Knowing who to sell gold to is equally as important as knowing where you should purchase it from. With a precious metal that holds considerable value, you want to be sure that you are absolutely getting the best deal for your gold that represents its worth against the current market value. So how can you ensure you are getting the best price, and what questions should you be asking? In this guide, we will explain the main points you ought to consider.
- Timing is important
- Get a valuation
- Get quotes from several jewellers
- Look for customer testimonials
- Ask the buyer how long they’ve been buying gold
- How will they assign value to your gold
- Ask what the value of your gold is based on
Timing is important
If selling the white or yellow gold for cash is not time-restricted for you (for example, because you need the money as soon as possible) then definitely consider biding your time to sell it. This is because the economic climate at the time of selling can lead the value of your gold to increase or decrease.
Generally speaking, when the economy is on the rockier side of things, this is when gold is in greater demand as it is considered less risky than stocks and shares. However, do keep in mind that gold is like all other investments, meaning that you can never truly predict when or if it will rise or fall in its value.
Get a valuation
Before deciding your selling options, it is well worth getting your gold valued at a trusted jewellers. This can help you accurately determine what your gold will be worth based on current gold prices.
Get quotes from several jewellers
When deciding who to sell your gold to, make sure you have thoroughly researched the available options, and get quotes from a number of jewellers. If there is a variety in your area, that means greater competition between them and a better chance for you to haggle a negotiation.
Look for customer testimonials
Do your research and try to find a buyer who has a range of positive (and verified) customer reviews. If a buyer is legitimate and fair, they will usually be happy to display their glowing positive reviews on their website.
If you can’t find any testimonials online, then look at this as a warning and consider an alternative jewellers instead.
Ask the buyer how long they’ve been buying gold
Choose a buyer that has extensive experience of the precious metals industry. Make sure you ask the question of how long they’ve been in the business of buying gold, before agreeing to sell. You should always aim for a specialist, as otherwise, you run the very real risk of losing money on your gold jewellery.
How will they assign value to your gold?
Another important question to ask a potential buyer is how they intend to assign value to your gold. This is an important question, as you want to verify that they know how the precious metals market works and that they use an accurate scale to weigh the gold.
Ask what the value of your gold is based on
When a gold valuation is carried out, the potential buyer will usually do this in front of you, and you should take advantage of this opportunity. Make sure you ask what they are basing their gold valuation on. This should be a straightforward question if they are reputable, as determine gold’s value is relatively uncomplicated.
A trustworthy gold buyer will typically assess the value based on these factors:
- Current market price
- Inclusion of diamonds or gemstones