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Follow these 10 tips to get the most from your gold buying experience. The more educated you are on your items, the gold buying process, and what you want the easier it is to get the best price. You can follow these rules for other precious metal jewellery items too.

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. Look at our articles titled 'Calculate Gold Prices' and 'Calcuate Other Precious Metal Prices' for more information.

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.

5. Heirlooms

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.

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