This is a great question, and it is one that we get asked by numerous customers each year. The short answer is that there is no limit on the amount of gold you can sell in Australia.
However, as responsible gold buyers, many have some rules in place to ensure that they meet their legal obligations and provide our customers with the best service possible.
While there is no limit on how much gold you can sell in Australia, there are some limitations on the type of gold you can sell. For instance, you cannot purchase items marked ‘not for sale’ or any items with missing or illegible hallmarks. Many don’t purchase items believed to be stolen or obtained illegally (and will report these to police if necessary).
In this blog, we’ll look in detail at the limit on how much gold you can sell in Australia and any other limitations you may face.
Are There Any Limitations on the Volume of Gold You Can Sell in Australia?
It is perfectly legal to sell and buy gold in Australia. You can sell a kilo of gold bars, a wedding ring or an old coin. The Australian government has set guidelines for the sale of precious metals. There is no restriction on the weight or value of precious metal.
However, all Australian gold dealers must adhere to laws regarding the buying and selling of gold. And there are other factors at play that could limit the amount of cash for gold or cash for silver you receive, like the following:
The purity of the precious metals you wish to sell
Before you sell your gold, whether it be jewellery or scrap gold, you should take note of any hallmarks that are impressed on your items. Hallmarks are a series of symbols or letters that denote the purity of the metal.
If no hallmarks are evident or illegible, many gold brokers can refuse to purchase. They generally use the XRF analyser to test your items and determine their exact purity. The higher the purity of your gold, the more money you’ll get.
The presence of gemstones or other non-metal elements attached
If your jewellery has stones of any kind (including diamonds), then gold brokers must deduct the cost of removing these from the total value we pay for your precious metals. This is because eliminating stones from their settings can damage them and require a jeweller’s replacement before the item can be sold again.
So if you have any gems embedded in your gold, you need to weigh the gold without these gems to get the exact weight — and in turn, a proper estimate of how much cash you can expect.
The maximum cash payment limit
In terms of cash payment, many gold brokers in Australia have a maximum value of $10,000 AUD per transaction. So this can restrict the amount of gold you can sell if your total value exceeds the limit for cash payment.
So while we can’t say for sure the volume of gold you can sell, there’s a limit on the value of the gold you can sell or receive cash for. So the next time you’re planning to sell your gold in huge volumes in Australia, make sure to keep these in mind and get prior information from your gold broker.
Exchange Any Volume of Gold for Cash with Us
Gold is a product that has a real, tangible value. At Cash for Gold, we will buy your gold in any condition, whether it’s gold coins, old jewellery, or even broken pieces of gold. When you sell your gold to us, you can be sure that you are getting the best price for your items and that there are no hidden fees or commissions taken out of your final payment.
Our buying process is simple and transparent. We weigh the items on an approved scale and use a standard formula to assess their value. The formula includes the current price of gold, karat value, and weight of the item. Our state-of-the-art refining equipment will detect the carats contained in your scrap gold and give you the most accurate value.