Hugo D. Have you been thinking of selling the gold in your possession? Maybe you own investment bars, coins, or old jewellery that you’d like to make some money out of. Well, there are certain things you need to know about before walking into the gold dealers in Sydney. To get the best deal and avoid making common mistakes, you need to understand how the process works as we’ll explain in this article.
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Have a Proper Look at What You Already Have
First, you want to check if your gold is pure or mixed with other metals, meaning you determine if it’s 22k, 24k, or something else. Next, separate it from other items like clasps or stones. Then, find out how many grams or ounces it weighs.
You also want to pay careful attention to any stamps or hallmarks, such as 999, 750, or 375. If you have old or broken jewellery, it’s still possible to sell it, so check before you dispose of it.
Check the Current Value on the Market
It’s easy enough to search online how much the current price per ounce or gram is. Of course, you must understand that dealers will offer an amount that is slightly below this so they can make a profit, so it’s okay as long as it’s close enough.
There are also plenty of online applications or calculators to help you estimate how much your gold might be worth. Many dealers base their offers on global spot price, but it’s best to check for yourself.
Understand How Purity Affects Your Offer
Not all gold is created equal—purity plays a huge role in determining value. For example, 24-karat gold is considered pure and will fetch the highest price, while 10k or 14k pieces have lower gold content. Dealers calculate offers based on the weight of pure gold in your item, so even if two pieces look identical, their payouts can vary significantly based on karat quality.
Compare Multiple Quotes Before Selling
Just like selling a car or a home, it’s smart to get multiple quotes before making a decision. Visit or call a few reputable gold buyers and see what they offer for your items. Some may offer more competitive rates or waive service fees. This gives you leverage and ensures you’re not settling for the first price you hear.
Know That Honesty Is the Best Policy
Due to laws around secondhand goods, most dealers in Australia will ask for valid identification to buy gold. Be honest about where you got the items from, be it a gift, inheritance, etc. Businesses are unlikely to transact with you if you say you found the gold in the trash or some other joke.
Also, you must never make the claim that gold-plated items are solid gold. Dealers will know that you are lying and may even ban you from transacting with them in the future.
Choose the Appropriate Dealer in Your Area
Whether you are exchanging bullion, selling old jewellery, or buying mint coins, you want to work with a business that has a licence and good reviews, like us at Jaggards. Talk to us about weighing and testing the gold in front of you, and we can make the necessary arrangements.
We can assure you that we are clear with our pricing, and we avoid pressuring our clientele into buying or selling gold. We would be more than happy to provide you with a quote for your gold price too, so don’t hesitate to get in touch with us!
