If you’ve never sold precious metals like gold and silver before, here’s our 101 guide that explains the process from start to finish. Read on.
Selling gold or silver for the first time can feel a little confusing. You may have an old chain sitting in a drawer, a broken ring you no longer wear, some inherited jewellery, gold coins, bullion or even silver items that you are not sure what to do with.
The first question is how much is it actually worth? The answer is not based only on how an item looks. When you sell gold or silver, the buyer needs to look at what the item is made from, how much it weighs, how pure the metal is and what the current market price is.
At Cash Your Gold, our process is simple and seamless. Your precious metals are tested and weighed in front of you, the current market rates are considered, and the valuation is explained before you decide whether you want to sell. There is no obligation to accept the offer.
What Happens When You Sell Gold or Silver?
When you arrive at Cash Your Gold, you can bring in your gold, silver or other precious metal items for an assessment. You do not need to know the exact purity or value of your items before you come in. That is part of what the valuation process is for.
- Our team first checks what you have and tests the metal to find out its purity using highly reliable XRF testing. Purity simply means how much actual gold or silver is contained in the item. The item is then weighed, and the weight and purity are matched against the current market rate for that metal.
- The important part is that the valuation is carried out in front of you. At Cash Your Gold, our team evaluates gold and silver items using live market prices, and there is no obligation to sell after the valuation.
- Once the offer is explained, you can decide whether you are happy to go ahead. If you accept, payment can be made by cash or bank transfer on the spot.
What Types of Gold and Silver Items Can I Sell?
You do not need to have a gold bar or a large collection to sell precious metals. Everyday jewellery can also contain a significant amount of gold, even if it is old, damaged or no longer fashionable.
Cash Your Gold accepts a range of gold and silver items, including jewellery, broken jewellery, coins, bullion and other precious metal items. We also buy gold necklaces, diamond rings, gold bullion, silver bullion, gold coins and silver coins.
Can I Sell Broken or Damaged Gold?
If you have a broken piece of precious metal like gold that you may no longer be able to wear, and repairing it may not seem worthwhile, selling it to get instant cash can be the best decision.
The same applies to a damaged ring, a single earring or an old piece of jewellery that has been sitting unused for years. When an item is being valued mainly for its precious metal content, the amount and purity of the metal are important parts of the calculation.
This is why it can be worth having damaged or unwanted jewellery assessed rather than leaving it forgotten in a drawer. We use highly reliable XRF testing methods to assess the value of your precious metals and ensure you receive the best payout.
Here’s a table that lists all types of precious metals and forms that we at Cash Your Gold buy to give you the best payout based on the gold content and weight.
| You may have | Can it be assessed? |
| Gold rings | Yes |
| Gold chains and necklaces | Yes |
| Bracelets and earrings | Yes |
| Broken or damaged jewellery | Yes |
| Gold coins | Yes |
| Gold bars and bullion | Yes |
| Silver jewellery | Yes |
| Silver coins and bullion | Yes |
| Scrap gold | Yes |
| Platinum and other precious metals | Yes |
How Is the Value of Gold and Silver Calculated at Cash Your Gold?
At Cash Your Gold our valuation process includes three main steps: checking the purity of the gold using testing machines in front of you, checking the weight and then matching those results with live market rates to determine your payout.
1. First, the purity is checked.
Gold jewellery is normally made by mixing gold with other metals. The amount of actual gold in the item is its purity. So, if you have a 10-gram piece of 18K gold, it contains approximately 7.5 grams of actual gold.
2. Then, the item is weighed.
Your precious metal is weighed so the buyer knows how much metal is being assessed. This is important because two 18K gold rings can have very different values if one weighs 5 grams and the other weighs 15 grams.
3. The current gold or silver price is then considered.
Gold and silver prices move regularly. You may see this referred to as the spot price, which simply means the current market price of the precious metal. Cash Your Gold publishes live gold and silver prices and payout rates on its website. To know the current international rate of gold, click here.
The final amount offered to you is not necessarily the same as the spot price you see online. The amount paid for physical gold or silver can be different because the buyer has its own buying rate and costs involved in processing the metal.
How Does Cash Your Gold Test Gold?
If you are selling something valuable, it is reasonable to want to know how the buyer is checking it. At Cash Your Gold, we use a non-invasive XRF, or X-ray fluorescence, testing method to identify the metals present in an item. The machine scans the metal and helps determine its composition without needing to cut the item open. This is one of the most reliable gold testing techniques and is used by trusted gold dealers worldwide.
What Documents Do I Need to Sell Gold or Silver in Australia?
Cash Your Gold holds a valid second-hand dealer’s licence and, as required by law, must record every transaction. To sell your items, you will need to provide either one valid photo ID or two valid text-based IDs. The table below lists the IDs you can use to sell your gold in Australia.
| One valid photo ID | Two valid text-based IDs |
| Australian or International Passport | Birth Certificate |
| KeyPass ID Card | Marriage Certificate |
| State-issued Driver Licence | Medicare Card |
| State-issued Learner Permit | Australian Bank Statement or Utility Bill |
| Firearms Licence | Commonwealth Veterans Affairs Card |
| Tertiary Education Photo ID | Commonwealth Pensioner Concession Card |
| Commonwealth Health Care Card |
How Do I Get Paid?
