What’s Scrap Gold?
Want to cash in some leftover gold from the attic or jewellery box? Glad to hear that undesired gold is valuable. You must first establish if it’s scrap gold.
Gold you no longer need can be sold as scrap. This includes:
- Broken or old rings, necklaces, bracelets, watches, cufflinks, etc. Gold is gold, worn or not.
- Gold bars, coins, bullion. Gold is valued per ounce; therefore, heavier pieces fetch more.
- Dental fillings, crowns, and bridges are gold. Dental gold includes abundant pure gold.
- Gold accessories like platters and tableware. As scrap gold, it must be real gold, not gold plated.
Turn your old gold jewellery, coins, or dental work into cash. Gold prices are high; thus, scrap gold might be worth a lot! Sell scrap gold to gain money from unwanted stuff. Why let it gather dust when you can make money?
Calculating Scrap Gold Value
- Verify gold purity: Gold karats indicate purity. Gold purity is 99.9% for 24 karat and 75% for 18 karat. Lower karats signify less gold and value. Use a gold testing kit to determine item karat.
- Weight gold: Weigh your gold in ounces or grams using a jeweller’s scale. One ounce is 31.1 grams. Record each item’s weight.
- Set gold prices: Check the gold price today. The ounce price fluctuates every day. By 2023, gold was about $2600 per ounce.
- Do the math: Multiply the weight of your item by its decimal karat (18k = 0.75), then by the gold price.
How to Get the Best Scrap Gold Price
- Selling scrap gold is a simple method to get money from unwanted objects. Get the most for your scrap gold with these tips:
- Find out the market price of gold to determine the worth of your product. Compare offers from jewellers and pawn stores that purchase gold locally.
- Gold karats indicate purity. Test your things for karat. Never rely on markers alone.
- Ship your scrap gold to online dealers for free and get an offer. Price is typically better than local retailers. They precisely appraise your gold using cutting-edge equipment. Search for a reliable internet buyer before delivering your stuff.
Common Gold Scrap Selling Questions
Will my gold be valued fairly?
Reputable gold buyers will pay you the market price. Using an XRF analyser, they calculate the purity of your gold and multiply it by the market price. Buyers may impose a minor refining fee. Get many buyer quotations to ensure a fair deal.
Some may write a cheque or send money to your account immediately. It normally takes a few minutes. Online gold sales and shipment require 1–2 business days for payment.
Do I need ID or papers to sell gold?
Real gold purchasers need a government-issued picture ID to verify their identification. When sending gold, some may want confirmation of address. No extra documentation is usually required; however, some purchasers may want basic contact information or a seller’s form. Before making an offer, your gold and gemstones will be examined for purity and weight.