There seems to be a new gold rush these days with gold dealers urging everyone to sell gold. It seems that they are everywhere, if it’s not on TV then it’s blinking lights on store fronts, virtually everywhere you look. The advertising must be working because suddenly people are excited about the prospect of getting cash for old and broken gold jewellery they would no longer be able to wear. Once you have gone through the process of learning how to price your gold and who to sell it to, you may wonder where all that gold eventually lands up.
What do gold dealers Brisbane do with the gold they buy? Most buyers sell their gold to a refinery and get about 90% of the spot price or market value. If you have done your research about gold selling practices and how much most people can expect to get for their gold then you will know that most buyers offer about 70% of the melt value and not 90. Don’t worry, you are not being ripped off when someone offers you 70-80% of the melt value. gold dealers brisbane have to carry much of the coat of getting gold from the public to refiners. They have to make a profit. They have overheads that they need to factor into their pricing model. In essence gold buyers are middlemen. You as a member of the public might not be able to do what they do, negotiate deals with refiners like they do.
Most people tend to think that bypassing the middleman is the answer, but gold dealers brisbane provide a convenient service and will do the legwork that you wouldn’t be able to as a regular person. They collect as much gold as they can and bring the bulk of it to refiners. You may not be able to collect the amount of gold that they are able to. The moral of the story here is not to accept the first offer you get for your old gold, you can always get so much more.
When it comes to jewellery. Some gold jewellery might have precious gems included. If you have gold jewellery with diamonds or other gems, what you should do first is go find out if you will get a quote for the precious gem too. Gold buyers are mostly interested in the gold content, but reputable buyers will be able to help you deal with gems separately. You could sell your gold to a jeweller who will give you an appraisal for the gold and the gems, however most jewellers do not buy old gold. The best thing to do with gems is to remove them before you resell your items.
Some gold buyers will give you a price for the gems but they usually have a threshold. Sometimes the gems are so damaged they may not be worth much. Some buyers buy stones and other parts of jewellery which they then clean up and resell to jewellery designers and goldsmiths.
Don’t be fooled into thinking that the weight of your jewellery is mostly made up of the stones. Some gold buyers might claim that to be true in order to get you to accept a lower price for your gold jewellery. When you are given an estimate, make sure that it is a qualified estimate.