If you want to sell gold for cash, you should think of it as a one-off opportunity to make some quick money and not something you could do every week. But it would be a welcome bonus if that gold necklace, earrings and bracelet you never wear could be exchanged for £100s.
Ready to sell gold for cash? Read this first.
The price of gold has more than doubled in the last five years leading to an influx of ‘cash for gold’ companies, including some dubious ones. Many gold websites are unreliable or don’t pay out what the goods should be worth. Always do your research first and go with recommended companies. We’ve looked at some of the best.
Before you sell any gold for cash, be aware you’re basically selling your jewellery as scrap metal to be melted down and used again. If you have a posh piece of branded jewellery, or it contains diamonds or precious gemstones (not any old cheap earring set!), you may lose money selling it via a postal gold service. This is because postal gold services only pay for the gold. If your jewellery is a fashionable brand, you’ll probably get more money from a jeweller.
Ready to sell gold for cash? Read our guide and avoid making basic mistakes.
Step one – do your research
Before you pop your gold in the post, get a quote from reputable sources. Try the top ‘post gold for cash’ websites (see Step two) and check out a couple of jewellers.
Antique dealers are another option, especially if you’re selling old gold. The advantage with antique dealers and jewellers is they can sell these pieces in their own right if they are special enough, scrap companies won’t.
Never send your valuables to any old gold website you spotted on the TV. The ones with big TV advert budgets often offer the lowest prices, so you could be missing out on a lot of money.
Also, don’t forget the price of scrap gold varies day to day, depending on its market value, so it’s always wise to check online.
Our top tips for selling gold for cash
- Don’t sell jewellery with gemstones
- Always check its scrap gold value first
- Check the going rate on eBay
- Don’t send it to any TV gold site
- Avoid sending posh branded jewellery
- Always send via Special Delivery
- Don’t forget those unloved and forgotten leftover gold scraps (even teeth!)
- Don’t send costume jewellery – precious gold is what they want
- It won’t necessarily be the same for selling silver
- Remember there’s no protection if things go wrong – e.g. if a website closes you’re unlikely to get your gold back
- It’s a good idea to drop by your local jeweller especially with gold that isn’t hallmarked
Step two – how to sell gold for cash via post
Hatton Garden Metals
If you’re looking to sell gold for cash quickly and at a decent price, then Hatton Garden Metals has really strong feedback.
If you’re looking to sell gold for cash quickly and at a decent price, Hatton Garden Metals gets strong feedback.
Don’t confuse these guys with the popular Hatton Garden jewellers’ area in London. Hatton Garden Metals are an online only company.
They have a handy calculator so you can estimate how much you’ll get for the weight and carat of the gold. They’re currently paying £8.64 for 1 gram of 9ct gold, but the rates change on a regular basis.
Remember their calculator to sell gold for cash is just a guide price and you could get more or less for your gold on the day it’s received.
You can also choose your preferred payment method: direct to your bank account, cheque sent by post, PayPal or Argos/Homebase vouchers. With the voucher option you’ll get 10% more to spend, so if you have £200 of gold, you’ll receive £220 in vouchers.
Enter the code MYFAMILYCLUB13 online and you’ll get more for your money. You’ll get an extra 1% on top of the normal payment which is worth getting as they charge a fee for postage.
How to sell to jewellers
Flogging your gold at a jewellers can be one of the simplest options, especially if your jewellery isn’t hallmarked. They can do a test right in front of you and tell you how much it’s worth. Remember you can always get your jewellery valued at a jewellers, but you’re under no obligation to sell it to them.
- Do your research – walking into a jewellery store with a bit of knowledge beforehand will stand you in good stead. For example, you can find out the carat of your gold by looking at the hallmark and use your kitchen scales as a rough estimate of the weight, rather than rolling up with no idea of the possible worth of your bling.
- Go to three or four different jewellers – not only does this ensure you’re not ripped off by a jeweller undervaluing your gold, you can also play different jewellers against each other, so they’ll (hopefully) raise their offer.
- Make sure you go to registered jewellers– they should either be a member of the British Jewellers’ Association or the National Association of Goldsmiths.
We hope you’ve found this article on how to sell gold for cash useful. Have you had a good or bad experience selling gold you want to tell us about? Let us know in the comments below.