If you decide to accept the offer, Cash Your Gold can make your payment by cash or bank transfer on the spot. For its mail-in service, once the customer accepts the offer, the payment is made by bank transfer.
This gives customers the choice of visiting a Brisbane store or using the mail service if travelling to a store is not convenient.
Final Thoughts
Selling gold shouldn’t feel stressful or confusing. Once you understand how pricing works, you can make a more informed decision about selling your gold. Knowing how its value is calculated can help you understand what your gold may be worth.
At Cash Your Gold, gold sellers across Australia can access honest valuations, clear explanations and a straightforward selling process. Whether you visit us in person or use our Mail Your Gold service, we make it simple to turn your gold into cash.
Get in touch
- 📞 Call: 1300 678 175
- 🌐 Website: cashyourgold.net.au
Or Visit
Our Brisbane stores
North Brisbane
Chermside
Located opposite Westfield Chermside, serving Chermside and surrounding North Brisbane suburbs.
- Address Suite 5, 832 Gympie Rd, Chermside QLD 4032, Australia
- Phone (07) 49 390 234
- Email [email protected]
- Hours Monday to Friday: 9 am to 5 pm | Saturday: 10 am to 4 pm | Sunday: Closed
South Brisbane
Sunnybank
Located on Mains Road in Macgregor, serving Sunnybank and surrounding South Brisbane suburbs.
- Address Level 1, Suite 6/409 Mains Rd, Macgregor QLD 4109, Australia
- Phone (07) 2142 6862
- Email [email protected]
- Hours Monday to Friday: 9 am to 5 pm | Saturday: 10 am to 4 pm | Sunday: Closed
Logan
Browns Plains
Located in Regents Park near Browns Plains, serving Browns Plains and surrounding Logan suburbs.
- Address Unit 3/3376 Mount Lindesay Hwy, Regents Park QLD 4118, Australia
- Phone (07) 2142 6482
- Email [email protected]
- Hours Monday to Friday: 9 am to 5 pm | Saturday: 10 am to 4 pm | Sunday: Closed
Frequently Asked Questions (FAQs)
Q: How is the value of gold and silver calculated when selling?
A: The value is worked out using the item’s type of metal, purity and weight, together with the current market rate. Cash Your Gold checks the weight and purity using testing machines and then matches those results with live market rates to determine the payout.
Q: What types of gold and silver items can I sell?
A: Cash Your Gold buys a range of items including gold jewellery, broken and unwanted jewellery, gold coins, gold bullion, silver items, silver bullion and coins. Other precious metals can also be assessed.
Q: Do gold buyers purchase broken, damaged or unwanted jewellery?
A: Yes. Broken or worn jewellery can still contain gold, so it can be worth having it assessed even if you can no longer wear it. Cash Your Gold buys unwanted, broken and worn gold jewellery.
Q: What documents do I need to sell gold and silver in Australia?
A: The requirements can vary depending on the transaction. For the Mail Your Gold service, customers are requested to provide a copy of photo ID with the completed form and gold item. To check the complete list of documents, refer to the table under “What Documents Do I Need to Sell Gold or Silver in Australia?” section.
Q: Are gold and silver prices based on current market rates?
A: Yes. Cash Your Gold uses live market rates when evaluating gold and silver. Because precious metal prices move regularly, the applicable rate can change over time.
Q: How long does the gold and silver selling process take?
A: The time depends on the number and type of items being assessed. Once you accept an offer at a store, Cash Your Gold pays by cash or bank transfer on the spot.
Q: Is there a minimum amount of gold or silver required to sell?
A: You can bring individual items in for assessment, so you do not need to assume that you have too little gold or silver to be worth checking. If you are unsure, the simplest option is to ask for a valuation.
Q: Can I sell just one gold item?
A: Yes. You can bring an individual item such as a ring, chain, earring or coin for assessment.
Q: Can I sell gold coins and bars?
A: Yes. Cash Your Gold deals with gold coins and gold bullion among the products we buy and publishes live payout rates for various bullion products.
Q: Can I sell silver as well as gold?
A: Yes. Cash Your Gold buys silver items, silver bullion and silver coins and publishes separate silver rates based on purity and type.
Q: Do I have to sell after getting a valuation?
A: No. At Cash Your Gold, valuations are provided with no obligation to sell. You can understand the offer first and then decide what you want to do.
Q: Why choose Cash Your Gold when selling gold and silver?
A: Cash Your Gold provides free valuations, tests items in front of customers, uses live market rates and states that it does not charge hidden fees, commissions or fees on its purchases. It also has three Brisbane locations and a mail-in service for customers across Australia.
