How to Make Money From Selling Gold Jewellery

With our gold buying service now available nationally via our online selling platform, you will have a gold buyer (us) ready to purchase your gold 24 hours a day. With a guaranteed place to sell gold jewellery to, and at a fix price, you can take advantage of this by hunting your own stock pile of solid gold jewellery to sell. Flipping gold jewellery can be a lucrative side hustle for savvy entrepreneurs. This guide will walk you through, sourcing, verifying and selling gold jewellery profitably.

Where to Find Cheap Gold Jewellery

• 1.Charity Shops:

  Charity shops are often a place to find high value items sat on a shelf advertised at a fraction of their true worth. Often due to lack of expertise in the shops, gold jewellery can often end up the shelves priced as costume jewellery. This usually happens when hallmarks are not present, worn or are well hidden on a piece of jewellery.

• 2. Marketplaces:

  Sellers on platforms like Facebook Marketplace, Vinted and eBay frequently offload inherited jewellery, or unwanted old jewellery. Even if the seller is aware the piece is gold, they may be open to negotiating below scrap price on the item, meaning there is potential for a profit. You may also see people listing gold necklaces and rings without detailing their purity, if the seller is not aware of their purity this also leaves room for a potential profit. Use search keywords like “old jewellery” or “unwanted gifts” to find listings. Negotiate politely, as many sellers prioritise fast sales over maximum profit.

• 3. Car Boot Sales:

  Car boot sales are treasure troves for hidden precious metal gems. Sellers here aim to declutter, so inspect items closely. Real gold jewellery can end up in piles of costume jewellery. Look for discolouration (real gold doesn’t tarnish), weight (gold is denser than most metals), and subtle markings. Haggle confidently but fairly.

• 4. Metal Detecting:

  Metal detecting adds a layer of excitement and adventure to your gold jewellery hunting. By detecting on land with the correct approval and agreements, you can uncover lost rings, bracelets, or even antique gold coins. Advice from local authorities must be followed on declaring any found items. You can focus on beaches, parks, or historic sites (always check local laws and obtain permits). Areas with high foot traffic, like festival grounds, often yield modern jewellery.

• 5. Turn Friends & Family into Suppliers

  Ask friends and family if they have any unwanted jewellery they would like to sell. acquaintances if they have unwanted jewellery. Offer a fair price (explaining you’ll resell for a margin) to maintain trust. Many prefer quick, hassle-free sales to friends and family. If you negotiate a better rate with the gold buying business you may be able to offer your friends their standard buying rate.

Identifying Real Gold Jewellery Without Hallmarks

One of the keys to success in this venture is being able to quickly identify jewellery as being made from solid gold, whether it be 9ct or 22ct. Not all gold has hallmarks, and on pieces like rings hallmarks can often wear off or be removed completely if a ring has been resized. Some foreign gold pieces that can end up in the UK can also be without hallmarks.

You need to learn to spot authenticity:

• Colour & Shine: Gold maintains a consistent warm hue; plated items may reveal silver beneath scratches.
• Magnet Test: Gold isn’t magnetic. If a piece sticks, it’s likely plated with a non-gold base metal.
• Weight: Compare weight to similar-sized items, gold is a dense metal and feels heavier.
• Wear Patterns: Check edges or clasps for worn spots exposing base metal (a sign of plating).
• Look for hallmarks: Inspect the piece closely, look for hallmarks in obscure places that may have been overlooked. If the hallmarks are worn, you may be able to take a gamble if all other authentication tests are positive.

Selling for Profit: Where to Cash In Your Gold Jewellery

Once verified, sell your gold to reputable jewellery buyer like Cheshire Gold Xchange. Using a gold buyer will mean you have a guaranteed buyer for your jewellery. Professional buyers assess pieces based on weight, purity, and the gold spot price, offering competitive prices. Building a relationship with such dealers can lead to better rates and insider tips.

Tax & Legal Considerations

If you will be looking to pursue this as a business then ensure to research your requirements for tax reporting to HMRC:

• Keep Records: Track purchases, sales, and expenses.
• Declare Income: Report profits to tax authorities. In the UK, occasional sales may be tax-free, but regular trading requires declaring. Consult a tax advisor.

Stay Informed

Learn how to quickly calculate gold prices, so your are buying at the right price. Use scrap gold calculators to get quick estimates. Monitor gold prices (track websites like Kitco) and market trends to make sure your buying at the right price. Remember gold prices are moving constantly during market opening hours. Higher gold prices mean bigger payouts! Join online forums or local metal detecting clubs to swap tips and stay updated on regulations.

Pro Tips

• Invest in Acid Testing Kits:

  Acid testing kits that include, acid per purity and a testing stone are easily available online. Scratch the item on a testing stone, apply nitric acid, and observe reactions. This can give you an affordable way to authenticate your gold jewellery.

• Gold appearance:

  Over time you will learn to be able to get a good idea if a bracelet or necklace is solid gold just by its appearance. This is a skill you will learn over time, and takes practice. You will learn that generally speaking higher purity gold jewellery usually has a brighter and richer yellow colour.

• Negotiate better rates:

  If you build a relationship with a local gold jewellery buyer you may be able to negotiate better rates.

• Designer Pieces:

  Keep a look out for designer pieces. Designer jewellery pieces by brands like Chanel may have value above their weight in gold.

• Condition:

  Remember condition does not matter when selling to a gold buyer. So don't prioritise buying gold jewellery in good condition over broken or snapped pieces.

• Invest in Loupe:

  Buying a 20-30x jewellers loupe is essential for inspecting hallmarks, or the surface of the metal.

Final Thoughts

If you diversify your jewellery sourcing strategies, combine charity shopping, online deals, and metal detecting to maximise finds. Start small, refine your eye for authenticating genuine gold, and scale up. Buying and selling gold jewellery can make for a great side hustle, and teaming up with a gold buyer like Cheshire Gold Xchange can mean you always have the best price for your gold jewellery.