The appeal of Jewellery is timeless, predating the use of Precious Metals as an investment vehicle and the first official Gold exchange services by millennia. A recent archaeological find revealed that the ancient people in the region we now know as Morocco wore necklaces of shell beads as far back as 150 000 years ago. The discovery of Silver in around 5000 BC saw Copper and Bronze adornments replaced by this more eye-catching metal. Approximately a thousand years later, artisans in Eastern Europe became the first to craft and sell Gold Jewellery. At that time, these items were available only to the rich and were seen as symbols of power. Today, necklaces, earrings, bracelets and rings crafted from this yellow metal are regarded as fashion accessories and within reach of most people’s budgets.
Fashion and selling your gold
Nevertheless, fashions change, and you may find that the Jewellery items everyone couldn’t wait to buy in the ‘80s are now considered somewhat passé. Alternatively, given the constantly rising prices and the lack of comparable wage increases, you may have decided the best way to cope might be to sell your unwanted Gold. Before you agree to part with any of your valuables, here are a few tips that you should find helpful.
Firstly, deal only with a registered Gold exchange rather than a retail jeweller. While some dealers may trade only in coins and Bullion bars, others, like Mr K, may purchase Gold in any form, such as old Jewellery, recycling or upcycling it for you. Either way, a registered dealer will offer a figure based on its weight, purity and the current spot price. By contrast, when you sell Gold Jewellery informally, it is unlikely that you will be offered its actual value, as the jeweller will seek a profit.
Whichever option you choose, it will be helpful to know the weight of your items, their fineness (how many carats), and the day’s spot price. Some online calculators can use this data to determine their value before approaching a dealer. The metal’s spot price is quoted per ounce, but the weight of your items in grams will decide how much they are worth. This anomaly creates an opportunity for an unscrupulous dealer to defraud those who sell their Gold Jewellery.
A troy ounce is equivalent to just over 31,1 grams, while an imperial ounce weighs slightly less at 28,3 grams. However, the few grams’ difference can be significant when selling a chunky Gold chain. Sadly, some jewellers bank on a seller’s inexperience and resort to weighing their items on an imperial scale so they can pay less than the going rate. That said, most jewellers are perfectly trustworthy and will treat you fairly. Still, it pays to be aware of the potential pitfalls. Better still, stick with an authorised Gold exchange company if you decide to sell some Gold Jewellery items you no longer need.
Mr K is an authorised dealer in Precious Metals with an established history of honesty, integrity and ethical practices. In addition to buying and selling Bullion bars and coins, we also purchase Gold and other metals in the form of Jewellery. We invite you to learn more about our no-obligation valuations and how to sell your unwanted Gold items with total confidence.
Disclaimer: The information above was derived from reliable sources and deemed accurate at the time of writing. However, changes following publication may have affected its accuracy. Such changes may occur without notice and Mr K cannot be held liable for inaccuracies in this article’s content or how a reader may choose to interpret it.
