Some basic tips about selling your old gold jewellery

Are you looking to declutter and make room for new jewellery? While giving them to friends and family is a good idea, why not make a few bucks from your once prized possessions? Besides, there are several gold buyers in Brisbane, all you have to do is find the right one. 

In fact, there has been a rise in the numbers of those selling gold jewellery. Unfortunately, this has been driven by COVID-19 and the negative impact it has had on families and the economy. According to Gary Smith, who was the International President of the ASA (American Society of Appraisers), more people are set to sell their gold items despite gold prices not being very high. He attributed this to the COVID-19 deaths and people having to sell items of their deceased relatives.

Business Today India also shared similar sentiments. According to the publication, despite Indians being known for their fondness for collecting gold, the pandemic has forced most of them to sell their jewellery. This is in order to make ends meet. 

According to a Bloomberg report, despite rural India being the largest bullion buyers, they have been forced to sell their gold because of the pandemic. Also, according to a Kochi-based refiner, jewellers have bought more old gold (25%) in Southern India. 

That said, as a consumer looking to sell your gold jewellery, how much should you expect in return? 

It’s important to understand that the value of silver, gold and other precious metals is constantly changing with the stock market. Fortunately, there are various online sources that provide spot prices. However, this doesn’t mean you will get the same amount for your items. This is because you will be selling to buyers looking to make profits when they resell the precious metals. 

Gold, for example, is very soft but can’t be turned into jewellery without incorporating other metals. Therefore, the karat value of gold is what helps in identifying its quantity. It’s the same karat value that you need to consider when determining the scrap value of your precious jewellery. 

You will find that most places that offer to buy gold are willing to pay only 40% to 45% of the gold’s actual value. On the other hand, pawnshops pay 20%. So, what price should you go for? Take the time and find buyers willing to purchase 65% to 88% of the actual value.

With the cash you earn, you should be able to spoil yourself with new jewellery. This is also a good idea when you’re running low on cash and need money urgently. Having that in mind, before taking the leap to sell your gold, make sure you’re doing it for the right reasons, and you’re actually ready to part with it.

You want to avoid situations where you regret giving up your jewellery, in which case getting it back will be difficult. This particularly applies to situations where the precious metal has an emotional quotient that’s attached to it. If you’re not having second thoughts about the process, it’s time you found gold buyers for your jewellery.

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