Who among us couldn’t do with a bit of extra cash at this time of year?
The weeks leading up to Christmas are traditionally heavy on the old wallet or purse as Santa ticks off items on the Nice list, and there’s no let-up on the normal day to day expenses that go with getting through the week.
Finding a bit of ready money can be hard, but the chances are you’re literally sitting on a little gold mine without even knowing it – and if you’re lucky it could be enough to make this a great Christmas.
Most of us have a few items of unwanted gold jewellery hanging around the house – perhaps in a long-forgotten jewellery box or a rarely-used drawer – and if they’re items your never likely to wear again, turning them into cash could be the best option if things are a bit tight financially or you just want to push the boat out a bit.
I’m always interested in buying scrap gold because as a bespoke jeweller who makes his own pieces, I can always find a use for it – and what you don’t need could be turned into a beautiful item of jewellery for someone else that may be handed down for generations.
Lots of people are wary about selling their scrap gold and this is usually because it’s one of those commodities that the average person isn’t easily able to put a value on.
Gold isn’t like a used car, a house or a piece of technology where there are plenty of similar items around to compare your own with, making it easy to have a decent idea of the price you should expect to receive.
To the untrained eye, one gold ring looks much like another – but each ring will be worth a different amount depending on its purity and weight.
Other factors determine the price someone will offer you for your scrap jewellery: like any other commodity, supply and demand affect the price of gold on any given day, as does inflation and currency markets.
That means there’s a degree of trust involved when you come to sell your scrap gold because unless you’re following the gold market on a daily basis, you’re putting your faith in someone to offer you a fair market price for what you have to sell.
To be sure you’re getting the right deal, you need to be speaking to a jeweller who’s completely familiar with – and up to date on - the gold markets and who has built a reputation for fair dealing and integrity.
Unless you’ve dealt with the buyer before and have an existing relationship of trust, avoid selling your gold online. The online process takes time, will probably involve you sending your gold jewellery to them for assessment and you’re at the mercy of a fluctuating market.
Don’t be tempted by those ‘Best prices guaranteed!’ adverts you’ll see in the Sunday supplements either – the same problems apply.
You can try to sell to one of the big High Street chains, but finding someone with the authority to manage and approve the transaction can be difficult.
Your best bet is to get a personal referral to an independent jeweller or trader with plenty of experience in the industry.
Naturally, I’d be very pleased to assess your scrap gold and if you wanted to proceed with a sale, I’ll certainly ensure you get the best possible price for it. The advantage of dealing with someone like me is that you’re present when your items are assessed and you’ll get an immediate decision (and offer, if appropriate).
I’ll talk you through your item, giving you accurate and honest information about the purity of the gold, its weight and, ultimately, its value. Then, if we both think there’s value in moving forward, I’ll make you an offer.
If you think the offer’s fair, we’ll agree it – if you don’t, you simply take your items away with you, perhaps with a bit more knowledge about them should you consider selling them another time.
So, there’s nothing to lose by getting in touch and making an appointment. And if nothing else, you’ll get a glimpse of life in Hatton Garden – London’s jewellery centre.
That may not be worth its weight in the gold you bring with you – but at the very least it’ll mean you can be sure you won’t have a wasted trip.
If you'd like to talk to me about some gold you no longer have a use for, I'd love to hear from you.