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7 things to remember when selling gold

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If your jewellery box has become a place to store the bling you do not wear, then we have the best advice for you.

But, if you want to sell your unwanted jewellery, you need to know what the jewellery is worth and where you will get the highest payout.

How important it is to buy gold wisely, similarly selling gold needs is not an easy job.

Selling gold might seem like a daunting task, if you have the appropriate information about the whole process and tap the right resources.

If you ask someone experienced, you can get some solution that balances what your time is worth and what you could recoup by trading your jewellery. But if you have no idea about it at all, then here in this blog, we will give you some valuable information you can use.

So read this blog attentively to know about the things to remember when selling your gold.

1. Consider all your options

Most people regard gold as one of the best physical assets one can possess, and this investment is unlikely to go out of fashion anytime soon. Remember to act rationally.

Whatever method or location you choose, start local. For instance, if you are in Brisbane, sell gold in Brisbane. Ask a reputable jewelry store or pawnshop to estimate the value of your gold. Before you solicit online bids or other offers, you will have at least a base price. Remember getting the value price for your gold is free of cost. Go to 2-3 stores and compare the prices.

Some people assume that if their jewellery isn't worth much, they can avoid the assessment. If you assume that what you have is worthless, go ahead and explore bids for it, gold scrap also has value. Before selling your jewellery, you should know the dealer giving you the highest payout rate.

2. Online Selling

Use caution if you are willing to sell your jewellery online. There are cases where online buyers do not return the jewellery if you do not want to sell at their price, or they may not pay for your items. So, if you want to try selling the jewellery online, check the reputation of your buyer on the internet.

Gagandeep and Sukhvinder, founders of Cash your Gold Brisbane, have been in the industry for a long time. As per them, taking a decent photo of your jewellery before shipping and sending it using a delivery method that proves that the buyer has received it ensures secure selling.

Another option is to sell via an online consignment shop. This may work well just because individuals typically pay more for that jewellery than professionals do.

Just be sure any added profit is not eaten up by commission which you have to pay. So, choose a reputed online platform if you want to sell gold in Brisbane.

3. Complaints against the buyer

Be cautious with “pop-up” buyers. These vendors arrive in town, run ads promising high prices, and set up fake shops. Their victims are sometimes left unpaid or underpaid after they scoop up a city's worth of jewelry and coins. Ensure there are no complaints against a buyer before selling gold.

4. Keep your karats separate

Always ensure you don't weigh all the jewelry together. Every piece of jewellery should be paid as per its karat value,

Sort your jewelry in advance according to karat, and see to it that higher-karat pieces are compensated more.

5. Is It Scrap?

Before selling a gold item to be melted down for scrap, verify that it doesn't hold heightened value in its current form.

It is possible that you may think something is old and tiny and think of melting it to scrap but the item may have been made from gold leftover from making the famous full-sized golden spike used in history. Maybe your grandmother gifted you a beautiful gold chain made of historic gold.

6. Verify credentials

Check the credentials of potential buyers: A legitimate buyer will have a state-issued license to buy gold. He will also ask the seller for a government-issued identification card or driver's license such as a passport. This requirement was created in order to combat money laundering and the sale of stolen property. Don't do business with any buyer who doesn't ask to see your ID.

7. Don't lose sight of the scales

Jewelers and pawnshops should periodically have the accuracy of scales used for weighing checked by the department of weights and measures. Consider the weight of gold carefully: Jewelers value gold by the Troy (31.1 grams) rather than the ordinary ounce (28 grams). In addition to the gram system, some buyers use a system called pennyweights, where a pennyweight is the equivalent of 1.555 grams. In order to ensure that there is no pennyweight weighing and gram payment being applied, a seller must make sure he is not being weighed by pennyweight and paid by the gram. This will lead to a higher payout.


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7 things to remember when selling gold

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Part of the Self-Help collection

Updated on November 16, 2021

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