Gold Selling Tips


If you have some old gold chains or jewelry, you can cash them in for a tidy sum these days. Gold is currently worth a lot of money. If gold is $1,000 an ounce and you have a 24-karat piece of jewellery, you can generally price that around $1,000. If it's 12 karat, then you can probably get around $500. That’s a lot of money to be just laying around your house. Why not cash it in so that you can use it for something you might like to have today?

Be careful

If you do decide to try and sell your gold you first need to a find a trustworthy company to deal with. The good news is that businesses buying gold in Canada are subject to municipal law. And there are literally hundreds of legitimate and reliable gold buyers in small towns and large metropolitan centres. When you go to the gold buying store you should ask them a few questions. Like how long they have been in the gold business and if they have a business license. If you don’t like their answers, there are plenty of other companies in the business. If you are thinking about selling gold on the Internet, then you have to be even more careful and ask the same questions you would if you were in a store.

Do your homework

If you are going to sell your grandmother’s gold jewelry, then you want to make sure you know what you are doing. Become an informed gold seller. Check out the latest per gram per karat market value and confirm the total weight of your products. Remember, it’s the volume of gold that counts, not the setting or gemstones, or anything else. You also need to know the different values of gold objects that is depending on the portion of refined metal that is pure gold. This ranges from so-called pure gold at 24 karats, down the range through 18K, 14K and 10K varieties.

Know the process

You can check yourself for the karat stamp on your jewellery which indicates the quantity of gold, so you will have that information before you go to the store. Then, watch as your buyer weighs your gold and then confirms its total weight. You should be offered a price per gram for your karat value. If you have any questions or are unsure, ask before you agree to sell. You won’t get the full market of gold at a gold buying business, they have to make a profit, but it should not be too far off.  If you have to leave your gold for evaluation, make sure you get a detailed receipt and a date and time when you will receive your offer.

Shop Around

Just like any other business transaction, you should always shop around. You should be able to get at least two quotes and probably three with little extra effort. This should apply whether you are shopping in person, at a special event like a gold party, and especially online. If you want to be treated fairly when it comes to selling your gold, you have to protect yourself.

Complaints or Concerns

If you have any complaints or concerns about the prices you are offered for your gold, or the way you were treated, in person or online, you can let the Better Business Bureau in your area know about it. There is also an organization called Jewellers Vigilance Canada that would like to hear your concerns. This is a non-profit association to advance ethical practices and loss prevention within the jewellery industry. It works to keep both gold buyers and gold sellers safe. You can find their address and contact information online.