Tips for Selling Your Unwanted Gold Jewellery

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Gold jewelry
Photo by Alex Azabache on Unsplash

Your unwanted gold jewellery may be worth quite a bit. So, how can you sell it?

One of the best ways to sell your gold jewellery is to take it to a gold jewellery buyer in Canada with a good reputation.

Not all buyers are equal; the right buyer will offer you an honest evaluation, be transparent about their pricing, and pay you what your jewellery is truly worth.

To find an honest gold jewellery buyer, you’ll need to do your research and shop around. Some buyers will evaluate your jewellery for no cost. Others will charge a fee.

Finding the right gold jewellery buyer might take some time, but there’s a good chance your effort will turn out to be worth it in the end. If all goes well, you’ll hand over your unwanted gold jewellery and walk away with a more significant bank account balance.

What Kinds of Gold jewellery Can You Sell in Canada?

In Canada, you can sell jewellery in good condition that’s made by a reputable jewellery designer, such as:

  • Buccellati
  • Bulgari
  • Cartier
  • Chopard
  • David Yurman
  • Graff
  • Piaget
  • Tiffany & Co.

However, individually hand-crafted gold jewellery is also sellable, and rare or unique pieces might sell for a higher price than pieces manufactured by popular designers.

Your unwanted gold jewellery doesn’t have to be in perfect condition to sell it. Old heirlooms that are tarnished, scratched, or mismatched can also be valuable.

That’s not to say all gold jewellery is worth a lot of money. It’s not. But if you find the best place to sell gold in Toronto or wherever you live in Canada, you may be surprised by how much you can get in exchange.

How Jewellers Evaluate Gold Jewellery

To determine the value of a piece of gold jewellery, expert jewellers at gold buyers in Canada will consider its melt value, purity, and hallmarks, in addition to its aesthetic appeal, uniqueness, condition, and rareness.

What is purity? Purity is the amount of precious metal content that a piece of gold jewellery contains. Typically, jewellery of high purity will sell for more than jewellery with low purity.

Gold buyers tend to measure the precious metal content—i.e. the purity—of a piece of gold jewellery by looking at three factors: karat, troy ounce, and fineness.

Karat

Most people know what karat means. It’s the grading system that jewellers use to determine the precious metal content of gold and the precious metal content of other precious metals, such as platinum, silver, and palladium.

24 karat is to gold what an A+ is to homework. That is to say, 24k is the highest karat. If a piece of gold jewellery is made of 24 karat gold, that means it’s 100% pure.

  • 24k = 100% gold
  • 18k = 75% gold
  • 14k = 58.3% gold
  • 1k = 4.16% gold.

Some pieces of gold jewellery come hallmarked with their karat number. If you have a gold necklace, search for the number near the clasp. If you have a gold ring, look at the inside of the band.

Troy ounce

Troy ounce is an old term that has historically been used in the precious metals industry. (It originated in a French town called Troyes in the 1500s.) A troy ounce, confusingly, is not the same as an ounce. A regular ounce is about 28.3 grams, whereas a troy ounce is about 31.1035 grams. Recently, the spot price per regular ounce of gold has hovered around USD 1,770. That’s about CAD 2,188.

Fineness

Last, fineness refers to the proportion of pure precious metal in the alloy.

Time to Sell Your Gold Jewellery

When you take your unwanted gold jewellery to a reputable gold jewellery buyer, an expert jeweller will help you understand exactly how they evaluate your piece of jewellery, and be transparent about why they offer the price they do.


This content is a joint venture between our publication and our partner. We do not endorse any product or service in the article.

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