Advice to follow when selling your gold

There is a saying when it comes to Diamonds. If you don’t know diamonds, know your jeweller!

With gold, if you do not know exactly what you have got and how much it is worth, then make sure you know who you are dealing with.

The Value of your gold is determined by weight and purity (carat value)

The carat value is a unit for expressing the proportion of gold in an alloy on a scale from 1 to 24 (24ct is pure gold). For example, 18 carat gold is an alloy, containing 75 per cent gold. Most items are stamped.

It is pretty easy to determine approximate value. Separate the gold into 9ct, 14ct, 18ct etc… Then weigh each batch separately. Multiply the weight by the percentage of gold in the batch (e.g. 0.375 for 9ct) and then multiply that by the gold price of the day. That figure, less the refining costs and profit of the buyer, is what you will be offered.

Different buyers may offer vastly different prices because they may have differences in cost structures, efficiency and profit margins.

Be aware that you may be offered significantly less than the retail price you paid because part of the price covers the jewellery’s design and manufacture and the jeweller’s profit.

As shown recently on ACA prices for the same parcel of gold varied from $250 to $950 that’s more than 350% difference between highest and lowest price. That’s enormous!

As the price of gold reaches record highs, many companies are now actively looking to buy gold jewellery from the public.

Make sure you deal with a company that gives you the option to accept or refuse the offer with no hidden cost to you.

Make sure they have contact numbers listed for you to talk to someone and an address that you can visit there offices if necessary.

If you are not sure you are getting the right price shop around.

Visit us: www.goldcompany.com.au

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