Selling gold via eBay may be a better betTV gold sellers pay less than eBay for gold

28 August 2010

Gold jewellery

The cash for gold industry has sprung up because the price of gold is so high

Selling through online auction sites, such as eBay, may earn you far more for unwanted jewellery and gold than TV-advertised buyers, Which? has found.

The Which? investigation found the prices that consumers get from TV-advertised buyers, such as Cashforgold and Cashmygold, are far lower than those offered by high street jewellers and pawnbrokers. However, when the items were subsequently sold on eBay, this outlet also outstripped the TV advertisers, and compared well with the high street retailers. 

In most cases the high street jewellers still offered the best price, but four 9ct gold bracelets that were bought for £215 sold for £69 on average via eBay. This was better than the jewellers' average price (£46) and was streets ahead of the TV buyers' average of £12.

Easier selling options

Which? researcher Dan Moore said: 'The adverts make it look like you'll get wads of cash for your unwanted jewellery, while in fact you're more likely to get peanuts. It's better to sell under your own steam, either using an online auction site or on the high street.'

Which? will be presenting evidence obtained as part of its investigation into gold buyers at a Trading Standards conference in late September. 

pound coins

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