Want to sell your gold jewellery? Here are some important points to consider

With the price of gold rocketing to record highs, you may be considering selling your broken or scrap jewellery to get a little extra money. After all, recent research suggests that UK consumers have a ‘goldmine’ worth a collective £1.1 billion in unused or unwanted items lurking in drawers and dressing tables!

There are a lot of ‘cash for gold’ schemes on the high street and online, but before you sell your gold it’s well worth doing some research first in order to ensure you get a decent payment in exchange for your old earrings or cufflinks.

Bear in mind that many cash for gold adverts focus on broken jewellery – that’s because they will only offer you scrap value. If your rings or bracelets are undamaged and in good condition, you may fare better with a buyer who deals in ‘whole’ jewellery.

And if your jewellery has diamonds or other gemstones, chances are you won’t get any money for the stones, as the cash is purely for the gold.

Also, think carefully if you plan to sell designer gold items. Their ‘label’ tends to push up their value, so you could possibly get more money by selling it to a jeweller, or even through an online auction site, than if you sell it for scrap.

Always read the terms and conditions of any cash for gold schemes offering free valuation if you post your unwanted jewellery to them. Double check that there are no hidden charges, for example, postage and packing for returning your gold if you reject the valuation offered.

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