Even in these economically turbulent times, gold has maintained its value, and has even seen a slight rise. This has led to a lot of cash strapped Brits deciding to raid their attics and bedside lockers for old gold to sell on.
With the growing popularity in this thrifty movement has come a rising growth in the number of shady "Cash for Gold" enterprises dealing over the internet. Pricing your gold has never been more fraught with opportunities to be ripped off!
With this in mind, we've got a few tips to help you maximise the amount you get for your gold when you go to sell it on. It's important to arm yourself with the right information to avoid being taken for a ride.
Some shady Cash for Gold operations currently have a policy of melting down gold they receive unless you get back to them with a response to their quote within seven days. So do your research and check out if the company you are dealing with has this policy. If they do, avoid like the plague!
Use a magnifying glass to identify the hallmark on your gold. The Hallmarks of different Carats are as follows:
375 – 9ct gold. 585 – 14ct gold. 750 – 18ct gold. 916 – 22ct gold
Make sure you know the carat so a Cash for Gold dealer doesn't try to claim your gold is a lower carat. Also, if there are any gems or precious stones in the gold, take them out, as you won't get anything extra for these, and you'll lose their value.