karat (75%) or 10 karat (42%) gold. That means that an 18 karat gold ring weighing 25g only contains 18.75g gold. You will be paid only for the amount of gold your item contains.
3. Some of the value of the jewellery is in the design and/or any other components, such as precious or semi-precious stones. Likewise a coin or other trinket may be valued more for its rarity than for the amount of pure gold it contains. For this reason, consider whether you might realise more value by selling the piece to a second-hand jeweller or collector instead of to a gold buyer.
Those points aside, any money you receive from selling unwanted gold jewellery and coins is money that you did not have before. For more information, contact a gold buyer like PMT Pty Ltd and turn your old gold into new cash!
Share19 November 2014
My husband leaves all of the gift buying for our extended family to me. Sometimes it's really hard to figure out what his aunt or his grandfather as I've only met them once (at our wedding!). Luckily there are some great sites where you can plug in the details of someone who you need to buy a gift for and they give you a list of selection that other people with a similar background have liked. They even gift wrap it and they send it to them. I love not having to go to the post office! This blog is all about shopping for people you don't know that well.
