Top Tips for Scrap Gold Sellers

During a time of economic recession, people are looking to make an extra few pounds where they can. One of the most popular growth industries has been the scrap gold market, where anyone with scrap gold jewellery can sell their unwanted items to scrap gold buyers and receive a cash sum in return.

They have been actively promoted on the television, in newspapers and on the Internet and many people are taking up their offer to turn unwanted gold jewellery into instant cash. But before you start sorting through your jewellery boxes there are a few things to remember to ensure you get the best possible price for your gold.

Know its worth

The reason scrap gold has become so commercially attractive is that while share prices and stocks have plummeted and the dollar weakens, gold has actually gone up in value. It currently stands at over $943/oz but do remember that this is the market value of gold and not the price you will get for your jewellery. How much you get for selling your scrap gold will depend on the individual price of each carat rating. So if your scrap is 9carat (the lowest purity level) and does not have any recognised hallmarks, then you will receive far less than if you send a scrap gold buyer a bag full of 22ct hallmarked gold. Before you choose which scrap gold buyer to send your gold jewellery to, do a comparison of the amounts they pay. This information is usually available on the Internet and will give you a guideline as to how much your gold is worth before you accept an offer that may be below market value.

Do your homework

Scrap gold prices fluctuate and obviously a scrap gold buyer will take a certain percentage to be able to make a profit. By knowing how much your gold is worth as scrap, you can calculate exactly how much of a commission the dealer is taking and whether that amount is fair. Again, Internet research should give you all the information you need to make an informed choice. Also remember that more unusual items may have a higher value than just their scrap price because of provenance or if a particularly renowned goldsmith has created the piece. An independent valuation may be a better idea in this situation as the item may actually be worth far more than the basic scrap price.

If you're not happy with the offer, don't accept it!

If you do decide to send your gold jewellery to a dealer and you are not happy with the valuation you receive, you are always at liberty to refuse the offer and have your gold returned. Make a careful inventory of everything you send to the dealer to ensure that if you do decide to decline their offer, you receive all of your gold back. Make sure that whenever the gold is in transit that the insurance is enough to cover the full value of the items you send. Otherwise you could be looking at a considerable financial loss and a long, drawn-out claim if anything goes missing in the post.

Selling gold is a good way to make some quick money, but it does pay to do your research very carefully first. Don't be afraid to ask the dealer questions before you agree to the sale and if in doubt, always seek an independent valuation before committing to a transaction. By doing this, you can be sure that you're getting a fair price for your unwanted gold jewellery.

Adam Hunter - E-commerce Marketing Manager of cooksongold.com. Cookson Precious Metals enable you to sell your scrap gold at competitive rates. They also offer a choice of jewellery making supplies from over 10,000 products including Swarovski crystal beads, jewellery tools, precious metal clay, gemstones and gold and silver sheet - gold, platinum and palladium plus technical information for jewellers, jobbers, designer, craftsmen, artisans and students.

Contacts:
Adam Hunter
E-commerce Marketing Manager
Tel(DDI): +44 (0) 121 212 6491
E-mail: adam.hunter@cooksongold.com