Cash for gold and gold selling Tips for selling old and unwanted gold
Which? Money experts found jewellers offered the best price for gold
If you have old and unwanted gold you would like to sell, it's important to ensure you get the best possible price for your items - and that you don't sell jewellery or keepsakes of high value without realising what they could be worth if left intact, rather than melted down.
Take a look at these tips and think carefully before parting with your precious metal.
1. Get an idea of how much your gold is worth
You should always try to find out how much your gold items are worth before deciding who to sell them to. Weighing and looking at the hallmarks on pieces of jewellery will help you to assess how much your items might be worth based on the current market value of gold.
Alternatively, taking your items to a high street jeweller (or several jewellers) for valuation will help you to form a firm idea of what your gold is worth.
Never simply send off gold to a firm without knowing how much you should reasonably expect to be paid for it - or you will have to take the company at its word when it tells you what your items are worth.
2. Consider selling your gold direct to a jeweller
As Which? Money's research showed, high street jewellers are likely to offer better prices for your old and unwanted gold than the cash for gold companies that advertise on television.
If you live in an area where several jewellers have to compete for business, you may find they are more willing to negotiate with you on the price they will pay for your unwanted gold.
Hatton Garden in London and Birmingham's Jewellery Quarter are likely to be good locations for gold selling - and may also be worth journeying to especially if you have a high volume of gold items to trade.
3. Compare deals and haggle when selling your gold
Always shop around for the best deal when selling gold - and don't be afraid to haggle if you think you're being offered too little for your items.
Which? Money experts would never recommend using a TV cash for gold firm, but if you do send off your gold to one of these companies and feel they have offered you a poor deal, remember you have the right to bargain for a better price or to request the return of your gold.
4. Be careful not to sell high-value items
Gold buyers are generally interested only in the value of the metal making up gold items; the craftsmanship and effort that went into making them, or the precious stones adorning them, are of little interest.
Cash for gold companies may remove stones from gold jewellery and discard them if you send off rings, earrings and necklaces set with precious gems - meaning that you can't cash in on their value.
Likewise, high-fashion or branded jewellery - even if it's gone out of style and you would never be caught wearing it - may be worth more if kept whole than if you sell it on for melting.
Other items such as old coins, medals and keepsakes may also be worth far more than you'd ever receive from a cash for gold firm, or even from a non-specialist high street jeweller.
If you suspect any gold items you own are valuable, antiques or might be of interest to collectors, it's important to get them properly assessed and valued before parting with them - however you intend to sell them.
5. Compare companies' reputations on the web
If you're determined to use a cash for gold firm, it's a good idea to research the reputation of the companies you're considering online.
Forums and blogs are likely to contain comments about, and reviews of, cash for gold firms - and while it is vital not to trust everything you read on the internet, these might help to flag up firms you would rather avoid.
Simply Googling the names of specific cash for gold firms, scrolling through a variety of the results the search engine returns and avoiding paid adverts should help you with your research.
6. Consider selling your gold online
If you live in an area with few jewellers, or are unable to find a good deal for your gold on the high street, selling your items online might be an option you wish to consider.
Websites such as eBay are easy to use - though you may find it difficult to sell items, especially jewellery, unless you have built up a reasonable level of positive feedback from other site users.
Read our guide to Selling goods safely on eBay for information on how to set up, and use, an eBay account.
- Take a look at our guide to planning an effective budget
- Financial worries? Read our guide to dealing with debt
- Check out our tips to help you get discounts on products
