Tag: How to sell gold

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Behind the Counter: The Life of Gemstones in a Cash for Gold Shop

Customer and cash for gold shop owner shaking hands after a successful transaction

Introduction

When you step into cash for gold shops, you’re entering a world that revolves around precious metals. But what happens to the stones in jewelry at these shops? Let’s explore this fascinating question.

Understanding the Cash for Gold Business

Cash for gold shops primarily deal with precious metals. They aren’t jewelers, and their main interest lies in the gold, silver, or platinum in your jewelry. So, what does cash for gold pay for? The answer is straightforward: the precious metal content.

The Journey of a Gemstone

When you sell your jewelry, the gemstones embark on a different journey. Cash for gold shops typically don’t pay for these stones. In fact, they might even deduct some weight for them. Why? Because these shops send all scrap gold to smelters, who also pay only for the precious metals.

The Fate of the Gemstones

Small stones, especially, are not worth having professionally removed. The resale value of these used stones is significantly lower than retail prices, often 5 to 10 times cheaper. So, if you’re thinking, “Can I sell gold for cash and also get paid for the stones?” the answer is usually no, not at a cash for gold shop.

Factors Influencing the Value of Gemstones

Not all stones are precious. Their value can vary greatly. If you’re wondering how to sell gold for cash and get the best value for your gemstones, consider having them removed by a jeweler beforehand.

Why Cash for Gold Shops Offer the Best Value

These businesses often provide the best value for your precious metals. High street jewelers may only offer half the price of the precious metal content. Cash for gold shops, on the other hand, specialize in precious metals, which means they can often offer a more competitive price. So, if you’re asking, “Is selling gold for cash worth it?” the answer is a resounding yes!

Customer and cash for gold shop owner shaking hands after a successful transaction
Customer and cash for gold shop owner shaking hands after a successful transaction

Tips for Selling Jewelry with Gemstones

If you’re selling to a high street jeweler, you should have them pay extra for your stones because they can repurpose them. However, remember that the best value for your precious metals is often found at cash for gold shops. For more tips visit this blog and many more in our news and article section.

Conclusion

Cash for gold locations offer a quick and convenient way to turn unwanted gold into cash. When it comes to gemstones, it’s a different story. However, understanding this can help you make informed decisions when selling your jewelry, ensuring you get the best value for your precious metals.

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How to sell unwanted gold and jewellery

It can be a daunting experience when you are trying to sell your unwanted gold, silver or any precious metal jewellery, so we have compiled a quick list for you to get best and fair price. 

  1. Understand what is your jewellery made of, for example is it gold, platinum, silver or palladium? You can use British hallmarks guide to ascertain metal and carat (fineness). You may use London assay office’s guide for this.
  2. Don’t be afraid of shopping around. It is best practice to call 2 to 3 gold buying shops to ask what they are paying per gram on that day. Precious metals trade live and the price paid changes everyday. Some shops make it easier for the customer by putting prices on their website. Generally, you can trust the shops that make information clear and transparent to you. When calling these shops ask them a few questions, for example “What are you paying for fine gold and 9 carat gold per gram today?” And “Are there any other charges when selling jewellery”
  3. Compare prices with a quick internet search, you can get live gold prices. As a rule of thumb, you should get between 90% to 97% percent of market price.
  4. Carry identity documents, usually shops would ask for a photo ID and proof of address.
  5. Be prepared for good news and bad news, because jewellery is made in different carats (fineness) it is not always easy to identify which carat jewellery is made of, especially for someone who is not in the trade. Also, depending on origin of jewellery, where trademark practices are not as stringent as UK, it may mean that an item has a 22-carat stamp but, instead it’s made of 20 or 21 carat. Or you may think that an item is 9 carat, and it actually is 14 carat or 18 carat, which means you would get more money back. Whichever the case a good gold buyer will talk you through the process of assaying your item. 

When selling jewellery, remember that buyer is only buying the precious metal content and hence would not pay for money invested in ‘making’ of the item or any stones, wires or enamel. 

We buy all precious metals and pay according to London fix. You can check our price on the website. There are no other hidden charges, and we give multiple payment options including same day bank transfers

And if you don’t want to part with your jewellery but need some money, you can always get a secured loan against it. Check out our pawnbroking and buyback services.