TIPS FOR SELLING YOUR GOLD
If the climbing value of gold is tempting you to part with jewellery that’s only gathering dust in your jewellery box, ensure you get the best price by being an informed seller.
Your ‘old gold’ (secondary gold, scrap gold or recycled gold) is a hot seller on the market. The price of gold continues to fluctuate, so it’s important to familiarize yourself with the process to ensure a fair price when you finally do choose to sell. Better prepared is better protected.
Find a trusted company. Gold buyers in Canada are subject to the municipal law. Ask questions like, “How long have you been in the gold business?” and “Do you have a business license?” You can always check with your city or town to confirm if they are in fact licensed for business.
Be an informed seller. As with any transaction—buying or selling—have a ‘consumer beware’ approach. It’s worth your time to do your homework.
Learn the per gram, per karat market value and confirm total weight. Educate yourself on the value of your gold. 24K gold is pure gold, and so soft it is rarely used in jewellery. 18K, 14K and 10K refer to the portions (out of 24) of the refined metal that are pure gold. Look for the karat stamp on your jewellery. You should be able to watch your buyer weigh your gold and then confirm its total weight. The price offered should be a price per gram for your karat value. If you are unsure of how a price is determined, ask. Remember, gold buyers are in the business to make money, so you should expect less than market price. Consider selling only to buyers who can confirm total weight in grams and a price per gram, per karat.
Gemstones not included. Most companies only want the gold. You are well within your rights to ask for and keep the stones, or to get an additional quote separate from the price for the gold.
Heirlooms. Be extra careful with any jewellery passed down over generations. It might be worth more kept intact as a re-sale than it is for the value in recycled gold.
Understand the process. If you have to leave your gold for evaluation, make sure you get a detailed receipt. Ask if the company is sending your gold offsite, and if so, when can they confirm your price.
Online companies. Consumers need to be extra cautious with online transactions, and selling your gold is no different. If you are considering selling your gold to an online company, follow these three important rules:
Invited to a ‘Gold Party’? Find out who is hosting, who will be doing the buying, and their experience in the jewellery business. Know what other companies are paying per gram before you attend.
Get a price from more than one company. However you decide to sell, in-person, online, at a gold party, or even through the mail, always follow the ‘Get 3 Quotes Rule’ before your final sale.
This does not happen among highly trained professionals who have spent years studying their trade.
Rely on the background of our CJA members. Reputable jewellers have formal qualifications as gemologists, appraisers and goldsmiths, and bring honesty and integrity to their craft.