Do you have any old gold jewellery, coins or other types of gold items that you would like to sell and make some money?
Well, selling gold in Australia is pretty easy. There are many gold dealers, brokers, pawnshops, jewellery stores and gold kiosks where you can sell your gold. But as much as you have lots of options available, you also need to know about important things before going into the process.
And in this blog, we’ll look in detail at the various things you need to know about selling gold and the best places for it.
A Few Things You Need to Know Before You Sell Gold
Know what your gold is worth
There are many factors that affect the value of your old jewellery or scrap gold. The most important factor is its purity, or how much pure gold it contains. Purity is measured in karats (K). For example, 14K means 14 parts of gold mixed with one part of another metal such as silver or nickel. Pure gold is 24 K, but most jewellery is 18 K, 20K, 22 K or even lesser. The higher the karat number, the more valuable your jewellery will be when you sell it at a pawn shop or online.
Research about the live spot price
The live spot price is what the market is paying for gold at any time. It’s essential to know about this to get a fair price for your gold. The spot prices change from time to time and so you need to sell at a time when the spot price is the highest in a few days to make a decent profit.
Understand the price estimates
Most buyers give an estimate for your gold comparable to the live spot price. This means you’ll get at least 60% to 80% of the current market price of gold when you sell it to online gold buyers, dealers or jewellery stores. So make sure to enquire around in different places about their estimates for your gold before choosing one.
Where Can You Sell Gold in Australia?
There are two main ways of selling gold in Australia: online and offline. If you don’t want to physically visit a store and instead wish to conduct all your transactions right from home, you can opt for the online ways.
On the other hand, if you prefer face-to-face interactions, you can choose from one of the many offline places to sell.
Selling Gold Online
Through Online Auction Houses:
While there are perks to sitting at home and selling your gold, there are also a few drawbacks like paying additional fees to the platform, which can eat away at your profit.
Through Online Gold Dealers:
There’s another way of selling gold online that’s much more easy, quick and profitable — online gold dealers. Many gold dealers in Australia offer mail-in services through which you can sell your gold to them. All you need to do is contact them, give them a rough idea of the gold you own and send your gold through a secure package. Once they receive your gold, they’ll estimate it properly and send the entire amount to you through direct bank transfer.
This process takes only a couple of days and is much more efficient than selling through online auctions.
Selling Gold Offline
To a Jewellery Store:
You can sell your old jewellery to a jewellery store. You should ask if they buy back gold, silver and platinum. Some stores offer cash or store credit for your items. Make sure to ask how long it will take to process your order, so there are no delays in getting paid.
To a Pawnshop:
If you have an unwanted piece of gold jewellery, selling it to a gold dealer directly is the easiest way to get rid of it. There are plenty of companies out there that will buy your old jewellery, whether broken or not and give you quite a sizeable compensation based on the current market value of gold.
They offer instant cash for unwanted gold items and all transactions are confidential. You may be able to get more money by selling to the right pawnshop, so make sure you do some research before going into one with your old jewellery.
To a Second-Hand Gold Dealer:
You can also sell your gold to second-hand gold dealers who will take it off your hands in exchange for cash payment.
The most important thing when selling gold is to be sure that the company you’re dealing with is legitimate and reputable. You don’t want to send your precious jewellery off only to find out later that you could have gotten a better deal at another place. So check online reviews and ask around in the community and see what other people think about them before making any decisions.
How Can You Sell Your Gold at Cash Your Gold Australia?
At Cash Your Gold, we have a simple process to make it easier for anyone. You can walk into our store at any time, without any prior appointment, with your gold and get a free estimate. Our experts will immediately appraise your gold with the top-of-the-line XRF technology and inform you about its worth and how much it can fetch you.
If the rate is agreeable, you can instantly sell the gold to us and get cash in hand or, if you prefer, directly transfer the money to your bank account.
Alternatively, you can use our mail-in service to send your gold anywhere in the country and fetch a good profit.
