Wednesday, 9 August 2017

7 Tips For Selling Your Gold Jewellery

Planning to part with your gold jewellery? Selling precious metal like gold can be risky so it’s important to be careful. Keep these tips in mind while monetising your gold ornaments to avoid getting cheated with less than their value.

Get quotes

It is essential to know the worth of gold jewellery that you are planning to sell. Ask for quotations from various buyers or pawnshops. 

Visit various bullion dealers UK shops and collect at least 3 to 4 quotes to compare. This way you can assess the value of the jewellery and settle for the highest price.

Check for purity

If you have hallmarked jewellery, then purity of gold is easy to establish. Weighing your jewellery will help you to assess how much is the value of your ornaments, based on current gold prices.

Retain invoice

You should have the invoice or purchase document with you before you plan to sell gold jewellery. A gold buyer will inquire for the invoice when you go to sell jewellery. 

The details of the piece and purity etc are clearly stated in the bill of purchase, so the retailer won't be in a position to contest.

Check the buyer’s policy  

Before leaving your jewellery with – or shipping your jewellery to – a potential buyer, check the buyer's policy on reimbursement if they lose your gold. Many offer only inadequate liability. Also, document and photograph the ornaments beforehand.  

Know the price of gold 

Before you plan to sell gold jewellery, know the price. You can check the price listed live on various websites. This way you can also decide on the best time to sell the gold. Although it’s very difficult to accurately predict future rises or falls in value. 

The demand of gold is more when the economy is looking shaky, as it’s seen as a safer bet than other forms of investment, such as stocks and shares. 

Where to sell 

You can sell at a reputed jewellery store where you have more chances of getting a fair price (market value) is the highest. As a policy, several gold shops will buyback only those pieces of ornaments which have been brought from them and not that which have been brought from the other outlets even if you posses the bill of the item. 

Pawn shops/ gold buyers are the other option where you can sell your gold jewellery. You need to be careful as these shops often indulge in malpractices and can cheat you. You can also sell your gold online on a trustworthy site. 

Worth of precious stones

In case of gold jewellery like rings, earrings and necklaces set with precious gems you need to find out worth of the entire jewellery item rather than just the value of gold in that. Gold buyers are generally interested only in the value of the metal making up gold items, rather than any precious stones in them or the value of the craftsmanship. 

Gold companies may remove stones from gold jewellery and discard them. High-fashion or branded jewellery may be worth more if kept whole, than if you sell it on for melting. So, consider this while selling gold ornaments. 

If you think you gold jewellery has more value than just the gold in them, are antiques or might be of interest to collectors, get them properly assessed and valued before selling them.

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