Great 'Sell Your Gold' Hunt

unicorn999

i have a small problem i have a neck chain and bracelet 18 carat gold weighing 158 grams i have been on a few off the postal sites for gold and will not send my items without at least an estimate of whats on offer i visited a stall in nottingham think it was cash for gold they weighed items and offered £750 when i got home i went online found a few sites with free calculator and there valuation came back as £2456.00 so my quandery is the £750 a realistic price or rip off and the £2456.00 is this just a pipedream to tempt me to send in my gold only to be told after this was told to me in error i would prefer to do this face to face rather than through the post anyone have info on places in Nottingham offering good prices

dave_uk_4

unicorn999 wrote: »

i have a small problem i have a neck chain and bracelet 18 carat gold weighing 158 grams i have been on a few off the postal sites for gold and will not send my items without at least an estimate of whats on offer i visited a stall in nottingham think it was cash for gold they weighed items and offered £750 when i got home i went online found a few sites with free calculator and there valuation came back as £2456.00 so my quandery is the £750 a realistic price or rip off and the £2456.00 is this just a pipedream to tempt me to send in my gold only to be told after this was told to me in error i would prefer to do this face to face rather than through the post anyone have info on places in Nottingham offering good prices

You will have to go to Birmingham to get the best price. Expect at least £2400 on todays prices. Look up Lois Gold they have a trade counter and will pay you cash if you are happy with the price.

lauriann

I have just sent my gold to Lois jewellry in birmingham, i am hoping & praying it does not go missing as i have just been reading some of the other posts regarding special delivery items going missing in the Birmingham Mail Center. I will keep u all posted on progress. Heres hoping!!

MinniMe_2

Justa quick question - do these palces take white gold as well? Thanks

nexuss

Most companies pay you from £4-£6 a gram then sell it to companies such as lois for around £7.80 a gram.The companies who pay such low amounts usually tell you they have melted your gold down when you realise you have been ripped off and ask for your gold back.

dave_uk_4

geordie_joe wrote: »

But they can afford to turn away a sale for the sake of a few quid?

You say they want 30 - 50% profit, but can they afford to turn down a 20% profit? 20% is better than 0%.

I fully agree but remember high street jewellers work on more than 300% profit on new jewellery. Against this they sell on the scrap gold at a mere 50% profit. They do not want 20% it is not worth it for them to do it for this, they need to maintain margins. Staff have their instructions on this so the only way is to ask the owner if they can do a price match, the answer is always no.
Like I have said before do not deal with the middle men if you want a good price.

nexuss

I have noticed a lot of second hand shops and even street corner shops advertising for people to sell them gold.

geordie_joe

dave_uk wrote: »

I fully agree but remember high street jewellers work on more than 300% profit on new jewellery. Against this they sell on the scrap gold at a mere 50% profit. They do not want 20% it is not worth it for them to do it for this, they need to maintain margins. Staff have their instructions on this so the only way is to ask the owner if they can do a price match, the answer is always no.
Like I have said before do not deal with the middle men if you want a good price.

Sorry but I just can't agree with what you say. No business can survive going soley on percentage mark up. It is the amount of profit in money that counts, not the percentage of each transaction. It's the number of transactions that they go by, not the percentage of profit.



Are you really saying that a jeweller would have his staff standing doing nothing rather than gaining 20% profit from a deal?

I see jewellers selling items for £20, how much profit can they be making on them. Yet you say they will turn down buying gold at £50 profit because they need £60 profit.

It just doesn't make business sense. If you turn down an offer of 20% profit because you want 30% profit you actually get 0% profit.

dave_uk_4

geordie_joe wrote: »

Sorry but I just can't agree with what you say. No business can survive going soley on percentage mark up. It is the amount of profit in money that counts, not the percentage of each transaction. It's the number of transactions that they go by, not the percentage of profit.



Are you really saying that a jeweller would have his staff standing doing nothing rather than gaining 20% profit from a deal?

I see jewellers selling items for £20, how much profit can they be making on them. Yet you say they will turn down buying gold at £50 profit because they need £60 profit.

It just doesn't make business sense. If you turn down an offer of 20% profit because you want 30% profit you actually get 0% profit.

Like I said I do agree with you that 20% is better than nothing. I am however stating a fact not an opinion. Staff are told what they can pay. I know some greedy jewellers who would consider even a 30% uplift on cost unexceptable. Margins / percentage annual profits are paramount to these people.
(Incidentally on a £20 jewellery item they will make around £12 profit).

JDPower

MinniMe wrote: »

Justa quick question - do these palces take white gold as well? Thanks

Don't know for definite but would doubt it as there's, relatively speaking, not a lot of gold in white gold