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Great 'Sell Your Gold' Hunt

edited 13 October 2009 at 7:24PM in Boost Your Income
224 replies 73.1K views
MSE_JennyMSE_Jenny Senior WriterMSE Staff
1.3K posts
Part of the Furniture Combo Breaker
MSE Staff
edited 13 October 2009 at 7:24PM in Boost Your Income
The high price of gold means you can get a pretty penny for your old jewellery and there's adverts to do it all around.

So we want to tap MoneySavers for top tips on selling old gold, whether it’s high street jewellers, eBay or postal gold companies, where you pop your old jewellery in an envelope, they melt it down and send you a cheque. If you've used a postal gold dealer, we'd love your feedback.
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  • Edinburghlass_2Edinburghlass_2 Forumite
    32.7K posts
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    Be warned that many of the internet based companies are using affiliates to promote their business which will mean that someone will get a percentage of any monies due to you. I recently received such an email from an affiliate of Money4Gold so perhaps you should go direct not that I am recommending them or any other company in any way.
  • SkyhighSkyhigh Forumite
    332 posts
    Gold is supposedly due for some sharp upward spikes in the price per gram in the run up to Christmas. So you may want to hold on for a while*.

    Gold will drop eventually though, its gone quite high, especially due to investment due to the poor economic conditions - as economies recover, it may dip again.

    Your nearly always best going to an actual bullion dealer and getting the price on the day. The problem with sending off your gold is that many companies will hold it for a few days and pick the cheapest price - and give you that.
    (This is from commercial experience, many of the big companies do this practice as it can save quite a lot of money!).

    But if you do take it to a dealer direct, always watch what they're doing with your gold. It's not unknown for some people to lift out a heavy chain and quickly swap it for a lighter chain or hollow version.
    So look out for them taking specific pieces out of your sight, or 'dropping' them on the floor...
    (I'm just saying, it happens, many companies are very honest).


    * Note: This is merely based on various market reports and personal knowledge, the market cannot accurately be predicted, so it may also drop.


    ALWAYS CHECK YOUR CLEAR STONES.

    If you have a stone of visible size (i.e. not tiny Argos chips of 'diamond'), make sure that you're absolutely sure it's not a diamond.
    If you're not sure, get it checked first.
  • edited 14 October 2009 at 3:18PM
    hollydayshollydays Forumite
    19.6K posts
    Part of the Furniture 10,000 Posts Name Dropper
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    edited 14 October 2009 at 3:18PM
    Jewellery Doctor / www.webuyoldgold.co.uk

    35 reform street,dundee,dd1 1SH

    they claim
    We are recommended on forums at

    Money Saving Expert

    http://www.jewellerydoctor.co.uk/

    Is this true-can't see any recommendations when i had a search at todays date
  • I sent my old / disused items to money4gold, I did weigh it prior to sending and had appox 46g of 9ct gold (I also sent some 14ct and silver) to which they did send me a cheque to the unbelievable amount of £52 !!!! :mad:

    I have sent them their cheque back .... and after 2 phone calls requesting my items back I am still waiting 15 days later !!! :mad:

    I think I will wait for my items to be returned (if I ever get them back) and use the company Hatton Garden Metals which has got some good reviews.
    So thanks to whoever posted the link :T
  • aless02aless02 Forumite
    5.1K posts
    Stupid question - I have a couple of gold necklaces that are in tact & in good condition. Are they worth more b/c they can be sold as proper whole pieces of jewellery or are they still basically only worth their weight in gold?
    top 2013 wins: iPad, £50 dental care, £50 sportswear, £50 Nectar GC, £300 B&Q GC; jewellery, Bumbo, 12xPringles, 2xDiesel EDT, £25 Morrisons, £50 Loch Fyne

    would like to win a holiday, please!!
    :xmassmile Mummy to Finn - 12/09; Micah - 08/12! :j
  • I have an old ring to sell but I don't know how many carats it is, nor do I know if the diamonds are real or what it's worth.... what should I do?

    Should I go to a high street Jeweller to get it valued first (if so, which one?), then send it off to one of these postal gold buyers?

    Thanks!
  • I'd like to know the answer to that too yogini108. I have an engagement ring (2 diamonds and a blue topaz) that I'd like to sell but no idea of its value and whether it's best to take it to a jewelers who might buy second hand stuff or to ebay etc. Anyone any experience with this?

    Thanks.
  • mpk11mpk11 Forumite
    1 posts
    If you live near Birmingham, go to the Jewellery quarter and they give you a great price and you get the money there and then.

    They melt all the old gold down so its all recycled. They also tell you what caret it is etc. as I you get more for 18ct

    If you have jewellery valued you will not neccessarily get the valuation for it if you try to sell it, so it is probably worth its weight in gold!!!

    As for diamonds etc i'm not so sure what to do with them. There is also an auction house in the jewellery quarter, which will auction valuables and you can put a reserve amount on them.

    Thanks
  • Okay - here's how to make sure you don't get ripped off. Go to any one of the websites that tell you the price of gold. This will tell you the value of 24 carat gold per Troy ounce. There are approximately 31.1 grams in 1 Troy ounce, so if the price is £665 per Troy ounce, divide 665 by 31.1. This gives you the figure of 24 carat (pure) gold per gram. In this case it is £21.38. Then, if you have 9 carat gold, this is 37.5% pure, so multiply 21.38 by 0.375. In this case, this will give you a figure of £8.018 or nearly £8.02. Any gold buying institution that offers you eighty percent of this (£6.41) or over is (IMHO) playing very fairly indeed. They have to make their profits too or they would not be there to pay you for your unwanted jewellery. The same calculation can be adapted for 18 carat (75% pure) or any other carat - just know what carat gold you have, use your calculator and - above all - be prepared to haggle.
  • Hatton garden metals is one of the ones I have used, thanks to posts on here. I would also recommend them. Fantastic speedy service and they pay market value.
    However I would certainly not recommend, Money4gold, I know their are still people waiting a month later to have their gold returned to them following sending back the cheque (well below market value) by recorded delivery.
    It appears Money4gold are reluctant to return your gold and do not like answering question in regard to this. Emailing this company appears a waste of time. As you can read for yourself at the moneywatch site (have money4gold-stolen your-gold) people are having no choice but to contact trading standards in the hope of getting back their property.
    Sorry as a newbie I can't post the link, but did want to let people know about the problems with this company.
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