Gold jewellery can be beautiful as well as precious. But would you wear pieces that are old, unfashionable or simply not to your taste? Probably not. Instead, chances are they’d be languishing in a box or drawer somewhere, never seeing the light of day. What a waste.
Whether you acquired some fine gold jewellery items as a gift or through inheritance, if you don’t love it and have no use for it, had you thought about cashing in on the value of the gold? Here are 3 questions you should be asking before you go through with any transaction.
What is the value of gold?
Before you make plans to get rid of your unwanted gold rings or necklaces, it’s a good idea to find out whether now is the best time to sell. Obviously, if you need the money quickly, this may not be an option. Otherwise, it’s worth doing a bit of research in to gold prices before committing yourself to a sale.
Gold is a commodity traded on the open market, not unlike oil or coffee. And like any other commodity in a market economy, it’s the supply and demand that dictate price movements. If you want to know the exact price that gold is traded at right now, check online sites like Apmex.
Gold prices tend to go up in times of difficult economic times. The last decade has shown two particularly large spikes in the price of gold. The first was over the course of the financial crisis of 2009-11, the second was around the Brexit vote in 2016. The recent steep rises mean that your old gold jewellery may in fact be worth much more than you think.
Who should you sell to?
There’s certainly no shortage of companies offering to buy your old gold at ‘best prices’. From pawnbrokers to online buyers, cash-for-gold businesses to jewellery dealers, it can be hard to decide who is the most reputable buyer – someone you can trust to be honest in the business dealings.
Even more confusing is the fact that while every buyer will give you a free valuation for your precious pieces, the price you may be offered can vary widely. Be particularly wary of specialist cash-for-gold companies. Their way of doing business may be the most convenient but you’re highly unlikely to get the best deal for your gold. A better option is to sell your gold independently, ideally through an established high street jeweller with a solid reputation.
“For your own peace of mind, look for the added protection of a ‘Gold Standard Accredited Jeweller’ where your items are valued on site and on the spot, with an immediate payout available should you wish to proceed.” Cry for the Moon
Scrap value of collector’s item?
Most gold buyers are only interested in the value of the precious metal, not the bracelet or necklace made from it. If your gold pieces are nothing more than scrap metal, then there’s no problem. Though you may wish to remove any precious stones before the sale unless you’re able to secure a value for these.
However, if you suspect that your old gold jewellery pieces may have more value in them than just the gold – perhaps you have a genuine antique or collector’s item in your possession – you should absolutely get a professional valuation from a jewellery expert. The same goes for non-jewellery items such as old medals or gold coins. It may well be that they’re worth far more than you could ever hope to get from cashing in on their gold value alone.
Finally, check whether your precious gold items bear the mark of a well known jewellery designer. A vintage Cartier ring or Tiffany necklace, for example, can fetch tens of thousands.
Last but not least, have you explored the alternative to selling your unwanted gold jewellery? If your pieces have sentimental value – your parents’ wedding rings or an inheritance from a beloved grandmother, perhaps – you could have them remodelled by an expert jewellery designer into an exciting new piece that you will love to wear.
Find a local goldsmith whose work you admire and book a consultation to see what your options are. You can contribute your own design ideas or be inspired by the designer’s suggestions for a new ring or pendant made just for you. Better still, you can even incorporate your old jewellery’s diamonds or other precious gems into the new piece.
It’s an increasingly popular way to honour the memory of a loved one and a cost effective way for you to own a custom made piece of jewellery that is precious to you in every way.