What is second-hand gold?
Gold coins, gold jewellery, gold bullion, and random gold pieces are examples of second-hand gold. Resold and previously owned gold is second-hand gold. It is not gold sold by the original manufacturer or by a refinery. Jewellery passes through generations, and many pieces of antique gold jewellery may still have a resale value even if broken.
It is a good idea to sort through your valuables and learn a few facts before reselling. Several tests can determine whether the item is gold as opposed to gold plate or rolled gold. However, these tests can damage the item and are therefore not advisable. Know your facts before you approach a buyer or dealer in second-hand gold.
Things to do when selling second-hand gold.
- Study each piece of gold jewellery using a hand lens or other form of magnification.
- Look for a stamp or hallmark on the gold.
- Weigh each piece and record the information, e.g., broken gold chain, 375 stamp, weight 150 grams.
- Take the items to a buyer or dealers such as gold buyers Brisbane. It is essential to know what you want to sell.
What determines the price of second-hand gold?
Most of us have heard of terms such as 9-carat or 18 carat gold. You can find out what a dealer is paying for these karats by simply visiting their website. If your jewellery happens to be rolled gold, gold plate then unfortunately it is fake and not worth anything.
A gold buyer values your gold jewellery based on the international spot price of gold. This price varies by the minute day, and it is related to supply, demand, market conditions, and international trading. The secondary gold market buys previously owned gold will update the buying prices according to this spot price.
Your Gold jewellery that you are selling is often alloyed or mixed with minute percentages of harder metals to make the piece of jewellery stronger. The ratio of gold to other metals affects the value and price of the gold. This is known by the different carats such as 9k or 18k
The price of second-hand gold items is dependent on weight and purity (or carat). To convert the spot gold price into carat buying price you do the following formula:
- Gold price in troy ounces. Divide one troy ounce by 31.1 to get it into grams.
- The purity of gold is in karats (k) or carats (ct.), which divide a gold alloy into twenty-four parts; pure gold is 24k., 18k. is 75% gold and 25% other metals, and 9k. gold is 37,5% gold and 62,5% other metals. You simple times the pure price by the percentage IE 75%
- Now you will have the spot price of gold based in karat and you can calculate the gold buyers buyback or discount from the spot price.
Where do I sell second-hand gold?
Gold buyers such as gold buyers Brisbane will evaluate your gold items, weigh them, and give you an estimate of their value or resale price. To do this gold buyers must undertake several recognised gold identification tests to determine the exact quantity of gold in the jewellery item, coin, or gold bar. A recognised and well- respected gold buyer will use advanced methods to identify the weight, purity, and fineness of the gold, and give you the best possible price.