People sell unwanted jewellery for lots of everyday reasons. If you’re thinking about selling, this quick guide explains simple steps that make the process straightforward and documented.
There are many reasons you might consider selling jewellery for scrap value. In the current precious metal market, the term “scrap” no longer means cheap or low pricing. Perhaps you’ve inherited gold jewellery that’s not to your taste, the item is now out of style, or you have broken pieces taking up space in your jewellery box. Maybe you want to declutter and simplify your collection, or you need extra cash for an unexpected expense. With living costs rising, selling items you no longer wear can help free up funds. Whatever the reason, selling unwanted gold and silver jewellery can be a smart way to get a return on items that otherwise wouldn’t serve any purpose.
Before selling your jewellery, it’s important to understand its value. You can start by identifying the purity of the metal. The scrap value of gold and silver items is typically based on weight and purity. Gold is usually measured in carats, with 24 carat being the purest form of gold. Generally jewellery is made from a lower purity gold as gold in its purest form, gold is a very soft metal and can be easily scratched or marked. In the UK, you may find gold jewellery marked as 9, 14, 18, or 22 carats. These carats are represented by hallmark numbers 375, 585, 750 and 916. Silver, on the other hand, is usually stamped with “925”, indicating that it is 92.5% pure silver. You may also see silver with the lion passant hallmark to indicate “925”.
It’s important to note if you use a set a digital kitchen scales to weigh your jewellery, this should only serve as a rough estimate, domestic scales can be out by tenths of a gram. Professional gold buyers will use precise legal-for-trade calibrated scales with high accuracy.
If your jewellery includes gemstones, policies vary. We can deduct the stone weight from the total or, if appropriate, discuss removal first. Please don’t remove stones yourself.
You can use our instant gold value calculator for an estimate based on weight and carat. Enter the gold weight and select your gold purity (carat) and we can provide you with our estimate.
When selling your jewellery for scrap value, it’s crucial to select a reputable jewellery buyer. Reputable gold buyers should be completely transparent about their pricing and provide clear explanations of how they assess the value of your items. Be cautious selecting certain online buyers as many hide their pricing and ask you to send your rings, necklaces, and bracelets to them in the post in order to obtain a valuation. This can be misleading at times as in the small print they may detail a charge for sending your jewellery back to you if you do not agree to their offer.
Check the business reviews on places like Google and Trustpilot to see feedback from previous customers.
Many UK buyers reference the LBMA Gold Price, administered independently by ICE Benchmark Administration, as a neutral market level for the day.
Once you understand the basics (carat and weight), ask for an itemised written quote. If the offer isn’t what you expected, it’s reasonable to ask whether there’s any movement and to compare a couple of written quotes from other reputable buyers. It’s also worth comparing offers from different buyers to ensure you’re getting the best deal. Remember to consider the fees and charges associated with the sale, as they can affect the final amount you receive.
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