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selling your jewellery
Some jewellery just isn't forever. If you are looking to turn your old and unwanted jewellery or gold into cash, there are some things you need to know to give yourself the best chance of getting a fair deal.
Following are the main ways to sell your unwanted pieces of jewellery.
AUCTION Depending on the value and/or number of items you may wish to sell the jewellery through an auction house. There may be a minimum value requirement, terms and conditions, commission and/or other fees charged. consignment This involves leaving the item with a jeweller until an interested buyer is found. The jeweller will then take a percentage of the final sale. If you do sell an item via consignment, ensure you have a clearly written and signed agreement before leaving the item. Some sales can take months. | Private Sale Selling to another member of the public - this can be done through places such as eBay, Facebook or public notice boards. It is a good idea to have a valuation of the item and ensure the transaction is done in a safe public space. gold buyers Selling your unwanted gold and precious metal jewellery to gold buyers can be a great way to make some extra cash, fast. Make sure to choose a reputable buyer and shop around to ensure you are getting the best offer. Most gold buyers will not pay for diamonds or gemstones. | Dealers A second-hand dealer is a business who has a license to buy your second hand jewellery. This license requires dealers to submit purchase details to a centralised database to make sure items have not been marked as lost or stolen. re-design Instead of parting ways with your precious metals and gemstones, why not consider having them turned into a piece of jewellery you can love again? Whether it be a re-design of an engagement ring into a pendant or pieces of old broken jewellery made into a pair of earrings. |
TIPS FOR SELLING YOUR GOLD
1. Find a reputable buyer Businesses buying gold in Australia are subject to State and Territory laws, including the need to a Second-Hand Dealers license. Ask questions such as if they have a second-hand dealers license? 4. Gemstones not included Most companies only want the precious metal. You are well within your rights to ask for and keep the stones, or get an additional quote separate from the price for the metal. 7. Online companies If you are considering selling your gold to an online company, do follow two important rules - call the company and speak to a real person and ask the same questions you would if you were in a store, ensuring they have clear protocols. | 2. Be an informed seller As with any transaction – buying or selling – have a ‘consumer beware’ approach. It’s worth your time to do some homework. Shop around to ensure you are getting a fair price per gram. 5. Heirlooms Be extra careful with any jewellery passed down from great-grandma. It might be worth more intact as a re-sale than it is for the value in recycled gold. Find out the piece's history first. 8. Invited to a “Gold Party”? Find out who is hosting, who will be doing the buying, do they have a second-hand dealer's license and their experience in the purchasing of precious metals. Know what other companies are paying per gram before you attend. | 3. Confirm total weight Educate yourself on the value of your precious metal. 24ct gold is pure gold and so soft it is rarely used in jewellery. You can find our more information here on how to calculate gold prices. 6. Understand the process If you have to leave your gold for evaluation, make sure you get a detailed receipt with clear protocols. Ask if the company is sending it offsite, and if so, when can a price. 9. Seek the highest price However you decide to sell - in person, online, at a gold party or through the mail - always follow the rule of getting three or more quotes before you decide on who you will sell your precious metals to in order to achieve the best price. |
CALCULATING PRECIOUS METAL PRICES
GOLD 9ct (9/24) = 0.375 - 9ct gold is 37.5% pure gold | Weigh Your Gold Spot Price of Gold |
Calculate the Value of 9ct Gold
We will use 9ct gold as our example on how to calculate actual gold content and its value. We have assumed the price of gold per troy ounce is $1,400 AUD.
a. Your 9ct (375) yellow gold chain weighs 4.3 grams which is 2.76 pennyweights (dwt).
b. 2.76 dwt x .375% = 1.035 pennyweight pure gold
c. Spot gold price of $1,400 / 20 pennyweight per oz. = $70.00 per pennyweight
d. 1.035 dwt x $70.00 = $72.45 (the actual pure gold content value of the chain)
Another example is...
So, we have a scrap gold chain that weighs 24.2 pennyweights. It is 9ct so there is 37.5% pure gold in the chain. We took 24.2 pennyweights and multiplied it by .375% to get the weight of the pure gold. That equates to 9.074 pennyweights of pure gold. There are 20 pennyweights in one troy ounce. Spot gold is selling for $1,300 per troy ounce. We divided $1,3000 by 20 to get a pure gold value of $65.00 per pennyweight. We then multiplied 9.075 pennyweights of pure gold times $65 per pennyweight and we get $589.81.
Remember to use the correct currency when calculating the value of your gold. Many online spot prices are in USD. You can use this method to calculate the value of any gold carat/purity.
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PLATINUM Platinum can be used as 850, 900, or 950 parts per thousand. In Australia, platinum is typically used at 950 or above. | Weigh the platinum Spot Price of Platinum |
Calculate the Value of 950 platinum
We will use 950 platinum as our example on how to calculate actual platinum content and its value.
a. Your 950 platinum ring weighs 4.3 grams, which is 2.76 pennyweights (dwt)
b. 2.76 dwt x .950% = 2.622 pennyweight pure platinum
c. Spot platinum price of $1,400 / 20 pennyweight per oz. = $70.00 per pennyweight
d. 2.622 dwt x $70.00 = $183.54 (the actual pure platinum content value of the item)
So, we have a scrap platinum ring that weighs 6.9 grams which is 4.179 pennyweights. It is 950 so there is 95% pure platinum in the piece. We took 4.179 pennyweights and multiplied it by .950% to get the weight of the pure platinum. That equates to 4.179 pennyweights of pure platinum. There are 20 pennyweights in one troy ounce. Spot platinum is selling for $1,400 per troy ounce. We divided $1,4000 by 20 to get a pure platinum value of $70.00 per pennyweight. We then multiplied 4.179 pennyweights of pure platinum times $70.00 per pennyweight and we get $292.53. Remember to use the correct currency when calculating the value of your platinum as many online spot prices are in USD.
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SILVER 925 = 92.5% pure silver | Spot Price of Silver a. Your Sterling Silver bangle weights 10.5 grams, which is 6.75 pennyweights. It is Sterling Silver so there is 92.5% pure silver in the bangle. |