While jewellery can potentially add to the appeal of an outfit or hold special meaning, it is sometimes necessary to sell jewellery to gain needed cash, update the collection or even eliminate unpleasant memories. Those who opt to sell jewellery for cash need to understand the options available in the UK and determine the solution that is likely to make the most money.
Selling to Jewellers
A potential solution to the problem of selling jewellery is looking into jewellers who are willing to buy older pieces. Selling to a jeweller is ideal when the piece includes diamonds or other precious stones that are often overlooked or ignored when selling to a gold buying company.
The jeweller will often test the piece of jewellery for the type of material, the amount of gold or silver in the piece of jewellery and the type of stones that decorate the piece. Based on market prices for gold or silver and the particular stone in the piece, the jeweller will give a quoted price.
In many cases, the quoted price from a jeweller is less than the actual value of the piece of jewellery. The goal of a jeweller is making a profit, so the resale cost is likely to end up slightly lower than the exact value. If the jewellery was professionally appraised previously, it is often possible to get a better price based on the appraisal. This can vary depending on the provided estimate and the amount of time that has passed since the appraisal.
Gold Buying Services
Services in the UK that focus primarily on buying gold, silver and platinum are an appropriate solution when trying to sell jewellery. Gold buying services will buy the jewellery based on the type of metal in the piece, the amount of the metal, the weight and the current market value of gold, silver or platinum.
In many cases, a UK gold buying service will advertise that they focus on buying gold coins, jewellery or other items to help identify the available services. Some will even buy diamonds and other precious stones that are included in the piece of jewellery based on factors like clarity and flaws.
Selling the jewellery to a service that primarily focuses on buying gold and other metals is an ideal choice when the piece of jewellery has fake stones or does not contain any precious stones. When the material is primarily metal and stones are not likely to add to the value, this solution is often one of the best. The service will test the item to determine the percentage of gold or silver to other metals used for improved strength and then weighs the item to obtain the number of grams.
The calculation for a fair price is determined on the current market values for the material, the amount of gold or silver and the actual weight of the item. A quoted price for the piece of jewellery is provided after testing and calculations are complete.
Pawn shops are another potential location to sell jewellery, though the prices might not seem as high as other solutions. A pawn shop will usually go through a similar evaluation of the value of the jewellery before determining the quoted price.
In most cases, the owner of the pawn shop will test the gold or silver content, weigh the jewellery and test any precious stones on the piece before determining the price. In some cases, the design might play a role in the quoted price since the pawn shop is likely to try reselling the jewellery after it is purchased.
When working with a pawn shop, it is important to specify that the goal is selling the jewellery and not obtaining a short term loan. Pawn shops in the UK will provide short term loans and purchase items, so it is important to specify the preferred solution.
The goal of selling jewellery requires understanding the options and comparing the potential buyers. Depending on the piece of jewellery and the quoted prices given by a few different jewellers, gold buying services and pawn shops, the amount of cash provided will vary. To get the maximum cash for gold value, it is best to get a few quoted prices.