Start with a clear inventory of what you own
Do not value a mixed collection as one item. Separate rings, chains, watches, coins, bars and dental gold. Photograph each piece, record its gross weight and copy every visible hallmark, maker's mark, serial number or mint detail.
Group ordinary scrap by expected karat, but keep signed jewellery, gemstones, antique pieces and recognisable bullion products separate. A mixed lot makes it harder to see whether a buyer has used the correct purity and weight.
| Record | Why it matters |
|---|---|
| Photographs and marks | Identify the property and preserve condition evidence. |
| Gross weight | Provides a check against the buyer's scale. |
| Expected purity | Creates a starting point for professional testing. |
| Stones and attachments | Highlights weight that may not be gold. |
| Brand, mint and provenance | May indicate resale or collector value above melt. |
Calculate an independent melt-value reference
Convert each item's weight into one unit, apply the verified or expected purity and multiply by the current fine-gold price in the same unit. Hallmarks are useful, but they do not replace professional testing when the value is meaningful or the item is uncertain.
Record the live price and timestamp before comparing offers.
The result is a reference, not the amount a buyer must pay. Use the scrap gold calculator for jewellery, mixed scrap and likely buyer payouts. Use the coin and bar calculator for recognised bullion products and premiums.
Decide whether the item is scrap, bullion or a resale piece
Ordinary broken jewellery may be valued mainly for fine-gold content. Standard coins and bars can carry a recognisable bullion premium. Signed jewellery, rare coins, quality gemstones, desirable watches and items with provenance may be worth more intact.
Metal value leads
Broken or generic material is commonly priced from recoverable fine gold.
Product liquidity matters
Recognised coins and bars may trade above melt because they are easier to resell.
The intact item matters
Brand, design, condition, stones, rarity and provenance can add separate value.
Choose the selling route that matches the item
| Route | May suit | Check before selling |
|---|---|---|
| Local jeweller or gold buyer | Jewellery and smaller lots | Testing visibility, deductions and net offer |
| Refiner | Larger or consistent scrap lots | Minimums, assay method, settlement and refining fees |
| Bullion dealer | Recognised coins and bars | Live buyback price, product condition and payment timing |
| Specialist dealer or auction | Rare, branded or collectible items | Commission, reserve, authentication and sale timing |
| Mail-in buyer | Convenience and wider reach | Insurance, custody, acceptance and return terms |
The route with the highest headline price is not automatically the best result. Include commissions, postage, insurance, return charges, payment delays and the risk of the item leaving your control.
Compare written offers on the same basis
Ask each buyer to state the accepted weight, tested purity, reference gold price, every deduction and the final payment. Obtain quotes close together so a moving gold price does not distort the comparison.
- Confirm the item or lot included in the quote.
- Check the buyer's accepted weight against your record.
- Check the tested purity and ask how it was established.
- Record the gold price and timestamp used in the calculation.
- Subtract every fee to find the actual net payment.
- Divide net payment by melt value to calculate the payout percentage.
A high advertised percentage can still produce a weak payment if the buyer uses a lower gold price, excludes weight or adds fees later. Read what percentage of melt value buyers pay and the gold buyer safety guide before accepting a material offer.
Complete the sale safely and keep a record
Read the final terms before ownership changes. Confirm the payment method and timing, whether the transaction is final, and what identification or tax documentation is required. Do not sign a blank or incomplete receipt.
- Photograph the final item or lot immediately before transfer.
- Keep the item until you understand and accept the net offer.
- Obtain a receipt identifying the buyer and the property sold.
- Keep the test result, weight, purity, price basis, fees and payment record.
- Retain purchase records and seek tax guidance for your jurisdiction.
If you reject a mail-in offer, use the stated return process promptly and preserve all correspondence and tracking information.
PRIMARY SOURCES
Reference material
COMMON QUESTIONS
How to Sell Gold for the Best Price: A Step-by-Step Guide: FAQ
Where is the best place to sell gold?
There is no single best buyer for every item. A refiner may suit a consistent scrap lot, a jeweller or specialist may recognise resale value and a bullion dealer may be appropriate for standard coins and bars. Compare net written offers and transaction terms.
Is it better to sell gold online or locally?
Local selling allows you to observe testing and retain the item until you accept. Online services may provide broader competition but introduce shipping, custody, insurance and return considerations. Compare the complete process, not only the advertised rate.
Do I need an appraisal before selling gold?
Basic scrap often needs verified weight and purity rather than a formal appraisal. Signed jewellery, gemstones, antique pieces, rare coins and items with provenance may justify an independent appraisal or specialist opinion before sale.
What records should I keep after selling gold?
Keep photographs, item descriptions, test results, weight and purity calculations, the timestamped spot-price reference, written offer, fees, buyer identity, receipt and payment record. Ask a tax professional which records apply in your jurisdiction.