Most of us have some gold around the house, usually in our jewellery boxes. Whilst most of your pieces are likely things that you want to keep you may have some jewellery that you don’t wear any more or broken items that are beyond repair. If that is the case then you have a valuable asset that you can use to realise some cash.

Your Options

Even what appears to be a very small amount of gold like a few odd earrings could be worth trading in but what is the best way to go about it? Some local jewellers will take your gold or you could opt to use one of the many gold trading services which merely require you to pop your gold in a supplied envelope and post if off. However, before you take action you should always check the current price of gold because the rate you are offered can vary dramatically.

Check Before You Trade

A quick check online will reveal the very latest price for gold which will give you a good indication of what price you should expect to get. Some traders, notably local jewellers and those stands you see in the shopping malls, will only offer you about half the going rate which is a very bad deal. You should also be wary of sending off your gold because it may not be weighed or assessed accurately. Unless you have extremely accurate scales it would be hard for you to check the weight of your gold yourself as you are probably talking about just a few grams. It is also crucial to know whether you have 9ct, 18ct or even purer gold as the price difference is significant.

Hatton Garden

When I have gold to trade I always go to Hatton Garden in London. This is the capital’s jewellery district and there are several gold traders offering favourable rates. They deal with the trade as well as the public and have reputations to preserve so you can expect an honest service.

It is easy to trade your old jewellery. Just visit one of the traders, pass them your gold and then wait whilst they assess its purity and weight. They will tell you what your pieces are worth and you can then take the cash or walk away.  I have always found the service to be honest and efficient and have had a few nice surprises on my visits.

I once took in a bracelet that I had found on the floor. It looked like costume jewellery and was broken but I thought it was worth having it checked. It was a very small piece but I was delighted to discover that it was 20ct gold. I walked out a few minutes later with £240. On another occasion a couple of broken chains, four battered old rings that belonged to my mother and three odd earrings yielded £700.

All that glitters is not gold but it worth finding out what you really have! I usually wear costume jewellery as I prefer the contemporary designs so I may have to make another trip to London!

Article by Sally Stacey