It seems that everywhere you go these days there is someone who wants to give you money for your gold, regardless of how old or how broken it might be. Gold dealers have been advertising their businesses everywhere: on billboards, in bright lit lights on the side of buildings, on television and even at salons and local dry cleaning stores. The demand for gold has soared but gold mining output has been dwindling over the last couple of years which is why the secondary gold supply, the gold recycling, is so important. The gold industry really needs your gold to supplement the manufacturing and jewellery markets.
With this surge in the demand for gold, people started to see an opportunity to be part of the industry. If they aren’t setting up shop somewhere in your town then they are setting it up online and everywhere else. Starting your own cash for gold business seems so simple that people are doing it as a side hustle. The gold buying business model seems easy enough for anyone to follow: 1) get people to bring their old gold to you. 2) check the grade or karats on the jewellery or do an acid test using those gold testing kits you can find on Amazon. 3) weighing the gold and 4) getting the price for your gold based on the weight and whatever the current spot price of gold is. However, there is a lot more to it than just that, a gold buyer should also know the industry well and understand the pricing process better so that they can offer you the seller a good deal. They would need the experience to be able to discern the quality of gold you are selling. Reputable, experienced gold dealer should also be an authority on the gold market.
A good dealer will be able to sort jewellery pieces that should be labelled as scrap gold and jewellery that could fetch a better price because of the design, the brand or the age. Designer jewellery can be copied so, you need to make sure that you send your Cartier or Hermes jewellery to a jewellery who will be able to tell the difference between an original and a copy. The same can be said with vintage jewellery. If you value the gold jewellery that has been passed down from generation to generation, you should find a gold buyer who will give your vintage piece the special treatment it deserves.
Retail store-bought gold jewellery is easier to sell as scrap gold, brand-named jewellery, vintage pieces and even gold coins require a little bit more effort. You should shop your pieces around to different dealers and jewellers. Vintage pieces tend to do well at auction so maybe that is an avenue worth visiting.
Know Your gold buyer
If you decide to sell gold jewellery Brisbane, you can save yourself the aggravation by researching potential buyers. Visit your local gold dealers, do extensive internet research and find out what the others have experienced with particular buyers. Look for experience and notable affiliations. Settle for a gold buyer your feel confident with.
Know Your gold jewellery
Determine the amount of gold that is actually in your jewellery. You will need to weigh your gold item with a kitchen scale. Gold is measured in Troy ounces. A troy ounce is equal to 31.1 grams. Keep in mind that the weight of your gold on your scale will not reflect the actual weight of the gold since most jewellery is made with gold alloyed with some other base metal. The alloy will tip the scale slightly. This is where the grade comes in. The grade or quality of gold is referred to as a karat and it referred to the amount of gold in a piece relative to the amount of other metal alloys. The purest grade of gold is 24k, it is close to 100% pure gold. For example, if you are selling a 14k ring that weighs 5-grams, it is made up of 2.92 grams of gold (5 multiplied by 14 ÷ 24).
Work out what the going rate is likely to be
When you know how much gold is actually in your jewellery, you can the look up the spot price. Your 2.92gram gold ring sold at spot price of $1,700 equals $159.61. However, keep in mind the gold buyer has expenses that he has to factor into the transaction and also earn a profit, so he probably won’t offer to buy your gold ring at spot price. You can expect 70 – 80% of the actual value.
The Bottom line Is that anyone can buy and sell gold jewellery Brisbane which is the cause of why the prices are all over the place and why you should get quotations from multiple buyers. Avoid small time chancers who treat selling gold jewellery Brisbane as a side business.