Do you want to sell your old gold jewellery? Whether it’s broken, damaged or scrap gold, never send your gold through mail to any of those companies conveying you about the innovative and efficient process they follow and which works flawlessly. Well, these companies are not trustworthy, and they will cheat you and pay you very little money and get away with the transaction.
Secondly, never sell jewellery to the first place that you get an offer from before exploring other options. The gold market is a competitive one, and the chances are thin that the first place you approach will give you the best price. So it’s vital to check out the different options to grab a better deal. Moreover, when you explore the options, you’ll know about the current market condition and rates.
- Sell Scrap Gold
Do you have old gold or even scrap gold jewellery and want to cash on it for your pressing needs or to enjoy your upcoming holidays?
Whatever be your reason, it’s a fantastic way to utilise the equity you already possess in your old gold jewellery. Well, there are many platforms on which you can sell your gold jewellery including:
[A] Online Reputed Websites like Gumtree, eBay etc. — you can list the gold jewellery you want to sell on these online platforms. When people will see your ad on these sites and are interested in buying your listed items, then they will contact you. However, this process will run into months, and you’ll need a lot of patience to sell your gold through them.
[B] Jeweller — Typically, the jeweller may buy old gold jewellery, but they won’t buy your broken or scrap gold, as they won’t be able to sell them to their potential customers.
[C] Pawnbroker — Selling your gold jewellery to a pawnbroker is the easiest of all, and you’ll get the cash for gold on the same day within minutes.
Get Instant Cash for Gold from Pawnbroker!
A pawn shop will buy gold in any form, be it old, damaged, broken or scrap gold, so you don’t have to worry about the condition of your gold jewellery. You can sell your scrap gold to a pawn shop. Besides, it’s easy to transact with a pawnbroker.
III. Sell Your Used Gold Jewellery for Cash
When selling your used gold jewellery, remember you won’t get the current market price but will get a lower price, depending on the karat* and condition of your gold jewellery.
[Note: *Karat — The unit of measurement for the proportion of gold in an alloy — 18-karat gold is 75% gold; 24-karat gold is pure gold.]
What price you can expect for your gold jewellery when selling it to the pawnbroker. Well, the pawnbroker will price your gold jewellery based on the following factors and at the same time, try to make some profit out of the transaction.
- The condition of the open market.
- Karat of your gold jewellery.
- Weight of your gold jewellery.
- The pawnbroker’s judgement.
The Bottom Line
Before you go out to sell your gold jewellery in Sydney, it’s imperative to know what you have and what its worth is. For instance, you may have gold jewellery then weigh it first and check out the current market price of gold. This little exercise will help you to know how much gold (by weight) you have and what you can expect to get at the current market price. Once you know the actual worth of your gold jewellery per its weight and market price, then you can expect to get anywhere between 40% and 65% of that value depending on gold’s purity (karat) and the condition when you sell it!
