Selling your jewellery
There are 3 options when wanting to sell unwanted jewellery. Selling unwanted jewellery refers to selling the piece as is and not for the piece's metal content.
1. Private sale
Selling to another member of the public. This can be done through avenues such as eBay or the Trading Post. It's a good idea to have a valuation of the item done so both you and the buyer know how much it is worth.
2. Second Hand Dealer
The JAA does not have a list of those who hold Second Hand Dealers licences. You may wish to contact your state or territory Office of Fair Trading or Consumer Affairs Department, for further information. Second hand dealers may be willing to take the item/s on consignment. Make sure you have a written agreement if this is done, setting out the time frame in which they will offer the piece for sale and an agreed price and/or commission. You can search for second hand dealers via the Yellow Pages - click here
Depending on the value and/or number of items you may wish to sell the jewellery through an auction house.
10 tips for selling your old gold
1. Find a trusted company
Businesses buying gold in Australia are subject to State and Territory law. Gold buying companies need to have a Second Hand Dealers license. Ask questions like: How long have you been in the gold business? Do you have a business license? Do you have a second hand dealers license?
2. Be an informed seller
As with any transaction – buying or selling – have a ‘consumer beware’ approach. It’s worth your time to do some homework.
3. Learn the per gram per carat market value and confirm total weight
Educate yourself on the value of your gold. 24ct gold is pure gold and so soft it is rarely used in jewellery. 18ct, 14ct and 9ct refer to the portions (out of 24) of the pure gold content in the item of jewellery. 18ct can also be stamped 750 (750 parts of pure gold per 1000 parts of metal) 14ct can be stamped 585 and 9ct can be stamped 375. Look for the carat stamp on your jewellery. You should be able to watch your buyer weigh your gold and then confirm total weight. Note that scales used to weigh your jewellery must be certified and tested by State and Territory authorities. Ask if this has occurred. The price offered should be a price per gram for your carat value. If you are unsure of how a price is determined, ask. Remember, gold buyers are in the business to make money and so you should expect a discount to the market price. Consider selling only to buyers who can confirm total weight in grams and a price per gram per carat.
4. Gemstones not included
Most companies only want the gold. You are well within your rights to ask for and keep the stones, or get an additional quote separate from the price for the gold.
Be extra careful with any jewellery passed down from great-grandma. It might be worth more intact as a re-sale than it is for the value in recycled gold.
6. 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 it offsite, and if so, when can they confirm your price.
7. Online companies
If you are considering selling your gold to an online company, do follow two important rules:
- Call the company and speak to a real person
- Ask the same questions you would if you were in a store
8. 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.
9. 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.
10. The Jewellers Association of Australia will be happy to help you with any queries that you may have. Please contact us by emailing email@example.com