So the time has come where you may want to finally sell some of your unwanted gold jewellery.

Selling unwanted gold in the UK can be a lucrative decision, especially right now with the gold price reaching all time highs! If done correctly, cashing in your pre-loved gold jewellery can be very lucrative. Whether it’s old vintage or antique jewellery pieces that are no longer in fashion, and are cluttering the bottom of the jewellery drawer, some inherited gold pieces that don’t suit your taste, or simply some scrap gold that is gathering dust, you have several options for turning these items into cash. Here’s a quick guide to where you can sell your gold, and some of the points you should consider when choosing the best selling location.

1. Online Auction Sites (e.g., eBay)

Choosing to sell gold or jewellery via auction sites and online marketplaces can be tempting due to the convenience and the prospect of achieving a high sell price when selling direct to a private buyer. It is possible for you to achieve a high price through an online marketplace as it allows you to reach a wide market often on a national scale. There are some potential drawbacks from selling through an online channel yourself, these include; security risks and opening yourself up to online scams, high selling fees which can eat into your final takings, no guarantee sale, the cost of insuring your item via the post. Listing your gold items through a marketplace can also be time consuming, you will need to take professional level images and ensure your item is described accurately using the correct terminology in order to achieve the highest price. If you incorrectly describe your gold which the wrong carat purity for example this may lead to disputes being filed by buyers.

Selling via online marketplaces can be very enticing when you browse the prices of current active listings but its important to consider the actual final net sale figure once selling fees, postage fees, cleaning or preparation costs are exuded, and after haggling with a potential buyer.

2. Local Jewellers

Selling to a local jewellers is generally a straightforward option. However, not all high-street jewellers will buy unwanted gold jewellery. Many jewellers will specialise in selling only new pieces, if you approach these stores with a request to sell its often you will get a low price as they won’t retail the jewellery but often quickly sell to a specialist gold buyer for a quick profit.This means you may get a price lower than if you went to a specialist gold buyer directly yourself.

If you do want to sell to a jeweller, check that they retail pre-owned jewellery, if you are looking to sell some vintage or antique gold jewellery find a jeweller who specialises in vintage pieces. You will get the best return if the jeweller can resell the piece in a shop window rather than if they  recycle to a scrap gold dealer.

3. Pawn Shops

Although not frequently seen in the UK, pawn shops will usually offer a gold buying service. This can be a quick way to get some cash for your gold and the option to buy back, however pawn shops typically work on large profit margins meaning if you do not choose the buy back option you may end up selling your gold too cheap. Pawn shops also do not specialise in one market, therefore their knowledge on jewellery may be limited resulting in you possibly being undervalued.

5. Specialist Gold Buyers

A specialist gold buyer or dealer may be your best option for selling your gold jewellery or scrap gold. Specialist gold buyers often have a very in-depth knowledge in gold jewellery and any items made of gold including gold coins and gold bars. If you choose to sell gold with a gold buyer you will expect to receive a high valuation if you choose a dealer who has transparent pricing. Gold dealers generally work on small margin and high volume. Some of the positives of selling to a gold buyer directly are:

• Expert Valuation: Specialist gold buyers have the expertise to accurately assess the purity and weight of your gold, ensuring you get a fair and transparent price.

• Competitive Pricing: Because their business focuses solely on precious metals, scrap gold buyers often offer more competitive prices than other options like jewellers or pawn shops as they usually don’t ‘hold’ the item in inventory.

• Secure Transactions: Professional gold buying companies can usually ensure a secure selling environment, and some businesses also offer the option of selling your gold online via an insured pre-paid postage service.

• Immediate Payment: Unlike online auctions or selling on consignment, where you might have to wait considerable time to find a buyer, a gold exchange shop will typically provide immediate payment upon price agreement.

Conclusion

While there are multiple avenues for selling gold in the UK, specialist gold buyers stand out for their reliability, competitive pricing, and expert knowledge. Choosing to sell to a gold dealer usually results in a high price, secure selling experience and hassle free transaction. Explore your options and choose a business that suits your needs best. Its always very important when deciding who you choose to sell your valuables with that you review any online testimonials and ratings for the buyer. You should also check the gold fix price (spot price) to provide a rough estimate for your gold, based on your items weight.