Red Flags When Selling Your Gold Jewellery

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Australia’s gold industry remains third largest export earner for the last 100 years. And recently, it was estimated that over 174,000 tons of gold had been produced since the mining of the metal started; 96% of its total still exists in some form above the surface.

 What does it mean?

It means that many of us may have some valuable assets, hidden away, that we don’t even remember. And with a continually rising gold price, family heirlooms like jewellery and gold, which are collecting dust at your closet may be sold for a considerable amount of money. But it doesn’t mean you have to rush to the nearest dealer trying to sell gold jewellery as fast as you can.

First, you need to take into account some important details which may save you either from selling your gold at a lower price than what you deserve. Below you’ll find relevant information that will assist you before you can sell gold jewellery.

Understanding the weighing scales.

Before you sell gold jewellery, you should understand that the weight of gold measures in a variety of scales, and first of all, you need to know them.

Gold Buyers in Melbourne CBD usually measure weight according to “Troy ounce,” which is 31.1 grams and also in grams. Kitchen scales measure is 28 grams per ounce so you should always weigh your gold jewellery in grams.

All items should be weighed on a state registered scale that reviewed yearly for precise measurements and weights.

 Karats understanding

Gold itself is too soft to be used in its natural state, and it’s combined with other metals to produce durability and color.

Karat is a measurement to how much parts of gold to other remaining metal.

For example, 14 karat gold contains 14 parts gold and ten parts of other metals. The 24-karat gold is only one considered to be pure. Being aware of what karat is jewellery you have is essential to know how much you will be getting paid.

Do a market research

If you’re unaware of the current situation on the gold market, it would be a wise decision to do a quick research.

In case you find a falling trend, wait some time till the gold prices go up to maximize your profits.

 You I.D is required.

The law obliges gold buyers to check sellers’ government-issued identification. It simplifies police investigations when somebody sells a stolen property.

A reputable buyer must always ask for your identification document for security. If he doesn’t, consider this as a red flag and better choose a trusted buyer rather than taking the risk.

 Your gold should be tested in front of you.

Don’t believe if a buyer says he has to take your gold somewhere on the back to test. Each item should be assessed right in front of the customer, as he is a part of evaluation process.

Gold should be weighed on the scale in front of you clearly showing the results of the assessment.

Finally, the buyer must provide the price they’re paying per gram for each karat gold you have to sell.

In the end….

If you need immediate funds, selling gold or any other precious metal may be a good solution. Just keep that five red flags in mind to get the most money for your gold items.

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