In the big world of gold selling, deciding whether you should sell to a jeweller or a scrap gold dealer / gold recycler can be a pretty confusing and complicated decision without the correct knowledge. Each option has its own benefits and drawbacks, but understanding the advantages of selling your old gold jewellery to a recycler, especially a scrap gold buyer can lead to a more lucrative, secure, and environmentally friendly decision. We discuss a few reasons why selling to the right cash for gold business might be right for you.
Before we get into discussing the benefits of each selling option, its very important for you to have a basic understanding of how the gold market and gold pricing works. Gold is a valuable globally traded commodity, and its price is determined by market demand, political stability, and macro economic factors. The gold price, or commonly known as gold spot price is changing constantly while the markets are open, as a stock price does. Whether you choose to sell to a gold recycling company or a jeweller, the value of your gold will be based up weight, purity and a percentage of the current gold spot price. However, the way each type of seller values and processes your unwanted gold can vary greatly.
1. Immediate Cash: Selling to a high-street jeweller can be convenient, as there are more jewellers in villages and towns compared to specialised gold buyers. Many jewellers will offer instant cash for your gold, which can be very appealing if you need money quickly.
2. Trust and Familiarity: Many people have an established relationship with their local jeweller. They may go to a specific jeweller to buy all their gold rings, necklaces, and earrings. You might feel more comfortable and trust that you are getting a fair deal going to someone you know.
3. Potential for high offers on rare pieces: If the piece of jewellery you own is rare, antique or has historic significance beyond just its precious metal value then approaching a jeweller for an offer may be a good idea, as a scrap gold buyer many not add additional value for rare or historic significance.
1. Lower Offers: Jewellers will often offer lower prices on jewellery because they need to make a larger margin from reselling the gold as a jewellery piece. They also account for their overhead costs. Specialist gold recyclers will work on a small margin and rely on high volume.
2. Selective Buying: Many jewellers will be selective about which jewellery they buy, and more turn away all your items if they are not in excellent condition or deemed to be out of fashion. This can often be a time waste if you make the trip there and they buy only a couple pieces from your collection.
Choosing to convert your gold to cash with a reputable scrap gold buyer or recycler can often be the number one option when looking to sell old gold jewellery, and bullion. Here’s why this route can be more advantageous:
Specialist gold recycling companies such as Cheshire Gold Xchange, offer better prices for your gold. Since their primary focus and speciality is to refine and resell the raw material. The gold is not placed in the shop window of a high street store with large overheads. The raw gold material is sold back into the jewellery manufacturing industry and to other wholesale gold buyer, where there is always a buyer ready. As gold buyers don’t need to account for large overheads and other costs associated with a retail operation, they are able to pay out higher than your average jeweller.
Recycling your unwanted gold, especially if your items are broken or in poor condition is a very environmentally conscious decision. Recycling gold reduces the demand for new gold mining, which is often associated with significant environmental damage, including deforestation, habitat destruction, and water pollution. By recycling your unwanted gold, you contribute to reducing the environmental footprint associated with gold extraction and processing, and get paid well to do it!
Specialist gold buyers will buy any item made from gold and in any condition, so you do not have to worry about the item still being in fashion or be concerned your item will be turned away or low balled if its damaged. Whether your gold is broken, outdated, or simply unwanted, recyclers are interested in the raw material. This ensures you can sell all your gold items in one go, and there is no need to visit numerous buyers with varying tastes and be in the potential situation of not having sold all your gold.
Reputable gold recyclers employ professional appraisers who use precise methods to determine the purity and weight of your gold. Gold dealers will also have access to high end expensive equipment, such as an XRF metal analyser. These bits of kit are extremely expensive and often not owned by high-street jewellers. Having access to these high end metal analysers means you get a fair and true valuation of your gold. Furthermore, many precious metal recyclers provide transparent processes, allowing you to witness the appraisal and weighing, fostering trust and confidence in the transaction.
By selling your gold to a recycler, you support a sustainable industry that prioritises resource efficiency and environmental protection. Recyclers often adhere to stringent environmental regulations and promote sustainable practices, aligning your transaction with eco-friendly principles.
When choosing to sell your gold to a specialist recycler, it is essential to select a reputable and reliable company. Here are some tips on making the right choice:
1. Research and Reviews: Business reputation is extremely important in the gold buying industry, as there are some bad actors out there. Look for reviews and testimonials from previous customers online. At Cheshire Gold Xchange we boast a 5 star rated Google profile.
2. Certification and Licensing: Check to see if the gold dealer is registered with any associations or regulatory bodies. At Cheshire Gold Xchange we are registered members of National Association of Jewellers (NAJ), you can view our profile here.
3. Transparency: Choose a recycler that offers transparent pricing, and easy access to current prices paid via their website. They should be willing to explain their appraisal methods and allow you to observe the weighing and testing of your gold. Reputable scrap gold buyers should not discourage you from obtaining comparable quotes.
4. Market Rates: Verify that the gold recycler bases their prices on the current market rates. This ensures you receive a fair price reflective of the gold’s true value.
While selling your gold to a jeweller might seem like the first thought, the benefits of choosing a gold recycler can out weigh the advantages of selling to a retail jeweller, especially with higher pay outs and potentially more accurate pricing of your gold. By selling to a leading scrap gold dealer you not only receive a fair price but contribute to environmentally responsible practices. Make an informed decision on where you sell your gold based on the points outlined in this article. Contact us today for a quick over the phone valuation.
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