People sell gold for lots of reasons. When you’re ready to sell, it helps to avoid a few common pitfalls so the process is straightforward and documented. If you are looking to sell scrap gold or part ways with some of your gold jewellery, let's look at some things we should avoid when it comes to selling gold in the UK.
This could be the most important one, as going into the world of gold selling without any prior insight or knowledge will not put you in a confident position when it comes to negotiating the best price for your gold. Always set aside time for this so you are armed with the right information.
It’s useful to know the unit and benchmark gold buyers will reference in your transaction. Precious metals are quoted in troy ounces (31.103g), and many UK buyers reference the LBMA Gold Price administered by ICE/IBA as a neutral market level for the day. Focus on getting clearly itemised, written quotes rather than trying to “time” prices.
Headlines about “demand” can be noisy. Instead of relying on speculation or forecasts, compare like-for-like written offers from reputable buyers that show weight, carat and the price per gram used.
Footfall and enquiry volumes can vary during the year, but short-term moves can be unpredictable. Rather than trying to pick a moment, plan around your own timing and obtain multiple written quotes on the day you intend to sell.
The weight of your gold will be one of three crucial variables used to value your gold. Other metrics used in the valuation process are gold purity (carat), and the current gold spot price. We would always recommend to weigh your gold before you visit any buyers. Remember, if you are selling gold jewellery with stones, gems or non-gold metals attached to the piece the weight of these items will be deducted from the gross weight.
If you’re using kitchen scales, treat the reading as an estimate, domestic scales can be inaccurate to a tenth of a gram. Professional legal-for-trade scales used by dealers are calibrated and certified; avoid relying completely on rough home estimates.
Gold is priced globally in troy ounces which represents 31.103 grams, its important not to confuse this with a regular ounce which is equal to 28.3495 grams. If you are trying to value your gold based on the spot price in troy ounces convert units correctly to ensure your valuation is accurate.
As mentioned earlier, if you are looking to sell gold jewellery. There could be non-gold components that inlaid into the gold, or non-gold components used for hard wearing parts. For example, we commonly see brooch pins being made of steel or other harder material where the actual broach itself is solid gold.
If the item has small stones, speak to the buyer first. Many buyers don’t include small stones in a scrap-gold quote and will exclude their weight during testing; policies vary from each dealer, so it’s best not to remove anything yourself until you first make contact.
It can be a good idea to try and identify the different carat purities of the items you have. You can do this by reading the hallmarks on the piece, you may need a jewellers loupe to do this as the hallmarks can be hard to read by the naked eye.
Understanding carat (purity) helps: 9ct = 37.5%, 14ct = 58.5%, 18ct = 75%, 22ct = 91.6%. Higher carat means a higher proportion of gold by mass. If you can’t separate items by carat, bring them mixed, an honest dealer will test and sort for you.
If your items are mixed and you can’t separate them by carat, bring them as they are and ask for testing with an itemised written quote showing weight and carat. A reputable buyer will identify the purities rather than defaulting to the lowest.
Be careful not to misidentify the purity of your gold as this could inflate or deflate your gold's value. If you are not sure on the purity visit a trusted and established gold dealer for testing and identification.
Don't just go to one place; get a price and be OK with it. You want to get that second or third opinion, and you'll quickly see how different the pricing for your gold can be from the various types of buyers including Pawnshops, Cash for gold businesses, and high-street jewellers.
Don't rule out selling to a reputable online buyer. They can offer a quick and convenient selling service. Browsing online also is a fast way to get multiple offers from numerous businesses. Choosing to sell gold online can be a fast and convenient option when the service is insured and well-reviewed. Be sure to do basic checks on the business you choose, including reading reviews and checking for registered business premises.
Stay focused on clear documentation: know the unit (troy ounce/grams), get written quotes that show weight and carat, and compare a couple of reputable buyers. Whether you’re selling bullion or broken jewellery, we’re happy to answer questions and provide a written quote in-store or via post.
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