Tesco Gold Exchange’s entrance to the online money for gold buying market has proved a success, a Which? investigation has found. The supermarket, which entered this sector in January, offered far better rates than its competition.
Tesco offered to pay £67.20 for a 9 carat gold bangle we bought new for £225. The best initial price we were offered by the other cash for gold companies we approached for a quote was just £30, from Gold2Pounds. The worst was £9.36 from Postal Gold.
Cash for gold firms take time
Given the time it takes to sell unwanted jewellery to online cash for gold buyers – so called because customers provide their address details via company websites, wait for an envelope, then send their gold and await a quote – we also obtained quotes from high street jewellers. Although none offered us as much as Tesco, the best was willing to pay £65, there and then.
Which? verdict on cash for gold
Overall, the high street option appears to be the best bet if you’re looking to sell unwanted gold, as quotes can be obtained immediately. If you use an online cash for gold buyer, you’ll have to wait to receive your envelope, visit the post office, wait for an offer from the firm and then either accept it or reject it. If you reject a cash for gold company’s offer, you’ll also have to wait for your jewellery to be returned.
For more information, on this investigation see April’s issue of Which?. You can also read more about Cash for gold companies in our online advice guide.
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