If you’re like thousands of Australians, you go to the wrong places to sell your gold jewellery. As a result, you will go to a jewellery store and receive less for your gold than selling to pawnbrokers. As a result, a seller of gold pieces should do their homework to get the best value for their gold.
Determine the Gold Purity
Knowing what precious metal you have helps when selling to a pawnshop. The dealer accepts gold, silver, and platinum. These metals have a commodity price for every gram it weighs. The pawn shop will give you cash for gold according to the market price. Always check the piece’s purity and what it is made up of. You will find the karats stamped on the jewellery.
Assess the Size and Weight of the Jewellery
At home, weigh the gold pieces using a scale marked in grams. You can then calculate the weight with the commodity price to get an approximate value. For example, if the ring weighs 10 grams, you multiply it by the approximate rate found on the pawn dealer’s site to buy the scrap gold. At the same time, keep your karat value separated to make weighing individually easier and not together. You do not want to receive cash for the lowest karat weight.
Check the Diamond Size
If your ring has a diamond, check the size to see the approximate price. A pawn dealer will pay a lower price for small stones, and for larger ones, they will follow a specific report. Still, if you have a brand name like Cartier or Gucci, you can get a higher price as it comes at a fixed resale value.
Not Sure What the Value is? Have it Appraised
It is easier to get a fair price for your jewellery piece from a local pawnbrokers with a certified appraisal like a gemological report on your diamond. You may have an older evaluation, but it will not help as the price of gold and diamonds keeps changing. As a result, you can take an appraisal report less than a year old or even a recent one is better to fetch a reasonable price.
There is no need to grab the first offer to buy back your gold. The best is to shop around to get different bids. While having your jewellery appraised can cost a bit more. It can be worth more than its weight when you consider the embedded gems, artistic value, and precious metal.
Sell Your Jewellery
Before heading out to a pawnshop, be realistic when selling your scrap gold. As the specific price offered can vary from one dealer to another related to the metal purity, weight, and commodity price, you can expect 50% of the gold’s scrap price. So grab that jewellery box, start separating your pieces, and take your government-issued identification. All trustworthy pawn shops comply with these rules when buying back gold.