If you have old jewellery or scrap gold lying around, you might have something valuable you don’t realise.
Selling scrap gold for cash can be a straightforward process, especially when you choose a reputable jeweller like Sardar Jewellers.
If you want to get the best deal, it is important to understand how to test your gold, avoid common mistakes, and get more cash in your pocket.
Understanding Scrap Gold
Scrap gold refers to any broken, unused or unwanted gold items, such as old jewellery, coins or dental gold. Even small pieces of gold from any accessory or watch can add up in value.
Since gold is a precious metal, it will remain valuable even if it is broken. You can easily get a new piece from the old gold piece by melting it.
Step 1: Gather Your Scrap Gold
Don’t assume that if the gold accessory is broken, it's useless. This is still valuable. Start collecting all your scrap gold items and look for stamps indicating purity, such as 10K, 14K, 18K, or 22 K.
These gold items suggest the time is real gold. Even if an item lacks a stamp, we can further check its purity by testing it.
Step 2: How To Test Your Gold
Before selling, it’s essential to verify the authenticity and purity of your gold. Here are some common testing methods:
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The Hallmark Test
Check the karat stamps (e.g., 14K, 18K) inside rings, on clasps, or on pendants. However, some authentic gold pieces may lack a stamp, so additional testing may be necessary.
You can consider Sardar Jewellers for the test because they have a machine named ‘Karatmeter’ to check the purity of gold.
Sardar Jewellers is the first store in Australia to bring Karatmeter and have 100% hallmarked jewellery.
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The Magnet Test
Gold is not magnetic. If your item is attracted to a magnet, it may be fake or gold-plated.
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The Float Test
Real gold is dense and will sink in water, while fake or gold-plated items may float.
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The Acid Test
A jeweller can apply nitric acid to check the purity. If the metal changes colour, it is likely not pure gold.
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Electronic and XRF Testing
Professional jewellers use electronic gold testers or X-ray fluorescence (XRF) machines for precise, non-destructive gold purity testing.
Step 3: Clean And Sort Your Gold
If you clean your gold before selling it, it improves its appearance. You can use warm water, mild soap, and a soft brush to remove dust from your scrap gold. Further, separate your gold by karat weight, as higher-karat gold (18K, 22K, or 24K) is worth more than lower-karat gold that is 10K or 14 K.
Step 4: Get A Professional Valuation
For an accurate and professional assessment, you can visit Sardar Jewellers. They will evaluate your gold based on some key factors. Such as:
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Purity: Higher-karat gold is more valuable.
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Weight: More weight means a higher payout.
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Market Price: Gold prices fluctuate daily.
Step 5: Negotiate And Sell
After evaluation, Sardar Jewellers will make an offer based on the purity and weight of your gold. If you feel the offer is low, you can negotiate. Reputable jewellers make the price of gold based on the market rate. Once you accept the offer, you’ll receive cash immediately.
Step 6: Documentation And Payment
Always ask for a receipt or invoice detailing the transaction. Trusted jewellers like Sardar Jewellers provide proper documentation for transparency and legal compliance.
Common Mistakes To Avoid When Selling Scrap Gold
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Not Checking Market Rates
The price changes every day, so it's better to check the current rates to make sure you are getting a fair deal.
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Selling Without Testing
Some buyers can give you a lower price than the actual worth. So, it's better to check the price of your gold before selling.
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Not Comparing Offers
This is a smart move if you get multiple quotes for your gold. It will give you multiple options to compare the prices and get the best deal. However, trusted jewellers like Sardar Jewellers offer competitive rates.
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Selling in a Rush
Take your time to evaluate offers. Rushing could lead to accepting a lower payout.
Step 7: Consider Your Selling Options
If you’re not ready to sell immediately, you may have other options:
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Consignment Selling: Sardar Jewellers may offer to display your gold for resale.
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Buyback Options: Some jewellers offer a repurchase option within a specific time frame.
How To Get The Best Price For Your Gold?
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Sell when gold prices are high: If you keep track of market gold rates, you get a more beneficial deal by selling your gold when the prices are high.
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Avoid the middleman: Selling directly to a jeweller like Sardar Jewellers ensures a better rating without any involvement of middlemen.
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Weigh your gold beforehand: You can check the real weight and worth of your gold item. Also, this helps you verify the jeweller’s measurements.
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Consider sentimental Value: Think carefully before selling items with emotional significance.
Conclusion
Sardar Jewellers is a leading jewellery store in Melbourne that makes the selling process easier and smoother if it is done correctly. While selling your gold item, you need to be careful about some common steps, like testing your gold, avoiding common mistakes, and understanding the valuation process. These key factors will maximise your earnings and ensure a smooth transaction.
Whether you are looking for extra cash or clearing out old jewellery, Sardar Jewellers provides a trusted and transparent way to sell your gold. Gather your items, get them assessed, and visit Sardar Jewellers for a fair valuation and immediate payment. Take advantage of getting cash for your scrap gold- get in touch with us today for a free quote and quick service!