How to Get the Best Deal for Your Scrap Gold.
ScrapGold.org.uk is an information website only. We do not buy scrap gold, we do not sell scrap gold, gold jewellery, gold coins, or any other form of precious metal.
We decided to set up this simple website to help save ordinary people from being ripped off by passing on our own experience of selling scrap gold and gold coins. Please feel free to read the information before selling your old gold, it might save you some money.
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Why Sell Old Gold and Scrap Gold?
Many people have old gold rings, earrings, gold necklaces, bangles, charms, pendants, broken gold chains, old gold watches or gold watch cases, or other items made from precious metals.
Often these pieces of gold jewellery or other items are out of fashion, are broken or worn, & not worth repairing. They sit in the bottom of drawers, forgotten, so you may wonder why anyone would want to buy them, & whether it’s worth selling?
Well, the good news is that gold always retains it’s value as a precious metal and any gold object can be melted down and then made into something else, even if it is just scrap gold in it’s current form. Indeed this is exactly how it was when people used gold and silver coins.
In years gone by people who’s businesses prospered would take gold or silver coins to the local goldsmith who would melt them down and turn them into useful objects – maybe cutlery, candlesticks, trays, etc. When times were harder those objects would be taken to the local mint, melted down, and turned back into coins.
This is exactly what happens today with scrap gold consisting of old gold jewellery, coins, and other gold items – a jeweller will buy the scrap gold, melt it down, and then use it to make something else.
Since gold & other precious metals always have value (although the value of precious metals is constantly fluctuating), it makes sense for a jeweller to buy old gold & re-use it.
Some people also buy scrap gold as an investment since they can buy it at very close to the official price of gold (the spot price), without much, if any, premium – gold coins have a value to coin collectors, and so usually carry a premium above the gold spot price making scrap gold quite attractive to investors who think the price of gold is going up.
How do I Sell My Scrap Gold?
If you are needing to sell in a hurry then you will be best selling your scrap gold to a local jeweller, although they can offer quite poor prices, so beware. I once paid a big local jeweller to value a gold diamond solitaire engagement ring, and was told that it was worth around £1200. When I subsequently split up with my partner & took it back to the same jeweller, along with his own report, he offered me £80!
Probably the best way to sell your scrap gold quickly and to get a better price too is to use one of the online dealers, but again you must be careful since you will be posting your gold to someone you’ve never met & can’t easily visit – how do you know who they really are?
We know one chap who bought £9000 of gold sovereigns from an accredited coin dealer, only to receive a load of junk in return for his money – including fake gold sovereigns – so be careful who you choose to send valuables to (see our Scrap Gold Dealers section), and always use recorded delivery, no matter who you think you are dealing with.
If you don’t need to sell your scrap gold right away then you could always put it into an online auction like eBay. Online auctions always seem to realise a fair price, so long as you describe what you have accurately, including an accurate weight (with stones and other none gold fittings removed), take good clear photographs, and remember to take auction and paypal fees into account, then you should do okay.
How Much Will I Get for My Scrap Gold?
This is, if you’ll excuse the pun, the 24 carat question. The price that you’ll get for your scrap gold is determined by a number of factors, including whether your gold is 9ct, 14ct, 18ct, 22ct, or 24ct, what the current price of gold is, and of course how much the dealer in question is offering for different grades of gold.
In general you will find that dealers will offer you between 80% and 95% of the intrinsic value of the scrap gold, since they have to then incur costs while melting it down & reworking it. Perhaps this is why high street jewellers offer so much less for old gold, since they also have shop overheads to cover too.
You can give yourself a good indication of the value of your scrap gold using our scrap gold valuation page.
Value of Antique Gold & Antique Gold Objects
One final thought for this page is that if you have an antique made from gold, like maybe an old gold watch that has stopped working, a broken gold necklace, etc, it may well be worth considerably more than the scrap gold value.
If your antique gold object turns out to be have been made by a desirable maker like a Faberge or Cartier, or to be a rare example, then it’s price may far exceed the gold content value, and it may be a very good idea to get it repaired.
You can get a good idea of the age of the item, and hopefully the maker by looking at the Hallmarks, which will tie it down exactly. There are lots of excellent websites that you can identify hallmarks on, and you could then research the maker before selling.
If in doubt consult a good specialist antiques dealer first (that’s not the guy in the local junk shop), they don’t mind and you may get a better offer from them, and cash on the spot, than you’ll get from a scrap gold merchant.