Tips for selling gold
you don’t want anymore
From jewellery to coins, selling gold in Canada can be simple and lucrative
April 12, 2022
Unwanted jewellery, heirlooms, and collections have a habit of piling up and collecting dust. Whether it’s broken and out-of-fashion jewellery, an inheritance or collection of gold coins, or heirlooms made from gold or silver, selling your gold can be an excellent way to unlock that value and put it to good use.
When it comes to selling off old belongings, anything made from precious metals has a different standard than most of your other belongings. While the value of old clothes and furniture depends entirely on whether they have vintage or antique appeal, even broken or tarnished belongings made from gold or silver will have value.
The key to getting the best price for unwanted gold and jewellery is knowing what you have and where to take it. These tips will help you get a better price when you’re selling gold in Canada.
Confirm What You Have
When it comes to jewellery, what you have can make a major price difference. Most gold jewellery will probably sell for its melt value. Gold dealers will pay by the gram or ounce for it, only to have it melted down into gold bullion.
However, if you take the right brand to the right business, they may be able to find a secondary market for the piece and fetch a better price. Certain designer jewellery brands are at least worth getting evaluated. These brands include Cartier, Tiffany & Co., Bulgari, Hermès, Chopard, Van Cleef & Arpels, and others.
These will likely have the best resale value, and you could get more than if you took it to a place where it would be melted.
Find a Business You Trust
The last few decades have seen an explosion in the number of gold dealers and cash-for-gold businesses out there. Finding one that you can trust to offer a fair price is another question. Always be sure to research the buyer and look for the right qualities.
If you’re bringing in designer jewellery, make sure you’re taking it to a business that knows how to deal with and price valuable collectibles.
Even for non-designer jewellery, look for a business that makes its pricing per gram or ounce of gold public, and don’t be afraid to look at the reviews or ask people you know for recommendations.
Understand Weight and Purity
Once you have a shortlist of gold dealers you want to approach, it’s time to adjust your expectations. A big part of how much your gold jewellery will be worth comes down to weight and purity. Pure gold is too soft to use in jewellery and can easily be dented or damaged unless it’s alloyed with another metal.
This is why jewellery can often be found in lower purities, such as 18 karats or 14 karats. If you can’t remember or do not know the purity of a piece, find out when you have it evaluated. A 14 karat necklace will have a considerably lower value than a 22 karat one at the same weight.
Feature image: Bulbul Ahmed – Unsplash
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