Your old broken gold chain, wedding ring or earrings could be worth more than you think. Even pieces left in a drawer for years could have gold that can be sold.
Understanding its value can be tricky.
When selling gold jewellery, coins and gold items in Melbourne, the buyer will look at the purity, weight and gold market price. However, there is no guarantee that businesses will give the same price for a piece of gold.
Knowing what they are looking for can help you prepare for your visit.
What Do Melbourne Gold Buyers Look For?
Most gold jewellery are not pure gold. They will mix other metals to create a more durable, coloured and practical piece.
The value depends upon the purity. Common jewellery stamps in Australia include:
9ct/375 – 37.5% pure gold.
14ct/585 – Approximately 58.5% pure gold.
18ct/750 – 75% pure gold.
22ct/916 – Approximately 91.6% pure gold.
24ct/999 – Usually very pure gold.
The buyer will usually look for any hallmarks, measure it and test if needed.
Hallmarks can be helpful but they do not always mean it will be genuine. Older jewellery may have worn hallmarks and some pieces may not have any hallmarks.
Having an expert test it will help to determine the purity.
How Much Gold It Actually Contains
One of the most important factors to consider when selling your jewellery is how much actual gold your piece contains.
For example, if you have an 18ct gold bracelet that weighs 20g, you would only be getting around 15g of fine gold. As 18ct gold only contains 75% pure gold.
The theoretical value depends on the current pure gold price. The price you receive will usually be less due to the costs of running the business, processing the gold and the margin.
Gemstones, mixed metal clasps and other non-gold elements can affect the value.
Ask the buyer to explain how they have come up with that figure.
Melbourne Gold Buyers Vs Other Australian Markets
As gold is bought and sold worldwide, the core price will not depend on which city you are in.
However, you may notice that depending on where you go to sell your gold, you could get a different price.
For example, if you were to compare Melbourne gold buyers with Sydney gold buyers you may notice differences in price. This could be due to costs of running the business, refining, competition and individual policies.
The same goes when comparing gold buyers in Perth.
If you’re researching gold buyers outside of Victoria then Melbourne gold buyers is another place to add to your list.
When comparing gold buyers you should look for more than just the price per gram. Ensure they are providing the price for the purity of your gold, if there are any deductions and if there is a free evaluation.
Diamonds in Gold Jewellery
Not all high value jewellery pieces will be worth selling for the gold content.
Items such as diamond engagement rings, antique brooches and handmade necklaces may hold more value. Factors such as design, quality of workmanship and gemstones can influence how much someone is willing to pay.
According to the Jewellers Association of Australia it is best to ensure that gemstones are not included in the price and if it has any value when reselling.
Gold Buyers Perth state that they buy gold jewellery and diamonds. Gemstones are evaluated separately and they also have information available to show that they do not confuse insurance replacement values.
If your jewellery contains larger diamonds or unique designs it may be worth having an independent valuation.
Questions To Ask
A reliable seller should give you a clear understanding of what they are buying and how much they are paying.
Ask:
What weight have they used?
What purity of gold have they tested?
What price per gram (in Australian dollars) are they offering?
Are there any deductions for testing, refining and handling?
Are gemstones included?
How will they pay you and how long will it take?
It is also a good idea to ask if it is a final price.
Gold Buyers Perth have indicative prices for different purities of gold. They also have information on how they evaluate your items. They weigh and test them in front of you. This is a great example of the information you can ask for.
Sell Gold Perth
Sort your jewellery into groups based on visible carat markings. Ensure that matching earrings are together and take photos of any valuable items.
Bring along any original proof of purchase, certificates or valuations. This can help to provide some history of the item but does not guarantee a certain resale price.
Find out what ID they require. Some second hand precious metal businesses may ask for ID.
Most importantly do not rush into selling sentimental jewellery. Once it has been sold and processed for the gold content you may not be able to get it back.
