How to Sell your Gold in 5 Steps
1 – WHERE TO SELL GOLD JEWELRY?
Several options are available to you when comes the time to get rid of your old gold. Gold repurchase websites ask you to send your items by mail. They will then be analyzed and weighed. It is also possible, during targeted weekends, to go to a warehouse in your area where professionals gather in order to buy your gold. But do you know who you are dealing with?
Family jewelry stores are usually established for several years or even generations. By meeting a specialist in a renowned jewelry store, you have the opportunity to attend and understand the approach used. You can entrust your gold to experts with confidence.
2 – HOW DOES IT WORK?
First, the percentage of gold is evaluated for each of your piece. An inscription 10k, 14k or 18k is usually engraved in the item. The 10k symbol means that the jewel contains 40.3 % of pure gold, 14k equals 58.5 % pure gold and 18k, 75 % pure gold. In order to determine the percentage of gold, we perform a test using acid.
The jewels are then classified according to the purity of the gold they contain and are weighed on a scale approved by the Government of Canada. In order to offer you the price of used gold corresponding to the daily rate, we weigh the items in grams.
Do not be surprised if the value of the jewel sold for gold differs from the price at which you bought the jewel, because there is only the price of gold that is considered. The design, the artist and the cost of labor to make the jewel are not taken into account. In addition, we need to calculate the costs of smelting, refining as well as other costs to return “old gold” to new and pure gold: a process that takes place in a precious metals smelter.
3- HOW TO DETERMINATE THE TRUE OF FALSE?
Trained experts use multiple tools to classify gold and metal grades. It is therefore normal not to know how to differentiate real gold (just like real diamonds and precious stones) from imitation. Rest assured, our mission is to accompany you and inform you throughout your process.
4- WHY SELL YOUR GOLD?
The accumulation of broken chains, old baby jewelry, a lost earring, a jewel acquired during a former relationship, or old-fashioned, are all good reasons to sell.
Souvenir jewelry such as a pair of earrings bought on a trip, or grandma’s rings, are often the most difficult to dispose of. On the other hand, very often, they end up aging in a chest.
You might be amazed at the value of the gold that sleeps in your drawers. So why not use it to cherish a loved one or treat yourself! Our advice is to exchange your old gold for a jewel you love; a new ring that will remind you of your grandma every time you see it on your finger…
5- DIAMONDS AND OTHER METALS
The “old” diamonds can be reused to make a jewel designed especially for you, or sold to the jeweler. On the other hand, for the same reasons mentioned above, and because we have to calculate the costs of getting the diamonds back in good condition, the price obtained will not be the one you paid in the past.
When meeting with your trusted jeweler, all these steps as well as the different options relating to your diamonds will be explained to you.