How to sell a gold watch

Bengal · 21 July 2019 at 1:28AM

A gold watch from my late grandfather was valued about 20 years ago at £2,000. That was a full valuation for insurance purposes carried out by a popular high street jewellers.

I'm now somewhat reluctantly looking to sell the watch. I didn't order the original valuation myself, so I'm fairly new to this. Can any of you offer any tips or advice on the best way forward? Mainly I have two questions:

1) Given today's gold prices are about 6 times what they were when the original valuation occurred, would it still be better to sell the watch as a whole rather than as scrap gold? ie. would the value of the watch itself (assuming it's still in good working order) have increased to some degree due to gold becoming so much more valuable?

2) If I get a new up-to-date valuation from another jeweller, how do I move on from that valuation certificate to actually selling it?

All your thoughts welcome. Many thanks

Browntoa · 21 July 2019 at 7:44AM

Look for a specialist local jeweller for valuation rather than a high street chain

For example , we have a local shop that buys and sells old watches and jewellery and does valuations

https://www.kaizenantiques.co.uk/

They offer proper valuations and an honest offer to purchase

Look for something local that has a good reputation

bengalknights · 22 July 2019 at 8:22AM

If its a branded watch take it to its local AD or an independent jeweller for valuation.

Bengal · 22 July 2019 at 10:30AM

Thanks both. The brand is Cyma. I'll see if I can find a jeweller that also offers to buy.

jjhdee · 24 July 2019 at 6:24PM

Have a local specialist appraise the watch. If you know the model besides the brand, you can also research online to have an idea of its value. A store can offer to buy the watch from you. Better that than a pawn shop.

Bengal · 26 July 2019 at 4:23PM

Have phoned around a few specialist jewellers in my nearest city and none are particularly interested in buying it - seems they only go for big names like Rolex, Omega etc.

Drdods · 20 August 2019 at 8:16PM

Look on the Internet for information about this. Perhaps in neighboring cities they will want to buy.

seatbeltnoob · 20 August 2019 at 10:57PM

cyma is not a sought after brand, the gold is probably best scrapped.

trailingspouse · 21 August 2019 at 5:40AM

Try a local auction house. It's only worth what someone is prepared to pay for it - but you should get scrap value if nothing else. And you can put a reserve on to protect it, to make sure it doesn't sell for less than scrap value.